K9 Gold Signs Share Purchase Agreement to Acquire James Bay Lithium Project, N. Quebec

K9 Gold Signs Share Purchase Agreement to Acquire James Bay Lithium Project, N. Quebec

Vancouver, British Columbia–(Newsfile Corp. – November 15, 2022) – K9 Gold Corp. (TSXV: KNC) (FSE: 5GP) (OTC: WDFCF) (“K9” or the “Firm”) is happy to announce that it has entered into an settlement permitting it to accumulate as much as 100% curiosity within the James Bay Lithium challenge, positioned within the James Bay area of northern Quebec.

The property includes 41 mining claims, totaling 2114 hectares. The property is positioned roughly 350 km south-southeast of Radisson, Quebec. Different tasks within the space embody the Patriot Battery Metals Corvette challenge positioned 50 km to the west and the Winsome Assets Lithium Adina challenge positioned roughly 5 km to the east. The James Bay property is underlain by an Archean rock package deal that’s just like the geological setting of the Corvette and Adina tasks.

Concerning the James Bay Lithium Venture

The James Bay Lithium Venture is positioned within the La Grande subprovince of the Higher Archean province in Quebec. The Trieste Formation, which hosts lithium mineralization on the adjoining Adina property, crosses the James Bay challenge space. Inside the boundaries of the property, this formation of Meso-Archean age is especially a package deal of mylonites and banded amphibolites derived from basalt, which have been minimize by varied intermediate rocks. A serious band of tonalite, a part of the Meso-Archean Kamusaawach intrusion, crosses the middle of the property. A band of the Neo-Archean Richardie Suite, an intrusive biotite-magnetite-hornblende granodiorite, additionally crosses the claims. The northern a part of the property rests on the neo-Archean Sauvolles pluton, which is especially of granitic composition. There’s additionally a distinguished mafic dyke of Paleoproterozoic age (Senneterre dyke system) crossing the north of the property with a NE-SW orientation.

No systematic exploration work has been carried out on the property up to now. Throughout a regional mapping program in 2013 by authorities geologists, an outcrop pattern was taken from the property, reported within the Authorities of Quebec’s on-line geological database, SIGÉOM, and returned a price of 65 ppm Li.

Fieldwork is about to start on the property, with an outcrop sampling program.

Possibility contract

The claims are presently held within the title of 1Life Holdings Ltd. A numbered firm, 1000175306 ONTARIO Ltd, has entered right into a 1Life Possibility Settlement pursuant to which the numbered firm could purchase a 100% curiosity within the 41 claims by:

  • Pay a complete of $180,000 as follows:

    • Pay $10,000 on the efficient date; and

    • Pay $20,000 upon completion of an preliminary appraisal report.

    • Pay $50,000 inside one 12 months of the efficient date;

    • Pay $50,000 inside two years of the efficient date;

    • Pay $50,000 inside three years of the efficient date.

  • Incur whole expenditures of $130,000 as follows:

    • $30,000 inside 60 days of the efficient date; and

    • An extra $100,000 on or earlier than the date that’s three years after the Efficient Date.

The Optionor will retain an NSR of 1.5%. As well as, the Holder can pay a premium fee to the Optionor of $1,000,000 within the occasion {that a} 43-101 mineral useful resource valued at greater than $100,000,000 is established on the property.

Subsequently, K9 entered right into a share buy settlement with 1000175306 ONTARIO Ltd, pursuant to which K9 could purchase the entire shares of the numbered firm, by buy and assuming its obligations below the share buy settlement. present choice. On the Closing Date, K9 could purchase the Preliminary Shares (50% of the corporate’s shares) and should as well as purchase the Further Shares (the remaining 50%) inside 14 months of the Closing Date, and thus purchase 100% of the corporate shares. The fee for the preliminary shares might be $10,000 plus 6,909,607 shares of K9. The fee for the extra shares will correspond to this worth equal to 9.9% of the issued and excellent shares of K9.

About K9 Gold Corp

K9 Gold Corp has assembled a extremely skilled and dynamic crew to discover its Stony Lake gold challenge in central Newfoundland. The challenge was acquired from District Copper Corp by means of an choice settlement, below which K9 could purchase as much as a 100% curiosity within the challenge (see firm press launch dated July 30, 2020). The Firm additionally owns a 100% curiosity within the Desert Eagle Vanadium-Uranium Venture positioned within the historic Henry Mountains mining district in southeastern Utah. The realm has seen important historic vanadium and uranium mining and is close to the Shootaring Canyon plant of Anfield Power Inc.

To make sure a protected work atmosphere that protects the well being and security of workers and contractors, K9 Gold is following all federal and provincial mandated and beneficial pointers relating to Covid 19.

Chris M. Healey, P. Geo, Chief Geologist and Director of K9 Gold Corp., is the Certified Individual below NI 43-101 pointers who’s accountable for the technical content material of this launch and consents to its publication.

Kosta Tsoutsis
Director
K9 Gold Corp.
e-mail: [email protected]
Phone: 604 808-9134

Brian Morrisson
Chief Monetary Officer and Administrator
K9 Gold Corp.
e-mail: [email protected]
cellphone: 604 312-6910

The Firm is listed on the TSX Enterprise Alternate.

Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

Disclaimer for forward-looking data

Sure statements on this launch are forward-looking statements, which replicate administration’s expectations relating to K9’s intention to proceed to establish potential transactions and make sure company modifications and functions. Ahead-looking statements include statements that aren’t purely historic, together with statements relating to beliefs, plans, expectations or intentions relating to the long run. These statements are topic to dangers and uncertainties which will trigger precise outcomes, efficiency or developments to vary materially from these contained within the statements. There will be no assurance that any of the occasions anticipated by the forward-looking statements will happen or, in the event that they do happen, what advantages K9 will derive therefrom. These forward-looking statements replicate administration’s present beliefs and are primarily based on sure expectations, estimates and assumptions which can show to be incorrect. Quite a few dangers and uncertainties might trigger precise outcomes to vary materially from these expressed or implied by the forward-looking statements, together with K9’s lack of ability to establish transactions with passable or non-satisfactory phrases. and the outcomes of exploration or examination of properties that K9 acquires. These forward-looking statements are made as of the date of this press launch and K9 undertakes no obligation to replace these forward-looking statements, or to replace the the reason why precise outcomes differ from these projected within the forward-looking statements, besides in accordance with relevant securities legal guidelines.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/144279

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