The Jarnet Project is contiguous to the Corvette-FCI Property, where diamond drilling has confirmed significant lithium mineralization; hole (CF21-001) returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li2O and 114 ppm Ta2O5, including1.09% Li2O and 108 ppm Ta2O5 over 73.0 m, and 1.04% Li2O and 145 ppm Ta2O5 over 54.6 m. This interval returned numerous samples over 2.0% Li2O, including a peak assay of 4.16% Li2O and 233 ppm Ta2O5 over 1.01 m. (November 29, 2021)
Preliminary interpretations of geophysics and geological datasets suggest that the Jarnet Lithium Project hosts extensions of lithium trend identified at the Corvette-FCI.
Mark Ferguson, President of the Company, commented “We are very pleased with the acquisition. The Jarnet Lithium Project is a great addition to Arbor’s highly prospective projects around the world. The Company is committed to identifying and advancing world class projects that add significant value for the Company’s shareholders.”
The right to acquire the Jarnet Project was granted pursuant to a mineral property option agreement (the “Option Agreement”) entered into with an arms-length vendor. Under the terms of the Option Agreement, the Company can acquire all rights to the Project, subject to a one percent net smelter returns royalty on commercial production to be granted to the vendor, which can be purchased by the Company at any time for a cash payment of $1,000,000. In order to exercise the option and acquire the Project, the Company must make a series of cash payments and incur work expenditures on the Project over a three-year term.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
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