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MONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“ Harfang ” or the“ Company ”) ( TSX-V: HAR ) is pleased to announce that it has entered into an option agreement (the“ Option Agreement ”) with LiFT Power Ltd. (“ LiFT ”) (CDS: LIFT) pursuant to which LiFT has been granted the sole and exclusive option to acquire up to a 70% interest in the Pontax Property (the“ Property ”) located in the Eeyou Istchee James Bay region in Québec, approximately 220 kilometres north of Matagami (Figure 1 and Figure 2 ).
Commented Ian Campbell, President and CEO,“We are very pleased to have LiFT explore for critical elements such as lithium on our Property in Eeyou Istchee James Bay which is well located in a proven belt with substantial lithium-bearing pegmatite occurrences and defined lithium NI 43-101 resources and we look forward to initial results in the fall.
Principal Terms of the Option Agreement
Upon signing, LiFT has made a $25,000 cash payment to Harfang and may exercise the first option to earn an initial 51% interest in the Property by making aggregate additional payments totalling $75,000 and incurring $1,650,000 in exploration expenditures on or before the third anniversary date of the Option Agreement.
Upon earning an initial 51% interest, LiFT may exercise a second option to acquire a further 19% interest (for an aggregate 70% interest) by paying to Harfang an additional $50,000 on election, and, incurring an additional $3,350,000 in expenditures on the Property prior to the expiry of the second option period ending three years after the exercise of the first option. Upon exercise of the second option, Harfang will have the option of converting its remaining participating interest of 30% into a 2.5% net smelter returns royalty or to form a joint venture to further explore the property.
About the Pontax Property
The Property is comprised of 287 mining claims totaling 15,323 hectares and is 100% owned by the Company. Only limited historical exploration was carried out in select sectors in the eastern part of the Property. It was staked by map designation by Harfang in 2020 based on its grassroots potential for precious and base metals, however it is also prospective for its lithium potential. The area is partially accessible by vehicles from the Billy-Diamond Highway which cuts across the Property.
The region is mainly underlain by folded volcanic and sedimentary units which are part of the Lower Eastmain River greenstone belt (La Grande Subprovince). The mafic to felsic volcanic rocks and associated iron formations and sedimentary rocks form the Anatacau-Pivert Formation (Eastmain Group). That formation is unconformably overlain by wacke and conglomerate of the Pontax Formation. The northwestern part of the property covers a portion of the structural boundary between the La Grande and Nemiscau subprovinces. Pegmatite intrusions with lithium potential cut across volcano-sedimentary units.
Qualified Person
The technical and scientific information in this news release has been prepared and approved by François Huot, P.Geo., Vice President Exploration at Harfang, who is a non-independent qualified person for the technical disclosure as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Harfang
Harfang Exploration Inc. is well financed with approximately $10M in the treasury as of April 30, and is a technically driven mineral exploration company with the primary mission to discover ore deposits in Québec and Ontario. The Company is managed by an experienced team of industry professionals with a proven track record of success, controls a portfolio of highly prospective projects and has a strong financial position. Harfang is dedicated to best practices through engagement with all stakeholders and commitment to the environment.
For further information, please contact:
Ian Campbell
President and Chief Executive Officer
Tel: 647 680-3820
Email:
Web:
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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