Mr. Richard Penn reports
BLACK TUSK RESOURCES INC. ENTERS AGREEMENT TO ACQUIRE PEGALITH LITHIUM PROJECT GATINEAU REGION, QUEBEC
Black Tusk Resources Inc. has signed a share purchase agreement to acquire 1396427 B.C. Ltd. (427 B.C.). 427 B.C. is the beneficial holder of the Pegalith project claims that cover strong geological and mineralogical indicators for lithium potential. The claims cover 636 hectares in 11 contiguous claims located 25 kilometres north of Gatineau, Que.
The claims were originally staked to cover part of an extensive belt of granitic and gneissic rocks that host pegmatitic mineralogy. Four historic showings were small-scale mined for coarse-grained feldspar and quartz as industrial minerals during the early 1900s. A fifth historic mine is located several hundred metres west of the claims. The geologic summary for these historic mines indicate the presence of mica in the pegmatite, one possible source for lithium (Natural Resources Quebec, Sigeom website). As well, the historic mine Leduc, located approximately six kilometres southwest of the Pegalith property, contains a small lithium-bearing body (approximately 230 tonnes of 5.39 per cent Li2O (lithium dioxide)) from pegmatitic materials (GM62505, Geotech Exploration, 2006, not 43-101 compliant). The reader is cautioned that potential lithium resources that exist on properties outside of the Pegalith claims are not direct indicators of lithium mineralization on the Pegalith property.
The Black Tusk exploration programs in Quebec are supervised by Dr. Mathieu Piche, OGQ, who is also a Black Tusk company director.
Black Tusk's geologic team are currently compiling all available data for the Pegalith project in preparation for a 2023 phase 1 exploration program. The claims have good existing available access for exploration, including initial sampling of pegmatitic outcrops for lithium.
The company entered into a share purchase agreement dated Feb. 2, 2023, among the company, 1396427 B.C. and the shareholders of 427 B.C., pursuant to which the company has agreed to acquire all of the issued and outstanding shares of 427 B.C. from the 427 B.C. shareholders. As consideration under the agreement, The company has made an initial aggregate cash payment of $16,000 to the 427 B.C. shareholders and has agreed to issue 4.6 million units of the company to the 427 B.C. shareholders at a deemed price of 7.5 cents per unit, representing an aggregate value for the securities of $345,000. Each unit consists of one common share and one share purchase warrant exercisable at a price of 10 cents per share for a period of two years from the date of issuance.
The securities issued under this transaction will be subject to resale restrictions for a period ending four months and one day from the date of issuance.
The transaction is subject to the approval of the Canadian Securities Exchange. The transaction as proposed, is an arm's-length transaction for the company; it does not constitute a fundamental change or result in a change of control of the company within the meaning of the policies of the CSE.
Perry Grunenberg, PGeo, a qualified person as that term is defined under National Instrument (NI) 43-101, has reviewed and approved the technical information contained in this news release. Mr. Grunenberg is also a former director of the company.
We seek Safe Harbor.