Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Conquest Resources (TSXV: CQR) has received conditional acceptance from the TSX Venture Exchange for the acquisition of Canadian Continental Exploration and a private placement financing of up to $3 million.
In a press release, Conquest said that it pursued the acquisition because Canadian Continental holds an extensive package of mining claims that surround Conquests’ Golden Rose mine project at Emerald Lake in Ontario, as well as approximately $900,000 in a combination of cash and Osisko Metals shares.
According to the miner, the land package consists of almost 10,000 hectares of under-explored mining lands highly prospective for precious and base metals, which include the Teckmag1 and Eaglerock claims.
With this acquisition, Conquest is now the owner of a 10,000-hectare land package highly prospective for precious and base metals
“When combined with the company’s current land holdings, including the past-producing Golden Rose mine, Conquest will control over 130 square kilometers making it the one of the largest landholders in the Temagami Mining Camp,” the media brief states.
Under the acquisition agreement, Conquest will issue over 40.3m post-consolidated shares to the shareholders of Canadian Continental Exploration, on the basis of one post consolidated share for each share of CCEC held.
Conquest will also issue 2.9m options, under the company’s stock option plan, exercisable at $0.15 per consolidated share expiring in September 2021, in replacement for existing options currently outstanding in CCEC.
Together with the acquisition, and subject to final acceptance of the TSXV, Conquest will complete a non-brokered private placement of up to $3 million. This means that the company will have $3 to $4 million in funds, the flow through portion of which will be used to advance the expanded Golden Rose project.
Historical operations at the Golden Rose mine between 1915-1988 produced approximately 52,000 ounces of gold from structurally controlled, high-grade quartz-pyrite veins, hosted within two banded iron formations.
In addition to exploration for gold at the historic site, Conquest said two other styles of economic mineral deposits have been identified within the enlarged land package.
