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.
Rob McEwen is poised to become the largest shareholder in Satori Resources (TSXV: BUD) with the purchase of 37.6% of the company. He has expressed his intent to expand the high-grade gold zones at the former Tartan Lake mine in Flin Flon, Manitoba.
McEwen intends that Satori will be taken over by his 100%-owned private company, Apollo Exploration. Apollo has been acquiring projects near some of Canada’s largest gold producers and development projects. Upon closing, the private company will have about C$1.5 million in cash and no debt.
Satori will be renamed and receive a new ticker symbol. The new enterprise will have about C$2.2 million in cash and, again, no debt.
At the Tartan Lake project, a deep follow-up drill program to reach approximately 800 metres below surface will be completed to expand the define the Hanging Wall zone discovered in December 2021. The earlier drill program intersected 23.76 g/t over gold 12.6 metres, including 47.56 g/t gold over 5.8 metres.
The discovery is open in all directions. Information from this program of deep drilling and those from previous drilling since 2017 will be used to update the 43-101 resource estimate. Then a preliminary economic assessment will be made for the potential to reopen the mine.
The Tartan Lake mine operated from 1986 to 1989, and the permits under which it operated will need to be updated.
“High grade gold intercepts have always caught my attention, and here there are many,” said McEwen. “The new Satori will combine its advanced gold play having significant underground infrastructure situated in a mineral rich district with Apollo’s cash position and strategically located projects next to some of the largest gold mines in Canada.”
The new Satori will be looking for a new CEO, while current Satori CEO, Jennifer Boyle, is expected to remain with the company as a member of the executive team and director.
Rob McEwen will appoint two directors to represent his interest in the new company. One of these will be his son, Alex McEwen, co-founder and owner of a company that specializes in electrifying mining, energy and construction projects.
