Solstice Options Ontario Lithium Properties to Green Technology Metals
Property Portfolio Continues to Generate Value
VANCOUVER, British Columbia, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that it has entered into an option agreement (the ”Option”) with Green Technology Metals Limited (ASX: GT1) (“Green Technology”) that provides Green Technology with the potential to earn a 100% interest in a suite of Lithium exploration properties located in Ontario.
The package is comprised of the Pennock (8 claims), Root Bay (3 claims), Gathering Lake (15 claims) and Superb Lake (5 claims) projects, all non-core holdings located in NW Ontario (collectively, the “Property”).
Mike Timmins, Solstice’s Chief Executive Officer stated, “This agreement provides Solstice shareholders exposure to the exciting Lithium market and is another example of the value we will generate from our recently acquired royalty and property portfolio. We currently have over eighty properties out under option or available for sale and our strategy of creating an attractive portfolio of distinct and permanent royalties is well underway. Future new agreements will also generate significant cash inflows, value to our shareholders with newly established royalties and allow us to focus on our core district-scale exploration projects in Red Lake, Atikokan and Nunavut."
Under the Option, Green Technology, an Australian Securities Exchange (“ASX”) listed mineral exploration company, is required to make cash payments totaling C$180,000 to Solstice over a three-year period. After the first anniversary of the Option, Green Technology may dispose one of the claims packages in the Property and reduce future cash payments by 20%. Upon exercise of the Option by Green Technology to fully acquire the Property, Solstice will be granted a 1.5% net smelter return royalty. Green Technology has the right to repurchase 0.5% of the royalty at any time after the exercise of the Option and prior to the commencement of commercial production at the Property for C$800,000.
Solstice controls an extensive portfolio of gold, copper and lithium/REE projects in Ontario which are available for 100% sale or option. See our corporate materials available at www.solsticegold.com for further details.
About Green Technology Metals
Green Technology Metals is a North American focussed lithium exploration and development business. The Company’s Ontario Lithium Projects comprise three high-grade, hard rock spodumene assets (Seymour, Root and Wisa) covering 95km2 of highly prospective tenure north-west of Thunder Bay in Ontario, Canada. All sites are proximate to excellent existing infrastructure (including hydro power generation and transmission facilities), readily accessible by road, and with nearby rail delivering transport optionality. Seymour has an existing Mineral Resource estimate of 4.8 Mt @ 1.25% Li2O (comprised of 2.1 Mt at 1.29% Li2O Indicated and 2.7 Mt at 1.24% Li2O Inferred). Accelerated, targeted exploration across all three projects delivers outstanding potential to grow resources rapidly and substantially.
About Solstice Gold Corp.
Solstice is a gold-focused exploration company with quality, district-scale projects in established mining regions of Canada. Our 174 km2 Red Lake land position is located on the northern extensions of the prolific Red Lake Gold Camp in Ontario. RLX is approximately 45km from the Red Lake Mine Complex owned by Evolution Mining. The Company is funded for phase one drilling in Red Lake. Our newly formed 225km2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited and is fully funded for a robust field program in 2022. Our district scale Qaiqtuq Gold Project covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 gold boulder field and is fully permitted with multiple drill-ready targets. Qaiqtuq is located in Nunavut, Canada, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Limited. In October 2021, the Company acquired a royalty and property portfolio of over 80 assets located in Ontario and Quebec.
Solstice is committed to responsible exploration and development in the communities in which we work.
Neither 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.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the Company harvesting value from its recently acquired royalty and property portfolio, increasing cash inflows and establishing new royalties, payments by Green technology under the Option Agreement, the potential exercise of the option under the Option Agreement by Green Technology, the granting of a 1.5% net smelter return royalty and Green Technology’s right of repurchase after the exercise of the option. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, that there is no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit, there may not be market for the Company’s non-core properties in its property portfolio or not a market on financial terms satisfactory to the Company, Green Technology may not exercise the option under the Option Agreement, commercial production at the Property may delayed or may never occur, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
All forward-looking statements are based on the Company’s current beliefs as well as various assumptions made by Company management and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.