FE Battery Metals Corp. (CSE: FE) WKN: A3D08G) (OTCBB: FEMFF) (“FE Battery Metals” or the “Company”) is pleased to announce the commencement of its 2024 winter diamond drilling program at its 100% owned Augustus Lithium Property, located in the Val-d’Or area of Quebec, Canada. The initial phase of the drill program, contracted to Forage Pelletier Ltd. of Chapais, Quebec, will consist of 1,000 to 1,500 meters of NQ size diamond drilling, with plans to extend meterage based on the receipt of additional drill permits.
The 2024 drilling program will focus on step-out drilling at the main Augustus zone to further expand its footprint, along with exploring newly identified targets near the North American Lithium Mine (NAL) owned by Sayona Mining. These new targets were identified through high-resolution magnetic airborne surveys and on-the-ground prospecting.
In addition, the Company is pleased to announce it has entered into an option agreement on the Lac Coulombe property to acquire 89 mineral claims, covering approximately 5,336 hectares of land located approximately 100km south of Quebec City, Quebec.
Transaction details:
Pursuant to the Lac Coulombe option agreement between the Optionor and the Company, dated November 5, 2024 (“Effective date”), the Company holds an option to acquire a 100% interest in the mining claims by completing the following common share issuances and exploration expenditures as follows:
- Issuing the following common shares in its capital stock to the Optionor, subject to the approval of the regulatory bodies as follows:
- 250,000 shares, issued upon the execution of the option agreement;
- An additional 750,000 shares issued on or before the first anniversary of the Effective Date.
- The Company incurring the following exploration expenditures on the property as follows:
- $250,000 on or before the first anniversary of the Effective Date;
- An additional $1,250,000 on or before the second anniversary of the Effective Date.
The Optionor will retain a 1.0 % GMR from any future production.
The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the Canadian Securities Exchange. The common shares will be subject to a hold period of four months and one day for their date of issuance.
Afzaal Pirzada, P.Geo., Geological Consultant of the Company and a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
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