PowerStone Metals Corp. (CSE: PS) (OTCQB: PWMCF) (FSE: W0R) (“PowerStone” or the “Company”) announces that five of the nine claims (the “Claims”) which form the Chilton Cobalt Property (the “Property”) in Quebec, Canada, which is subject to an option agreement between the Company and CBLT Inc. (“CBLT”) dated June 13, 2022 (the “Option Agreement”), were designated as part of a restricted area by the Ministry of Natural Resources and Forests (Quebec) (the “MNRF”) on November 17, 2023 (the “Moratorium”). As a result of the lapsed Claims not being renewed prior to their expiry on October 20, 2023 and the implementation of the Moratorium, the MNRF has advised that the lapsed Claims cannot be restaked until at least May 17, 2024.
The Company and CBLT are working collaboratively to restake the lapsed Claims. There can be no assurances that such efforts will be successful. The Claims that remain subject to the Option Agreement with CBLT are Claims 2470430, 2470431, 2470432 and 2477045.
While the Company remains committed to advancing the Property and deploying the work expenditures necessary before December 31, 2024 to wholly-own the Property in accordance with the terms of the Option Agreement, the Company is assessing the impact of these events on the continued viability of the Property and continues to evaluate the acquisition of additional mineral exploration properties.
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