Past Minerals Acquires Peggy Group Lithium Property In Northwestern Ontario And Proclaims Personal Placement

Past Minerals Acquires Peggy Group Lithium Property In Northwestern Ontario And Proclaims Personal Placement

WINNIPEG, MB, Jan. 24, 2023 /CNW/ – Past Minerals Inc. (the “Firm” or “Past Minerals“)

WINNIPEG, MB, Jan. 24, 2023 /CNW/ – Past Minerals Inc. (the “Firm” or “Past Minerals“) (CSE: BY) is happy to announce the acquisition (the “Transaction“) of a 100% undivided curiosity in 15 contiguous mining claims comprising the Peggy Group Lithium property positioned roughly 80 km north of Sioux Lookout, within the province of Ontario (the “Property“). The Transaction was accomplished pursuant to the phrases and circumstances of a definitive mineral property buy settlement (“Buy Settlement“) entered into between the Firm, as purchaser, and Lithos Minerals Inc., as vendor. Pursuant to the Buy Settlement, Past Minerals pays to the seller combination money consideration of $125,000, difficulty a complete of two,500,000 widespread shares of the Firm (the “Shares“), and can assume a 1.5% web smelter return royalty on the claims comprising the Property, one-third of which can be repurchased by the Firm for $600,000 to cut back the royalty to 1.0% (the “NSR Royalty“).

The Property covers roughly 7,386 hectares (73.9 km2). It’s positioned roughly 80 km north of Sioux Lookout, Ontario (Determine 1), is definitely accessible year-round by means of well-maintained freeway and logging roads, and options good outcrop publicity. The Property is positioned 8 km south of the McCombe-Root Lithium mission owned by Inexperienced Know-how Metals (ASX: GT1), which has introduced excessive grade lithium outcomes from their 24,000 m drill program on the mission in current months, new spodumene bearing pegmatite dyke discoveries within the space of the mission, and the graduation of baseline environmental research, all of which highligh the significance of this rising pegmatite subject. The McCombe-Root Lithium mission has a historic useful resource of two.297 Mt grading 1.3% Li2O (Mulligan R., Geological Survey of Canada, 1965).

Past Minerals Acquires Peggy Group Lithium Property In Northwestern Ontario And Proclaims Personal Placement

Figure 2 –Location of Peggy Group Lithium Property located North of Sioux Lookout (CNW Group/Beyond Minerals Inc.)

Figure 3 – Regional Geology (CNW Group/Beyond Minerals Inc.)

Craig Gibson, President & CEO commented, “The Peggy Group Lithium property is an thrilling addition to our rising portfolio of lithium properties and different mineral property. The Property is hosted inside metasediments in touch with muscovite bearing granitic rocks, a peraluminous S sort fertile parental granite. Metasediments make glorious hosts for lithium bearing pegmatites and we’re eager to begin exploration work on the Property.”

The Firm can also be happy to announce a proposed non-brokered personal placement of as much as 3,750,000 widespread shares of the Firm (the “Shares“) at a worth of $0.20 per Share for combination gross proceeds of as much as $750,000 (the “Providing“).

The Firm intends to make use of the proceeds of the Providing for exploration of sure of its properties and for basic company and dealing capital functions.

The Firm might pay finders’ charges in reference to the Providing in money, shares, warrants or a mixture thereof. All securities to be issued below the Providing can be topic to a maintain interval of 4 months and in the future from their date of issuance.

The provided securities haven’t been registered below the U.S. Securities Act of 1933, as amended, and is probably not provided or bought in the USA absent registration or an relevant exemption from the registration necessities. This information launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase nor shall there be any sale of the securities in any state through which such provide, solicitation or sale could be illegal.

Certified Individual and Third-Celebration Knowledge

The scientific and technical data on this press launch has been reviewed and accredited by Craig Gibson, Ph.D., P.Geo., President and CEO of the Firm (the “Certified Individual“). Dr. Gibson is a “certified particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101“).

Sure data on this press launch relating to the presence of mineral deposits and the scale of such deposits is predicated on data that has been obtained from publicly obtainable data and trade reviews, which represent historic estimates. Such reviews usually state that the data contained therein has been obtained from sources believed to be dependable, however the accuracy or completeness of such data isn’t assured. Whereas the Firm considers historic estimates to be related to traders, as they might point out the presence of mineralization, the Certified Individual has not carried out ample work for the Firm to categorise the historic estimates as present “mineral assets” or “mineral reserves” (as outlined in NI 43-101). The historic estimates contained on this press launch have been calculated previous to the implementation of NI 43-101 and the Firm isn’t treating the historic estimates as present “mineral assets” or “mineral reserves”. The potential portions and grades of exploration targets referenced on this press launch are conceptual in nature. There was inadequate exploration to outline a mineral useful resource and it’s unsure if additional exploration will lead to any of the targets being delineated as a mineral useful resource. The Firm has not independently verified and can’t assure the accuracy or completeness of the historic estimates and different third-party information contained on this press launch and traders ought to use warning in putting reliance on such data.

About Past Minerals Inc.

Past Minerals Inc. is engaged within the enterprise of mineral exploration and the acquisition of mineral property property in Canada.  Its goal is to find and develop financial valuable and base metallic properties of benefit, beginning with the exploration of its Fabie-Easterchester mission and its just lately acquired claims within the Borland Lake, Beneficial Lake, and Gorman River areas of Northwestern Ontario. The Fabie-Easterchester mission consists of 37 non-contiguous mining claims masking a complete space of roughly 1,385 hectares positioned roughly 35 kilometres northwest of the Metropolis of Rouyn-Noranda, within the province of Quebec.

For extra data, please discuss with the Firm’s web site at www.beyondminerals.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This information launch consists of sure “forward-looking data” throughout the that means of relevant Canadian securities laws. All statements, apart from statements of historic truth, included herein together with, with out limitation, statements relating to future capital expenditures, anticipated content material, graduation, and value of exploration applications in respect of the Firm’s tasks and mineral properties, anticipated exploration program outcomes from exploration actions, assets and/or reserves on the Firm’s tasks and mineral properties, and the anticipated enterprise plans and timing of future actions of the Firm, are forward-looking data. Though the Firm believes that such statements are cheap, it may give no assurance that such expectations will show to be right. Typically, however not all the time, forward-looking data could be recognized by phrases equivalent to “professional forma”, “plans”, “expects”, “will”, “might”, “ought to”, “funds”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such phrases together with unfavorable variations thereof, and phrases that discuss with sure actions, occasions or outcomes which will, may, would, would possibly or will happen or be taken or achieved. In stating the forward-looking data on this information launch, the Firm has utilized a number of materials assumptions, together with with out limitation, that market fundamentals will lead to sustained valuable and base metals demand and costs, the receipt of any essential permits, licenses and regulatory approvals in reference to the longer term exploration of the Firm’s properties, the supply of financing on appropriate phrases, and the Firm’s capability to adjust to environmental, well being and security legal guidelines.

Ahead-looking data entails identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to vary materially from any future outcomes, efficiency or achievements expressed or implied by the statements of forward-looking data. Such dangers and different components embrace, amongst others, statements as to the anticipated enterprise plans and timing of future actions of the Firm, the proposed expenditures for exploration work on its properties, the power of the Firm to acquire ample financing to fund its enterprise actions and plans, delays in acquiring governmental and regulatory approvals (together with of the Canadian Securities Alternate), permits or financing, modifications in legal guidelines, rules and insurance policies affecting mining operations, dangers referring to epidemics or pandemics equivalent to COVID-19, the Firm’s restricted working historical past, forex fluctuations, title disputes or claims, environmental points and liabilities, in addition to these components mentioned below the heading “Danger Elements” within the Firm’s prospectus dated February 23, 2022 and different filings of the Firm with the Canadian securities regulatory authorities, copies of which could be discovered below the Firm’s profile on the SEDAR web site at www.sedar.com.

Readers are cautioned to not place undue reliance on forward-looking data. The Firm undertakes no obligation to replace any of the forward-looking data on this information launch besides as in any other case required by legislation.