Vancouver, British Columbia, November 17, 2021/CNW/-First Energy Metals Ltd. (CSE: FE) ("First Energy" or "Company") is pleased to announce that the Augustus Lithium Property drill at its Augustus Lithium Property The result of the hole in Quebec, Canada. The borehole intersects a 7-meter-wide area, and there is 1.35% (%) lithium oxide (Li2O) at the 102-meter (m) borehole depth. The second 5m wide intersection has a drilling depth of 0.40% Li2O m at 112. Drill hole LC21-21 is drilled at the following position: 287002E, 5367876.13N (NAD 1983 UTM Zone 18N), azimuth angle of 24.75 degrees, dip angle of -65 degrees, and the total drilling depth is 138 m. All reported borehole intersections are based on width and have not yet been converted to true width.
Highlights (see Table 1 for details)
In the top 7 m mineralization intersection (102 to 109 m borehole depth), the average lithium (Li) value is 6,261 parts per million (ppm) Li (1.35% Li2O). The abnormal values of other rare metals include beryllium (Be) 223.14 ppm, cesium (Cs) 73.53 ppm, niobium (Nb) 64.63 ppm, rubidium 1,397 ppm and tantalum (Ta) 114.40 ppm.
At the lower 5-meter mineralized intersection (112-117 m borehole depth), the average lithium value is 1,861 ppm Li (0.4% Li2O). The abnormal values of other rare metals include beryllium (Be) 165.40 ppm, cesium (Cs) 61.46 ppm, niobium (Nb) 64.60 ppm, rubidium 1,324.40 ppm and tantalum (Ta) 139.60 ppm.
Use a rock saw to record and sample the drill core in the core shed. For quality control and quality assurance (QA/QC), insert field copies, standards, and blanks at industry standard intervals. Use best practices to bag and label the samples, and then ship them to the Activation Laboratory ("ACTLABS") in Ancaster, Ontario for sample preparation and use laboratory code Ultratrace 7 and sodium peroxide fusion (Na2O2 ) For analysis. Summarized as follows. ACTLABS is an independent commercial, accredited ISO certification laboratory.
Afzaal Pirzada, P.Geo., the company’s geological consultants, and the “qualified personnel” of the National Instruments 43-101-Mineral Project Disclosure Standard, have reviewed and approved the release of the scientific and technical information contained in this news.
In addition, the company is pleased to announce the sale of up to 8,000,000 units at a price of 0.25 cents per unit, obtaining up to $2,000,000 in non-brokered private equity financing. Each unit will consist of one common share and a fully transferable common stock purchase warrant ("warrant"). Each warrant will give the holder the right to purchase additional common shares at a price of $0.50 per share within one year from the date of completion of the private placement.
Warrants are subject to acceleration clauses. If the trading price of the shares is equal to or higher than 0.75 cents per share for 10 consecutive trading days, the company can reduce the remaining exercise period applicable to the warrants to the date of the notice Starting less than 30 days.
All securities issued under this issuance will be subject to the four-month holding period stipulated by the applicable securities law. The completion of this issuance depends on the receipt of all necessary CSE, regulatory and other approvals.
The proceeds will be used to explore and develop the company’s minerals, especially Augustus Lithium and general working capital. With the approval of independent directors, one or more existing insiders may participate in the financing. The company relies on the exemptions required by MI 61-101 related parties.
Representing the board of directors of First Energy Metal Co., Ltd.
"Gurminder Sangha" Gurminder Sangha President and Chief Executive Officer
Neither the Canadian Securities Exchange (CSE) nor its regulatory service provider assumes any responsibility for the adequacy or accuracy of this press release, and has not approved or disapproved the content of this press release.
In addition to statements of historical facts, this press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, and projections on the date of this press release. The "forward-looking information" in this press release includes information about the company's intentions, plans, and future actions of the parties to the transaction and their terms.
The forward-looking information in this press release reflects the company's current expectations, assumptions and/or beliefs based on the company's existing information. For the forward-looking information contained in this press release, the company has made assumptions regarding the company's ability to obtain the required approvals. The company also assumes that no major events have occurred outside of the company's normal business process. Although the company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and should not be overly dependent on such information due to its inherent uncertainty.
Table 1: Drilling hole LC21-21 detection highlights
Note: The standard conversion factor of 2.15 is used to report the value of Li to Li2O. All reported intersections are based on the borehole width and have not been converted to the true width.
Source: First Energy Metal Co., Ltd.
View the original content: http://www.newswire.ca/en/releases/archive/November2021/17/c6848.html
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