Mr. Rishi Kwatra reports
NEW ENERGY METALS ANNOUNCES RECEIPT OF CONDITIONAL APPROVAL FOR THE ROSLYN PROPERTY
New Energy Metals Corp. has received conditional approval from the TSX Venture Exchange for its proposed acquisition of the Roslyn lithium property as previously announced on Dec. 6, 2022.
The company entered into an option agreement to acquire a 100-per-cent interest in the Roslyn property composed of 12 claims (254 cells) totalling approximately 5,100 hectares located 50 kilometres northeast of Nipigon in Northwestern Ontario. The Roslyn property is located 20 kilometres southeast of the Georgia Lake pegmatite field and 35 kilometres southeast of where Rock Tech Lithium published a preliminary economic assessment supporting the indicated mineral resource of 10.6 million tonnes grading 0.88 per cent Li2O (lithium oxide) and an inferred mineral resource of 4.2 Mt grading 1 per cent Li2O.
In consideration for the acquisition, the company will make aggregate cash payments of $2.3-million over a period of three years, issue 1.43 million common shares within 60 days of signing of the agreement and issue an additional 800,000 common shares over a period of two years. The optionors will retain a 3-per-cent net smelter return (NSR) royalty on the property, of which 0.5 per cent can be repurchased by the company for $1-million.
Completion of the acquisition is subject to the satisfaction of conditions precedent, including completion of all outstanding TSX Venture Exchange filing requirements and receipt of final TSX-V approval.
About New Energy Metals Corp.
New Energy is a Canadian-based resource company listed on the TSX Venture Exchange under the symbol ENRG. The company has an option to purchase a 100-per-cent interest in the Roslyn lithium property, covering 5,100 hectares located 20 kilometres southeast of the Georgia Lake pegmatite field and 35 kilometres southeast of where Rock Tech Lithium just published a PEA supporting the indicated mineral resource of 10.6 Mt grading 0.88 per cent Li2O and an inferred mineral resource of 4.2 Mt grading 1.0 per cent Li2O. The company also has an option to purchase a 100-per-cent interest in the Troitsa copper property covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.
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