Advance Lithium Corp. (TSXV: AALI) (“Advance Lithium” or “the Company”) is pleased to announce that it has received written confirmation from Shanta Gold (AIM: SHG.L) that pursuant to the option agreement they have diluted Advance Lithium’s ownership to below a 10% interest in the joint venture. Subsequently Advance Lithium now holds a 3% uncapped NSR on three exploration licences in Western Kenya.
Two of the claims are located on the Liranda Corridor, a key greenstone belt that is considered one of the most prospective regions for high-grade gold in Africa. These claims have seen significant historical colonial mining and current artisanal activity. Shanta Gold has the connecting licence where they have published a 43-101 compliant Inferred Mineral Resource of 1,182,300 ounces at 12.6 g/t Au1 and recently hit bonanza grade drilling results. The Company feels that these two claims on which Advance Lithium holds an NSR, are highly prospective for the discovery of significant high-grade gold.
The third claim is to the north of the Liranda Corridor and hosts the Rosterman Gold Mine which operated in the late 1950's to the mid 1960's and mined seven gold bearing reefs from 23 underground levels.
Allan Barry Laboucan, President and CEO of Advance Lithium Corp. commented: “Now having a Royalty on these licences gives us more flexibility to leverage the inherent value in them. The 3% uncapped royalty has no right of first refusal which could allow us to sell a portion or all of the royalty. It is worth noting that in the past several years the gold royalty business has grown rapidly, yet the supply of royalties is tight. We will look at all opportunities to add value to the Company and reward our shareholders.”
Julio Pinto Linares is a qualified person, doctor in geological sciences with specialty in economic geology and qualified professional No. 01365 by MMSA for Advance Lithium and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
1 Shanta Gold Press Release West Kenya Update on Drilling February 16, 2022
About Advance Lithium Corp.
Advance Lithium is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, battery metals and fertilizer minerals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.
In addition, Advance Lithium holds a 3% NSR on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining interest is held by Shanta Gold Limited (project previously owned by Barrick Gold Corporation, for details see Advance Gold News Release dated 2020-08-26).
In March 2020, the Company moved into the lithium space with a purchase agreement to acquire 13 lithium-potassium boron prospective salars in central Mexico, which also includes rights to a patent pending proprietary lithium and potassium extraction method.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Mexico Cellular Phone: 492-238-5282
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
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