Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - CDN Maverick Capital Corp. (CSE: CDN) (OTCQB: AXVEF) (FSE: A117RU) ("Maverick" or the "Company") is pleased to announce that, under the amended terms of the property agreement, it received $50,000 USD in cash and a total of 2,064,750 NOA Lithium Inc. (TSXV: NOAL) common shares as part of the third payment for CDN's Nevasca Lithium Project in Argentina. All other commercial terms of the original agreement remain unchanged.
On June 12, 2024, NOAL was required to make a payment of US$250,000 in cash and US$250,000 in NOAL shares. However, CDN Maverick elected to receive US$50,000 cash and increase the share portion to US$450,000 worth in NOAL shares.
Simon Studer, Interim CEO and President, CDN Maverick, comments, "Upon receiving the third payment, Maverick has increased its stake in NOA Lithium Brines Inc. to over 3.1 million shares. From an investor's standpoint, lowering the cash part of the NOAL payment to enhance our equity position in NOAL seemed particularly opportunistic as NOAL has recently expanded its resource at the Rio Grande Salar Lithium Project in Salta by 65%, reaching 3,799,000 tonnes of Lithium Carbonate Equivalent (LCE) with an average lithium concentration of 535 mg/l." And continues: "Our primary objective is to develop assets and identify opportunities that generate long-term value for our shareholders. The aggressive pace of NOAL's exploration efforts, along with the reported grades and size of the deposit at Rio Grande, compare favorably with historical examples of lithium brine projects in similar Salar environments in the Puna of Northwest Argentina, which have become M&A targets within a relatively short timeframe."
All details regarding the original property transaction are set forth in the Company's news release dated May 8, 2023.
Picture 1: "Cono de Arita", Arizaro Salar, Salta, Argentina, nearby the Nevasca Lithium Project
CDN Maverick is also pleased to report an update on its investment in Noram Lithium Corp., which has released a new Mineral Resource Estimate (MRE) for its Zeus lithium project on June 10, 2024. The updated MRE highlights, constrained at a 525 ppm lithium cut-off, are as follows:
Indicated Resources of 564 million tonnes grading 956 ppm lithium for 2.9 million tonnes of contained Lithium Carbonate Equivalent (LCE).
Additional Inferred Resources of 287 million tonnes at 861 ppm lithium, totaling 1.3 million tonnes of contained LCE.
The constraining pit consists of a high-grade core plus a lower grade peripheral halo.
Indicated Resources1 within the high-grade core zone include 166 million tonnes grading 1,121 ppm lithium, broken down as follows:
High Grade Core Zone Indicated Resources1
Material
Grade (ppm Li)
Tonnes (Mt)
Grade (ppm Li)
High-Grade
>1,325
54
1,496
Medium Grade
900-1,325
49
1,108
Low Grade
<900
64
814
Total
166
1,121
Sufficient high/medium grade Indicated Resources to support 29 years of mine life plus a potential 18 years of processing low-grade, at a nominal processing rate of 3.5 Mt/year.
Sandy MacDougall, Executive Chairman of CDN Maverick, states "The expansion and delineation of the high-grade core at Noram's 100% owned Zeus lithium project in central Nevada highlights the quality of the project. With about 15 years of material grading 1,500ppm lithium able to be fed into a future processing facility, the project has the ability to be a significant United States domestic producer of battery-grade lithium carbonate for use in electric vehicles. The high-grade core at Zeus is unique in central Nevada claystone deposits and therefore has the potential to build a much stronger business case compared to some of Noram's peer companies."
ABOUT CDN MAVERICK CAPITAL CORP. CDN Maverick Capital Corp. is a diversified exploration company, with a core focus on lithium.
Prospects and Projects:
James Bay, Quebec: The Poncheville and Chabinoche Properties and Extensions cover 150,000 hectares of prospective ground for Lithium, Base Metals and PGE's targets. They are road accessible and located at about 65 km North of Matagami in Quebec's James Bay.
Electric Avenue, Ontario: The 7,040 hectares Northwind Lake Lithium Property is located at 10km from the Frontier Lithium's PAK Lithium Project in the "Electric Avenue," an emerging lithium pegmatite exploration camp in the Red Lake area of Ontario.
Rainbow Canyon, Nevada: In 2017, Maverick drilled a notable high-grade intercept over five feet (1.5m) containing 19.6 g/tn Au in hole RCR-03.
Investments:
NOA Lithium Brines Inc.: CDN Maverick holds 3,109,135 shares of NOA Lithium Inc. (TSXV: NOAL)
Noram Lithium Corp.: The company holds over 1.66 million shares in Noram Lithium Corp. (TSXV: NRM)
CDN Maverick Capital Corp. is actively expanding its critical minerals portfolio across the Americas, with a firm commitment to sustainable and ESG-friendly investing and exploration.
Qualified Person
Raul Sanabria, M.Sc., P.Geo., VP Exploration of CDN Maverick Capital Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
1 Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any Mineral Resource will be converted into Mineral Reserve. The Company expects to file an NI 43-101 Technical Report on SEDAR+ no later than July 19, 2024. This news release should be read in conjunction with the Technical Report.
