TORONTO, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM and OTCQB: GRCMF), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that the Company has made the final payment of $20,000 to exercise the option (the “Option”) to acquire the Armstrong Lithium Project (the “Armstrong Project” or the “Project”). Under the terms of the original option agreement, in order to exercise the Option, GCOM was required to pay consideration comprised of (i) 100,000 common shares of the Company (”Common Shares”), which were previously issued upon acquisition of the Option; (ii) $15,000 in cash which was previously paid prior to deadline of November 21, 2023; and (iii) $20,000 in cash which was payable on or before November 21, 2024. No further payments are required pursuant to the exercise the Option and the Company now owns 100% of the Armstrong Project.
About the Armstrong Project
The Armstrong Project resides in the Seymour-Crescent-Falcon lithium trend which is known to host thirteen spodumene-bearing pegmatites along a 26 km trend between the South Aubrey and the Falcon East pegmatite occurrences. Located near the town of Armstrong, significant infrastructure exists nearby including an airport, rail, and hydro The Armstrong Project is road accessible and workable year-round.
The Project property is within a general area that has been highly focused on the exploration of lithium, however the Armstrong Project appears to have had little or no lithium focused exploration. The neighbouring properties are held by GT1 and Antler Gold Inc. Both neighbouring properties have lithium in drilling and GT1’s Seymour Project boasts a mineral resource estimate of 9.9 Mt @ 1.04% Li2O, with 5.2 million tonnes @ 1.29 % Li2O and remains open along strike and down dip. (GT1 website - Seymour Project)
Previous lake sediment work on the Armstrong Project has confirmed the presence of various base and precious metals including gold, silver, platinum, palladium, copper, nickel, cobalt, chromium, lead and Zinc. GCOM completed sampling on the Project in 2023 (See press release dated January 9th, 2024). The sampling program consisted of reconnaissance prospecting and geological mapping along the 90 contiguous claims totalling ~1,800 ha, located in the Seymour-Crescent-Falcon lithium belt, ~55 km northeast of the town of Armstrong and ~245 km from Thunder Bay in Ontario, Canada.
Trumbull Fisher, CEO and Director of GCOM commented, “We are happy to complete this November 2024 payment to complete the exercise the option on the Armstrong Project. We believe that the Project holds exploration upside and fits in well with our clean energy portfolio of public and private lithium and uranium equities.”
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by Peter Mullens (FAusIMM), Executive Chairman of the Company, who is a “Qualified Person” in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Options Granted
The Company is also announcing that it has granted a total of 3,250,000 stock options (“Options”) to various directors, officers, employees and consultants of the Company.
Each option is exercisable to acquire one Common Share for a period of three years at a price of $.05 per Common Share, with 100% of the Options vesting immediately. The Options are subject to approval of the TSX Venture Exchange.
About Green Shift Commodities Ltd.
Green Shift Commodities Ltd. is focused on the exploration and development of commodities needed to help decarbonize and meet net-zero goals. The Company is advancing the Armstrong Project, located in the Seymour-Crescent-Falcon lithium belt in northern Ontario, known to host spodumene-bearing lithium pegmatites and significant discoveries. The Company also has a portfolio of public and private company shares in various uranium and lithium companies.
This news release includes certain “forward looking statements”. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but are not limited to, statements with respect to: the approval of the TSX Venture Exchange, the future direction of the Company’s strategy; and other activities, events or developments that are expected, anticipated or may occur in the future. These statements are based on assumptions, including: (i) the ability to achieve positive outcomes from test work; (ii) actual results of our exploration, resource goals, metallurgical testing, economic studies and development activities will continue to be positive and proceed as planned; (iii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to Green Shift; (iv) economic, political and industry market conditions will be favourable; and (v) financial markets and the market for uranium, battery commodities and rare earth elements will continue to strengthen. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements, including, but not limited to: (1) changes in general economic and financial market conditions, (2) changes in demand and prices for minerals, (3) the Company’s ability to source commercially viable reactivation transactions and / or establish appropriate joint venture partnerships, (4) litigation, regulatory, and legislative developments, dependence on regulatory approvals, and changes in environmental compliance requirements, community support and the political and economic climate, (5) the inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in project parameters as plans evolve, (6) competitive developments, (7) availability of future financing, (8) exploration risks, and other factors beyond the control of Green Shift including those factors set out in the “Risk Factors” in our Management Discussion and Analysis dated May 28, 2024 for the three months ended March 31, 2024 available on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Green Shift assumes no obligation to update such information, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
