THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario--(Newsfile Corp. - April 16, 2025) - Libra Lithium Corp. ("Libra") is pleased to announce the acceptance of the 2024 Bernie Schnieders Discovery of the Year Award for its spodumene discovery at its Soules Bay-Caron Project in Ontario, Canada ("SBC" or the "Project").
Presented annually by the Northwestern Ontario Prospectors Association ("NWOPA"), this prestigious honour celebrates ground breaking discoveries made in Northwestern Ontario during the previous calendar year. It was presented on April 15th to Libra at the annual awards banquet during the 2025 Ontario Prospectors Exploration Showcase in Thunder Bay, Ontario. With this achievement, Libra has joined the ranks of past winners, including Great Bear Resources and Frontier Lithium.
Left to right: Andrew Jedemann (Exploration Manager), Ben Kuzmich (VP Exploration), Koby Kushner (CEO), Percy Clark (Director, NWOPA)
Following the success of a 5-day reconnaissance prospecting program in Summer 2023, Libra commissioned Bayside Geoscience ("Bayside") to complete a 12-day prospecting program at SBC, which is located approximately 40 km south of Pickle Lake, in June 2024. The program involved 13 people from Libra, Bayside Geoscience and Bounty Gold, the vendor of the Project to Libra, and was an immediate success, with Bayside crew members, Steve Greiner and Cameron Mitchell, finding an 8-12m wide spodumene-bearing pegmatite on the first day. Following the initial discovery, spodumene occurrences were made across the entirety of the project area nearly every day for the remainder of the program. The spodumene-bearing pegmatites found were up to 30m wide, typically containing 15-25% spodumene that is homogenously distributed throughout, with coarse-grained spodumene crystals up to 0.4m in length. In total, 184 grab samples were collected, with assays returning up to 6.64% Li2O. Additionally, select samples have returned high values of other elements such as 861 ppm Cs, and 493 ppm SnO2.
The majority of the spodumene-bearing pegmatites at SBC returned whole-rock K/Rb values <20, however many of the other pegmatites from elsewhere on the Project that have not yet been positively identified for spodumene mineralization also returned very low K/Rb values and are considered highly fertile and prospective for finding additional lithium mineralization. Many areas along trend of the initial spodumene discoveries remain unexplored. In total, 18 brand new spodumene discoveries were made over 12 km in strike length during the 12-day prospecting program. Following the success of the program, additional ground was staked bringing the SBC project size from 13,703 to 15,813 ha. As well, Libra staked nearby claims to the east that have yet to be explored, at what is now referred to the Toivo Project, hosting numerous pegmatite targets identified through satellite imagery in a similar geological setting to SBC. The fieldwork at SBC resulted in Ontario's most significant grassroots spodumene discovery of 2024.
"We are honoured to receive such recognition for our exploration efforts in 2024. Securing funding for a successful exploration program as a private lithium company, amidst challenging market sentiment in battery metals, has been both demanding and fulfilling. I extend my heartfelt thanks to the entire Libra team, with special recognition to Ben Kuzmich and Andrew Jedemann, our exceptional partners at Bayside, and the talented Jason and Alexander LeBlanc at Bounty Gold. On a capital raised per discovery basis, I believe Libra has proven itself to be one of the most lean and efficient lithium explorers in Canada, and we are eager to build on this momentum as we approach our upcoming public listing," said Koby Kushner, CEO of Libra.
PowerStone RTO Update
Further to PowerStone Metals Corp. (CSE: PS) ("PowerStone" or the "Company") and Libra Lithium's joint press releases dated December 2, 2024, January 2 and February 20, 2025, the reverse merger transaction of PowerStone by Libra Lithium (the "Transaction") continues to advance with PowerStone scheduled to hold its an annual general and special meeting of its shareholders on May 14, 2025 (the "PowerStone Shareholders Meeting") to approve the Transaction and certain related ancillary matters, as further described in the January 2, 2025 joint press release of PowerStone and Libra Lithium.
The materials for the PowerStone Shareholders Meeting, including the Management Information Circular, which sets out in detail the annual general and special items proposed for shareholder approval at the PowerStone Shareholders Meeting, will be distributed to the PowerStone shareholders and available at the Company's profile on www.sedarplus.ca on or about April 23, 2025.
PowerStone and Libra Lithium imminently expect to apply to the Canadian Securities Exchange (the "CSE") to have the resulting public company's (the "Combined Company") common shares listed for trading as "Libra Energy Materials Inc.", trading symbol "LIBR" and a targeted listing date in Q2 2025. PowerStone and Libra will put a further press release announcing when conditional approval of the listing of the Combined Company is granted by the CSE.
Completion of the Transaction is subject to several conditions including, but not limited to receipt of all requisite regulatory, stock exchange, court or governmental approvals, authorizations and consents and the conditions set out in the definitive agreement between Libra Lithium and PowerStone dated December 31, 2024. There can be no assurance that the Transaction will be completed on the terms proposed above or at all.
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Ben Kuzmich, P.Geo., VP Exploration of Libra Lithium. Ben Kuzmich is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Libra Lithium Corp.
Libra is a Canadian mineral exploration company focused on the discovery and development of the critical minerals necessary for the green energy transition. Libra's Flanders North, Flanders South, and Soules Bay-Caron projects in Ontario are being explored under a $33M earn-in deal with KoBold Metals Company. In addition, Libra has vast land holdings across Ontario and Quebec in which it maintains a 100% interest. The Libra team comprises a mix of seasoned executives, engineers, and geoscientists, with extensive experience in mining and mineral exploration, capital markets, asset management, energy, and First Nations engagement. In addition to Libra's lithium exploration portfolio, Libra holds 43,865,217 common shares in the capital of Athena Gold Corporation's (CSE: ATHA) (OTCQB: AHNR) ("Athena") wholly-owned subsidiary, which subject to certain conditions, are exchangeable for no additional consideration into common shares of Athena.
About PowerStone Metals Corp.
PowerStone is a mineral exploration company focused on the identification and exploration of high-quality critical and precious metals assets, in favorable mining jurisdictions. PowerStone is a reporting issuer in the Provinces of Ontario, British Columbia and Alberta, Canada and its common shares are currently listed for trading on the Canadian Securities Exchange.
For more information, please contact the Company or Libra at:
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the closing of the Transaction, the conditions to completing the Transaction, timing and receipt of regulatory, shareholder and exchange approvals, the PowerStone Shareholders Meeting, the distribution and filing of the Management Information Circular in connection with the PowerStone Shareholders Meeting, the application to list the common shares of the Combined Company on the CSE, future plans and business objectives of the Combined Company and other matters. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. As a result, there can be no assurance that the proposed Transaction or related matters will be completed as proposed or at all. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to continue operations if the Transaction is not completed, the Company's ability to raise further capital upon terms acceptable to the Company or at all, the Company's ability to obtain regulatory, shareholder and exchange approvals, and the Company's ability to complete the Transaction as currently proposed or at all. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the 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.
