Sunvest Options Roy Cobalt to Battery Mineral Resources
February 27, 2017 (Source) — Sunvest Minerals Corp. (TSX-V: SSS) (“Sunvest Minerals” or the “Company”) announces it has signed an option agreement with Battery Mineral Resources Ltd. (“Battery”) whereby Battery will have the right to earn an 80% interest on Sunvest’s Roy Cobalt Property located about 11 km northwest of Elk Lake, Ontario.
Sunvest acquired the Roy Cobalt property in August 2016 and expanded their property position in September 2016. The Roy mine property was first developed in 1912 with three shafts that were sunk. It was later operated for cobalt in the early 1950s by Roy Silver Mines Ltd., during which further underground development (such as the deepening of the main shaft and the drilling of surface and underground drill holes) was undertaken. Sampling by the Company in October 2016 returned values of cobalt ranging from 0.45 per cent to 7.19 per cent with an average value of 4.01 per cent. Copper varied from 0.014 per cent to 10.20 per cent, with an average value of 4 per cent.
Battery is an Australian incorporated company and has acquired a large property position in the historic Elk Lake silver camp. Elk Lake began as a mining boom town when native silver was discovered in James Township in 1906, with mining activity peaking between 1907 and 1913, when there were about thirty active mining properties in the area. While the historic focus was on silver production, there is a well-known association with cobalt mineralization.
“We are happy to have Battery Minerals advance our Roy Cobalt Project as part of a district scale program for cobalt-silver mineralization. This strategic alliance allows Sunvest to focus on resource expansion on the Company’s keystone, McKinnon-Hawkins Gold Project in Ontario, and the planning and permitting for a maiden drill program on the Evening Star project in Nevada, in the spring.” states President Gordon Zelko. “We look forward to reporting progress made on both projects.”
Cumulative terms of the deal call for Battery to make cash payments of $150,000, issue 450,000 shares and incur $500,000 of expenditures over a 3 year period.
About Battery Mineral Resources
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Battery Mineral Resources Limited is an unlisted Australian public company focused on the acquisition, development and integration of minerals critical to the rechargeable battery market and energy storage sector. The Company has assembled a diversified portfolio of advanced quality cobalt, graphite and lithium projects designed to supply growing market demand and deliver maximum leverage to the sector.
Battery aims to maximize value by sourcing long term strategic partnerships with potential end users and battery groups. The Company’s focus is on acquiring and developing projects within close proximity to supply chain partners and customers in Asia and North America.
ON BEHALF OF THE BOARD
Mike England, CEO & DIRECTOR
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 release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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