- Property & Area Map of Existing + New Claims Staked
- Recent Sampling Results From ALS
- Debt Re-Structuring to Facilitate Financing
- Incentive Stock Options Granted
VANCOUVER, BC / ACCESSWIRE / July 10, 2023 / CAT Strategic Metals Corporation (CSE:CAT)(OTC PINK:CATTF) (FRA:8CH) (“CAT” or the “Company“) is delighted to supply an update on its Gold Jackpot Lithium Property situated in Elko County, Nevada, and likewise reports on different other business matters.
CAT MAP OF EXISTING + ADDITIONAL NEW DECLARES
On June 23, 2023, CAT reported that it had actually released a 3rd consulting geologist to the Gold Jackpot property in order to continue the staking activity that was at first carried out by Rick Redfern and Patrick Laforest at the start of June. This activity led to CAT staking a more sixty (60) declares to the east and west of the Company’s existing claim block and has actually increased CAT’s landholdings to 121 claims, which now amounts to 2,499 acres, or 1,011 hectares. The map listed below programs CATs existing claims in blue and the freshly staked claims in red. It likewise reveals CAT’s claims in relation to Surge Battery Metals Inc. (“Surge“) and Peloton Minerals Corporation (“Peloton“), the Company’s neighbours in what is thought about to be a brand-new and emerging lithium discovery location.
CAT has actually staked and set up posts on 28 brand-new claims on the eastern side of its main core ground covering the Stag’s Leap Porphyry/Diatreme target location and the lithium prospective location of interest. Surge Battery Metals staked claims in the eastern part of the location too, and Figure 1 reveals the overlap where the Surge claims have actually taken choice over the CAT claims. CAT staked 32 claims in the western location with lithium capacity, and no other claims were correctly staked and posts set up into location correctly in this location by 3rd parties. CAT’s 60 brand-new claims are thought to have good capacity for the incident of lithium deposits comparable in character to mineralization discovered on the Surge claims, although this will need to be checked by expedition drilling.
GOLD PRIZE LATEST TASTING OUTCOMES
Four (4) rock chip samples were taken by Redfern and Laforest throughout their recent see to the property in early June, and were sent to the ALS lab in Elko, along with the ALS laboratory in Vancouver.
One sample was drawn from modified hematitic rhyolite from the southeastern part of the existing core claimblock, and this sample returned an extremely anomalous lithium worth of 76.3 ppm Li, along with anomalous arsenic, bismuth, hafnium, rubidium, tantalum, and 9 ppm uranium. The form, contact- and age relationships of this rhyolite are not yet understood, however it is translated to be a possible source of the lithium in the task location.
Three samples were handled Stag’s Leap ridge. PL-1 was drawn from a flat-lying shear zone that was partially silicified. This yielded anomalous silver, antimony, and tungsten. Two samples were drawn from the primary Stag’s Leap outcrop zone to the north of PL-1, and these yielded anomalous gold, silver, platinum, antimony, arsenic, copper, indium, lead, tungsten, and 1.74 ppm tellurium. The primary Stag’s Leap zone is translated to represent a zone of hydrothermal leak from a porphyry/diatreme(?) system at an unidentified depth. No drilling has actually been performed to date to test this amazing target.
RE-STRUCTURING OF CONVERTIBLE FINANCIAL OBLIGATION INSTRUMENT
CAT likewise reports that it has actually participated in conversations with the holder of the Senior Secured Loan Agreement (the “Agreement“) in order to re-negotiate particular terms consisted of within the Agreement. The goal is to decrease particular conditions that might be interpreted as burdensome, and might be an obstacle, to protecting the funding that is required to relocate to the next phase of the expedition strategy at Gold Jackpot. The holder of the Agreement completely supports modifying the terms in order to secure financing that will move the task, and the Company, substantially forward. Any modifications or changes of the Agreement go through approval by the CSE and particular information will be revealed upon that approval and conclusion or a modified file.
REWARD STOCK ALTERNATIVES GIVEN
The Company likewise reveals the grant of 10,000,000 reward stock alternatives (the “Options“), pursuant to its Stock Option Plan (the “Plan“), to directors, officers, workers, and specialists of the Company. The Options are exercisable at a rate of C$0.05 per typical share of the Company for a duration of 5 years from the date of grant. Any shares provided upon the workout of the Options will go through a statutory four-month hold duration from the date of the issuance. The Option grant goes through regulative approval.
CAT CEO, Robert Rosner, mentioned that “The Gold Jackpot Property is, without a doubt, becoming an incredibly intriguing part of the recent lithium discovery by our neighbour, Surge Battery Metals. We had the ability to stake a variety of brand-new claims to the west of our existing border line that extends our property even better to Surge’s discovery zone, as can be seen on our brand-new location map. We likewise extended our claims to the east and now share a property line with Surge on the claims they staked because location too. It does appear that we staked a portion of the same ground as Surge, so this tells us that our thinking is very similar to theirs when it comes to acquiring new exploration potential. Unfortunately, they got there before us on a small number of claims, but we are very happy nevertheless.” Mr. Rosner went on to say, “The ability for us to be able to restructure the convertible debt instrument to afford the Company more favorable terms vis a vis securing outside financing is extremely advantageous. The holder of the Agreement is fully behind CAT’s efforts to do whatever it takes to uncover the true lithium potential of Gold Jackpot, and we are happy to say we enjoy a solid and productive relationship with a shared vision.”
Mr. Richard R. Redfern, M.S., C.P.G. No. 10717, is the qualified person as defined by National Instrument 43-101 who has examined the property on the ground, and wrote a Master’s thesis on the Prince Mine location, and reviewed the geological information available from public sources related to the property and is responsible for approving the technical contents of this press release. Mr. Redfern
About CAT Strategic Metals Corporation (CAT)
CAT Strategic Metals’ corporate strategy, as reflected in its overall Mission Statement, is to source, identify, acquire and advance property interests located in mineral districts proven to have world-class potential, primarily lithium, tellurium, gold, silver and copper. In addition to the Gold Jackpot strategic metals property located NE of Elko, Nevada, in the Pequop gold-copper-lithium trend with multiple targets for gold-silver, copper, tellurium , and potential lithium, CAT has the South Preston Uranium Project in the Athabasca Basin of Saskatchewan, the Burntland Project located northeast of St. Quentin in the Restigouche County, New Brunswick, Canada, directed at the expedition and development of several Skarn-hosted copper-silver, gold targets. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading symbol “CAT”, and on the Frankfurt Stock Exchange under the symbol “8CH”.
ON BEHALF OF THE BOARD
Robert Rosner
Chairman, President & CEO
Further information regarding the Company can be found on SEDAR at www.SEDAR.com, by visiting the Company’s website www.catstrategic.com or by contacting the Company directly at (604) 674-3145.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is specified in policies of the Canadian Securities Exchange) accepts obligation for the adequacy or precision of this release.
We look for safe harbour.
