MAVERICK TO ENTER CANADA’S “ELECTRIC AVENUE” THROUGH ACQUISITION OF NORTHWIND LAKE LITHIUM PROJECT IN NW ONTARIO
VANCOUVER, BC, June 21, 2023 /CNW/ – CDN Maverick Capital Corp. (“Maverick” or the “Company”) (CSE: CDN) (OTCQB: AXVEF) (Frankfurt: 338B) is pleased to announce that it has entered into a definitive mineral property acquisition agreement (the “Purchase Agreement”), with certain arms-length vendors (the “Vendors”), pursuant to which it proposes to acquire the Northwind Lake Property, a lithium pegmatite exploration project located in the Electric Avenue Lithium District, located approximately 10km north-northwest of the Frontier Lithium Inc. (TSXV: FL) PAK Lithium deposit in the Red Lake mining division (Ontario). The PAK Lithium deposit contains some of North America’s highest-grade lithium-bearing pegmatites. The PAK deposit has a mineral resource of 7.23 MT of 1.87% Li20 Measured + Indicated Resource and 2.76 MT of 2.22% Li20 Indicated Resource, and hosts rare technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3)*. This area has been coined the “Electric Avenue” due to the critical minerals.
*See Frontier Lithium’s NI 43-101 – Technical Report PAK Property – PAK, Red Lake Mining District dated April 2021. The Company cautions that results obtained on nearby properties do not necessarily imply the existence of similar mineralization or geological features on the Company’s properties.
“With this acquisition, Maverick will increase its foothold in the lithium space: capitalizing on the enthusiasm for localized supply chains; one of the fundamental drivers for the lithium market. Ontario specifically, is injecting more and more funds as part of their mandate to make their province ‘the first jurisdiction on everybody’s mind’ according to the Minister of Energy, Northern Development and Mines Greg Rickford. We hope to be a part of this momentum. With our increasingly diverse but strategic portfolio of projects, we are uniquely positioned to adapt to lithium development and production’s innovative and progressive landscape while always staying aligned with our shareholders.” said Maverick CEO Adam Cegielski.
The Northwind Lake Project consists of a series of mineral claims covering approximately 7,040 hectares (See Figure 1 for details). Pursuant to the terms of the Purchase Agreement, the Company can acquire the Project through the issuance of 500,000 common shares (the “Consideration Shares”) and completion of cash payments totaling $100,000, of which $50,000 will be paid upon closing and the balance after 120 days. The Consideration Shares will be subject to a hold period of four months and one-day following issuance.
No finders’ fees or commissions are payable in connection with the acquisition of the Project. Completion of the acquisition remains subject to receipt of any required regulatory approvals
Raul Sanabria, M.Sc., P.Geo., the qualified person for the Company as defined by Canadian National Instrument 43-101 has reviewed and approved the technical information contained in this release.
CDN Maverick Capital Corp., a diversified resource investment issuer and junior exploration Company, is committed to the development of mineral projects with a focus on lithium. The Company recently acquired a significant 40,000-hectare Quebec Lithium Prospect outright and optioned the Nevasca Lithium Project in Argentina. In addition to these holdings, Maverick owns the Rainbow Canyon Gold Project in Nevada and holds over 1.6M shares in Noram Lithium Corp., a leading player in lithium development. With a strong commitment to sustainable and ESG-friendly investing and exploration, Maverick is actively seeking to expand its diverse critical minerals portfolio across the Americas.
ON BEHALF OF THE BOARD OF DIRECTORS
Founder, Chairman, and Director
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.
SOURCE CDN Maverick Capital Corp.