LONDON, UK: Technology Minerals (LSE: TM1), the primary listed UK firm focused on making a sustainable round economy for battery metals, announces that its wholly owned subsidiary Techmin Limited has exercised its option to acquire 100% curiosity inside the Blackbird Creek Property in Lemhi County, Idaho (USA) from DG Resource Management Ltd (“DGRM“), a company located in Alberta, Canada.
The acquisition provides 158 contiguous lode claims covering an space of roughly 1,285 hectares (3,175 acres) to the Company’s existing land position, located immediately southeast of Jervois Mining Ltd’s Idaho Cobalt Operations (“ICO”). ICO is anticipated to be operational this year and would be the United States first primary cobalt mine in decades. The Blackbird Creek Property is located inside the Idaho Cobalt Belt (“ICB”), a 60 km lengthy metallogenic district characterised by stratiform/tabular copper-cobalt deposits.
Principal Acquisition terms:
· A money payment, which was accomplished final year, of CAD$100,000 (approx. £59,057 at present conversion rates);
· AD$800,000 (approx. £472,499 at present conversion rates) to be paid by the issue of 21,013,440 new ordinary shares in Technology Minerals (the “New Shares”) priced on the Admission price of £0.0225 per share;
· DGRM will retain the rights to a 2% net smelter royalty (“NSR“). Techmin Limited has retained the choice to purchase again 1% of the NSR from DGRM for CAD$1.5M; and
· DGRM have entered right into a lock in and orderly marketing settlement with the Company under which DGRM have agreed that they shall not, offer, sell, contract to sell, pledge or in any other case dispose of any of the New Shares for a interval of 12 months commencing on three March 2022 or dispose of any of the New Shares besides through an orderly marketing association for a interval of 24 months commencing on three March 2022.
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “We are happy to full the acquisition of the Blackbird Creek Property, a project covering 1,285 ha that sits inside the Idaho Cobalt Belt and has the potential to host significant cobalt-copper deposits. The Blackbird Creek Property forms a half of our exploration technique to advance assets up the worth chain with the aim of making additional worth inside the Company for our shareholders.”
Background:
The Blackbird Creek Property is discovered inside the Idaho Cobalt Belt, a 60 km lengthy metallogenic district characterised by stratiform/tabular Co-Cu deposits. The ICB is hosted inside the Mesoproterozoic Belt Supergroup (1,470 Ma and 1,370 Ma), juxtaposed between later Proterozoic (1,370 Ma) quartz monzonitic intrusions. The Belt Supergroup was deposited in a big rift basin, likely as large submarine fan complexes that were frequently submerged by persevering with subsidence inside the basin. The Belt Supergroup runs from southern Montana to northern Canada. Within the Blackbird Creek Property, the Belt Supergroup is characterised by two main units, the Lemhi Group (Inyo Creek, West Fork, Big Creek, Apple Creek, and Gunsight formations) and the Swauger Quartzite.
Sulphide mineralisation on the Property happens primarily inside the siltite unit of the Apple Creek Formation. Three types of Co-Cu-Au occurrences have been reported related to the Apple Creek Formation inside the ICB:
• Type 1: Cobalt-copper-arsenic-rich deposits of the Blackbird Mine type. Generally, these contain roughly equal quantities of cobalt and copper, with various quantities of gold and pyrite. Dominant minerals include cobaltite (CoAsS) and chalcopyrite (CuFeS2). The cobaltite accounts for nearly all of the arsenic content material inside these occurrences. This syngenetic and stratabound mineralisation is related to mafic sequences, and deposits are typically in tabular form.
• Type 2: Cobalt-bearing pyrite-magnetite deposits with variable chalcopyrite and low arsenic content. These occurrences are typically hosted by fine-grained metasediments from the decrease unit of the Apple Creek Formation. Mineralisation is strata-bound, and locally is stratiform and located inside syn-sedimentary soft sediment structures.
• Type 3: Cobalt-bearing tourmaline-cemented breccias. These breccias are common inside the decrease unit of the Apple Creek Formation, and typically host cobaltite. These breccias are oriented roughly perpendicular to stratigraphy and happen as hard, dense, black vein-type pods and lenses. Contacts with the breccia are fluidized and show prominent foliation parallel to the breccia contact.
Numerous prospects with cobalt and copper mineralisation have been recognized on the Property, together with the Ludwig, Patty B, Anderson West, Anderson, Edith B, Raven, Slippery Gulch and Copper Hill (also known as Blackbird Creek South and West Fork Cobalt prospects). The primary exploration targets on the Property are the Apple Creek Formation tourmaline breccias, simply like these of the historic Noranda Blackbird Mine, Jervois Idaho Cobalt Operation and First Cobalt’s Iron Creek Project.
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