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American Salars Lithium INC. (“AMERICAN SALARS” OR THE “COMPANY”) (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces it has entered into a Letter Of Intent Agreement (the “Agreement”) with an arm’s length vendor to acquire up to 100% of the Salar De Pocitos Project (the “Project”) consisting of 10 mineral tenements spanning approximately 13,080 hectares and contiguous to the Company’s 800 hectare Flagship Pocitos 1 Project in Salta Province, Argentina. This represents a property size increase of 1635% to a footprint combined total of 13,880 hectares on the Pocitos Salar, within the prolific Lithium Triangle. The closing of this transaction will culminate in American Salars having the second largest property asset on the Salar de Pocitos.

The Company’s existing 800-hectare Pocitos 1 claim has an NI 43-101 Mineral Resource Estimate (“MRE”) prepared by WSP Australia. The MRE infers 760,000 tonnes of Lithium Carbonate Equivalent (“LCE”) on the combined Pocitos 1 (800 Ha) and neighbouring Pocitos 2 block (532 Ha). On a pro-rata basis Pocitos 1 has 456,000 tonnes of LCE insitu. (American Salars does not currently own the neighboring 532 Hectare Pocitos 2 block – See Press Release Dated June 17, 2024). The NI 43-101 MRE was estimated on an inferred basis using a block model with 6% and 14% porosity respectively for the clay and sand lithologies. Completing borehole magnetic resonance surveys will provide continuous and higher accuracy allowing an upgrade of the resource.

The new 13,080 hectare Salar De Pocitos Project being acquired has been the subject of numerous historic exploration campaigns including drilling, surface sampling and geophysics. The initial work program will be a data compilation to tie together the existing drill holes on Pocitos 1 with all the historic drill holes and update the Company’s NI 43-101 MRE. Scoping and feasibility studies will follow the data compilation and move the Salar De Pocitos Project through to commercial production.

The Salar De Pocitos Project is located approximately 100 kilometers west of San Antonio de Los Cobres which is the largest city at the top of the puna plateau and approximately 250 kilometers west of the Provincial Capital of Salta. The Pocitos Project benefits from some of the best infrastructure on the puna including Provincial Highway Route 17 and the Pocitos industrial Park settlement that has a natural gas pipeline and near the railway that runs through the salar to the Port of Antofagasta on the Chilean Pacific Coast.

American Salars CEO & Director R. Nick Horsley states, “This acquisition represents the culmination of tremendous work by the whole American Salars team and is a game changer for the Company and our stakeholders. Having consulted with some of the largest lithium mining companies in the world, we clearly understand the prerequisites for a takeover or production scenario. Today’s acquisition provides our engineering and exploration team a district scale footprint to execute on.”

Figure 1. Area map of Salar de Pocitos
Please click to view image

The Agreement

American Salars has entered into a letter of intent agreement whereby the Company will acquire a 75% interest immediately with Vendors with the potential to earn up to 100% undivided interest in the Property by paying to the Vendors the following cash payments totaling USD $2,000,000 and issuing 20,000,000 shares and issuing a royalty and Buy-Out Bonus based on the table below:

1. Subject to a 6-month escrow/restricted period. After the initial 6-month lock-up the Optionors agree to sell no more than 100,000 shares in a normal 5 day business week.
2. USLI agrees to keep the claims in good standing by completing any required work programs. Additionally, USLI may accelerate the payments at its election at anytime.
3. Subject to a 1% Net Smelter Royalty
4. If USLI is subject to a takeover / buyout >$25,000,000 USD then $6,000,000 USD is payable to the Vendor

The transaction is subject to a 10% finder’s fee

Pocitos 1 Claim

The Company’s existing Pocitos 1 claim had WSP Australia complete an update of the NI 43-101 report initially written by Phillip Thomas QP in June 2023 and estimated on an inferred basis using a block model with 6% and 14% porosity for the clay and sand lithologies respectively and a Mineral Resource Estimate (“MRE”) of 760,000 tonnes of Lithium Carbonate Equivalent (“LCE”) on the combined Pocitos 1 (800 Ha) and neighbouring Pocitos 2 block (532 Ha). American Salars does not own the neighboring Pocitos 2 ground which comprises 40% of the gross land package that makes up the resource however it is notable that all drilling to date has been completed on American Salars’ Pocitos 1 block.

Lithium values of 169ppm from drill hole PCT22-03 packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project’s December 2022 drill campaigns. A packer sampling system was used in HQ Diamond drill holes that were drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours with all holes exhibiting exceptional brine flow rates. An NI 43-101 updated report completed by WSP Australia has been released on the Pocitos 1 project.

Ekosolve Ltd. a DLE technology company was able to produce 99.8% purity lithium carbonate and extraction was above 94% of the contained lithium in the brine i.e. 158.86ppm of lithium would have been recovered from 169ppm. The higher magnesium values in the brine did not impact the extraction efficiency.

Figure 2. Drilling at Pocitos 1 Lithium Brine Project (Salta, Argentina)
Please click to view image

Qualified Person

Phillip Thomas, BSc Geol, MBusM, FAusIMM (CPVal), MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release regarding Argentina properties, and has approved the disclosure herein. Mr Thomas is a shareholder of American Salars Lithium shares.

PDAC 2025

American Salars will be attending the Prospectors & Developers Association of Canada’s (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025. The Company encourages attendees to meet the American Salars team at Booth #3210 in the Investor’s Exchange.

Additionally, the Company has terminated its Candela II, Incahuasi Salar option.

About American Salars Lithium Inc.

American Salars Lithium is a public exploration company focused on developing lithium resource projects. The Company’s ultimate objective is the production of battery grade lithium carbonate to meet the growing demands of the battery industry. The Company’s has a diversified portfolio of Lithium Brine and Hardrock projects in North and South America.

All Stakeholders are encouraged to follow the Company on its social media profiles on LinkedIn , Twitter , TikTok , Facebook and Instagram .

On Behalf of the Board of Directors,

“R. Nick Horsley ”

R. Nick Horsley, CEO

For further information, please contact:

American Salars Lithium Inc.
‎
‎Phone: 604.740.7492
‎E-Mail: info@americansalars.com
‎

Neither the Canadian Securities Exchange 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.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.

(TheNewswire)

Vancouver TheNewswire February 28, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (“Element79 Gold”, the “Company”) a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility (“Crescita Capital”), details of the Facility Agreement can be found in out original announcement on February 12, 2022. The Company has recently drawn CA$185,000 from this new facility.

The Company has further issued an aggregate total of 10,062,500 shares to Crescita pursuant to the terms of the Facility Agreement (the “Agreement”) , as well as  a total of 13,002,465 Share purchase Warrants (the “Warrants”)  to Crescita per the terms of the Agreement, the Warrants are exercisable for a period of five years at an Price of $0.05 per share.

Proceeds from the above-mentioned draw from Crescita Capital will be used for operations including legal fees. accounting audits, annual project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.

About Crescita Capital

Crescita Capital is an investment and consultancy group that provides alternative financing and corporate development services for seed to growth-stage companies in emerging markets around the world. www.Crescita.capital Between 2021 and 2023, the Company worked with Crescita, drawing  $7,104,500 to support its operations and develop its portfolio of mining assets.

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

Email: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.

Copyright (c) 2025 TheNewswire – All rights reserved.

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (“Group Eleven” or the “Company”) is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of $2,500,000 (the “Offering”) through the issuance of 13,157,894 units (each, a “Unit”) sold at a price of $0.19 per Unit.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.28 per common share for a period of two years from the date of issuance.

The Company intends to use the proceeds for exploration activities in Ireland, including at the Company’s 100%-owned Ballywire zinc-lead-silver discovery at the PG West Project and for general working capital purposes.

The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued with respect to the Offering are subject to a hold period expiring on June 29, 2025, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

In connection with the Offering, the Company paid commissions of $35,619.36 and issued 187,469 finders warrants (the “Finder Warrants“) to certain finders. Each Finder Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.28 per common share for a period of 24 months from closing.

None of the securities sold under the Offering have been and will not be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.

Michael Gentile, a director of the Company, acquired 1,052,631 Units at a price of $0.19 per Unit for total consideration of $200,000. Prior to closing of the Offering, Mr. Gentile held 35,049,502 common shares, 150,000 stock options and 1,841,444 common share purchase warrants, each stock option and warrant entitling Mr. Gentile to purchase one additional common share upon payment of additional consideration to the Company. These common shares, stock options and warrants represented approximately 16.46% of the Company’s then-issued and outstanding common shares on an undiluted basis and approximately 17.23% of the Company’s then-issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Gentile’s warrants into common shares. Following the completion of the Offering, Mr. Gentile beneficially owns and controls an aggregate of 36,102,133 common shares, 150,000 stock options and 2,367,759 common share purchase warrants, representing approximately 15.97% of the Company’s issued and outstanding common shares on an undiluted basis and approximately 16.89% of the Company’s issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Gentile’s stock options and warrants into common shares.

The Units were acquired by Mr. Gentile for investment purposes. Mr. Gentile may acquire additional securities of the Company, including on the open market or through private acquisitions, or sell securities of the Company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The participation by Mr. Gentile is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to Mr. Gentile nor the consideration for such securities will exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details and amounts of Mr. Gentile’s participation were not finalized until closer to closing and the Company wished to close the transaction as soon as practicable for sound business reasons.

A copy of Mr. Gentile’s early warning report will appear on the Company’s profile on SEDAR+. Both the Company and Mr. Gentile can be contacted at the Company’s head office at Suite 1050, 400 Burrard St, Vancouver, British Columbia, V6C 3A6.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. The Company’s two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (15.97%). Additional information about the Company is available at www.groupelevenresources.com.

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.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the intended use of proceeds raised under the Offering.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the risk that the Company will not use the proceeds of the Offering as anticipated and the risk that the Company will not receive the regulatory approvals with respect to the Offering.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Offering as currently anticipated and that the Company will obtain regulatory approval with respect to the Offering. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242960