Westminster Signs Letter of Intent to Acquire a Lithium Project in the NWT
VANCOUVER, BC / ACCESSWIRE / June 16, 2016 / Westminster Resources Ltd. (TSXV: WMR) (OTC Pink: WMRSF) (FSE: 08W1) is pleased to announce the signing of a letter of intent to acquire four mineral claims located east of Yellowknife in the North West Territories.
The claims are adjacent to the 92 Resources Corp. Hidden Lake project. One claim is situated to the East of, and adjacent to, the 92 Resources Corp. ground covering the LU Dyke, which returned values up to 3.06% Li2O, as reported in a news release of June 7, 2016. The remaining two claims are situated adjacent to the 92 Resources Corp. ground on the Southwest. The claim boundaries extend to the proposed limits of 'Yellowknife Pegmatite Belt' that 92 Resources Corp. published as an attachment to a news release dated June 7, 2016.
The fourth claim, located approximately 10 kilometres south of the 92 Resources Corp. Hidden Lake property, covers an area of pegmatite dykes on the shoreline identified by Dave White, P.Geo., QP for this news release. Mr. White's observations are: "There are small coarsely-crystalline to pegmatite felsic dykes underlying the Reid Lake claim. We only looked at the dykes along the shoreline and observed low concentrations of a yellow micaceous mineral that may be Li-bearing. There may be larger pegmatitic dykes inland as the claim lies within the trend of the 'Yellowknife Pegmatite Belt'."
The Reid lake claim is a few kilometres on possible strike from the Ann (REID) lake occurrence, listed in the NORMIN database as showing id: 085ISW0011, and recently plotted on a map by 92 Resources Corp. as part of a news release dated June 7, 2016. The NORMIN showing information includes reference to a non-43-101 compliant resource: "drilling in 1956 (AR 082243) intersected the dyke at depths of over 100 m and demonstrated continuity in width and grade. A possible resource of 3,335,600 tons grading 1.92% Li2O is reported in GSC publication "Canadian Deposits Not Currently Being Mined" (1989); estimate is from Lasmanis." (*) (**)
* Potential quantities and grades are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
** A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or reserves. Further work must be carried out to verify all historic information before a resource estimate is possible.
Westminster has agreed to pay a non-refundable cash payment of $15,000 on signing the LOI and will have 20 business days to conclude a definitive agreement. Thereafter, the Company must pay, subject to TSXV approval, a further $10,000 and issue 2,500,000 common shares to the vendor for a 100% interest.
Glen Indra, President of Westminster, stated: "Lithium is one of the most exciting commodities in mining today; the price is increasing year over year and with the rapid growth in the electric car industry we see a great future in the lithium mining and exploration space. Two of these new projects directly border 92 Resources recent high grade sampling of 3.06% Li2O and are thought to be in the same 'Yellowknife Pegmatite Belt'. The Ann (Reid Lake) occurrence is particularly appealing in nature due to the past work and results showing a larger system of Li2O. The Company plans on sending a crew to the property upon closing of the definitive agreement to begin field work."
The Technical contents of this release were approved by Dave White, P.Geo., a qualified person as defined by National Instrument 43-101. The property has not yet been the subject of an NI 43-101 report.
Exploration on the Guayacan, Gold, Silver and Copper project in Sonora Mexico is ongoing and field observations continue to document the district scale size of the hydrothermal system.
ON BELHALF OF THE BOARD OF DIRECTORS
"Glen Macdonald"
Director
For further information regarding Westminster Resources Ltd., please contact Bill Conlin at 604-608-0400, Toll free: 1-877-608-0007.
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This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.
SOURCE: Westminster Resources Ltd.