Berkwood Resources Ltd. acquires Delbreuil Lithium Project, Abitibi District
Vancouver, July 11th, 2017 - Berkwood Resources Ltd. ("Berkwood", or "Company") is pleased to announce it has acquired from 1124026 B.C. Ltd a package of 53 claims located over a lithium rich zone of the Abitibi area, east of Simon Lake, Quebec, which the company has named the Delbreuil Lithium Project (the "Project"). The property is easily accessible by main and secondary roads, and is located in a region characterized by other know occurrences of lithium (Li). The Delbreuil Project acquisition transaction comprises payment to 1124026 B.C. Ltd of 2,100,000 common shares and $15,000. The transaction remains subject to TSX-V approval.
The acquired claims have similar geology to other known lithium showings in the immediate area: the known occurrences on the Project property and on the other known occurrences comprise pegmatites that host spodumene. The Project claims were previously explored for base metals: among the historic data is an assay on a sample recovered from pegmatite that returned anomalous lithium (1,290 ppm), tantalum (126 ppm) and rare earth elements. These elements are good pathfinders for pegmatite dykes that have the potential to host Li and other commodities.
Historic work on the project confirms the occurrence of mafic and granitic rocks, the latter including known late stage pegmatite intrusions. Satellite images over the project extend the evidence for the presence of multiple outcrops are consistent with the mapped granites, and have high potential for hosting pegmatite intrusions. The Company intends to rapidly assess the claims for further pegmatite occurrences, the targeted host rocks of lithium mineralization.
The Property also includes the Delbreuil base metal showing with historic assays on drill core of up to 3.4% Zn, 0.27% Ni, 0.38% Cu, 4.1 g/t Ag and 0.06% Co. Also located on the Project property, the Nodier showing includes assayed Zn mineralization, with up to 1.1% Zn reported.
In the vicinity of the Property, multiple lithium showings are known, including the Lac Simard showing with up to 1.3% lithium. The Debreuil Property was not previously subject to specific lithium exploration so the Company is currently planning a phase 1 survey consisting of prospecting, mapping and till sampling to better define the lithium potential of the Property.
Qualified Person: Remi Charbonneau, PhD OGQ, a Qualified Person ("QP") as defined by National Instrument 43-101 guidelines, has reviewed and approved the technical content provided in this news release.
About the Company: Berkwood is engaged in exploration for the commodities that enable the modern revolution in essential technologies. These technologies are dependent upon materials that enhance the performance of energy storage systems and permit the development and miniaturization of new electronics and structural components in the new suite of innovative tools. The Company is led by a team with collectively over 100 years experience and have been involved with numerous discoveries of producing mines. Tom Yingling, President and CEO states, " Berkwood's board of Directors is very pleased to compliment our existing Graphite and Cobalt properties with another electric vehicle mineral, Lithium. With a pegmatite sample that returned anomalous lithium as high as 1,290 ppm it confirms that Berkwood is plugged into high tech minerals!"
On Behalf of the Board of Directors
'Thomas Yingling'
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
info@berkwoodresources.com or 1-778-945-2935 www.berkwoodresources.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.
Forward-Looking Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that certain elements are good pathfinders for pegmatite dykes that have the potential to host Li and other commodities, that the historic work on the project and certain satellite images over the project extend the evidence for the presence of multiple outcrops that are consistent with the mapped granites, and have high potential for hosting pegmatite intrusions, and that the Company intends to rapidly assess the claims for further pegmatite occurrences, the targeted host rocks of lithium mineralization; that the Company is currently planning a phase 1 survey to consist of prospecting, mapping and till sampling to better define the lithium potential of the Project; also the implication that the transaction is anticipated to receive TSX approval, comprise forward-looking statements.
Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement. Specific risks included that we may not be able to finance our intended acquisition and we may not obtain regulatory approval.
The Project prospects and showings have not been the subject of any resource work, much less a feasibility study and as such there is no certainty that any future resource will be defined or be able to produce a commercially marketable product. There is a significant risk that any future efforts at the project will not demonstrate any merit for work to evaluate for a defined NI 43-101 compliant resource and economic study. General risks inherent in the Project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law.
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