Cullinan Metals options Lac des Iles West property

Oct 21, 2022

2022-10-20 14:04 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN METALS OPTIONS A GRAPHITE PROPERTY IN QUEBEC

Cullinan Metals Corp. has entered into an option agreement with Geomap Exploration Inc. to acquire a 100-per-cent interest in the Lac des Iles West graphite property in the Mont Laurier region in Quebec. The Property consists of 43 mineral claims in one contiguous block covering approximately 2276 hectares, on NTS sheet 31J05. The Property is located adjacent to the north and west of the LDI graphite mine and mill. Production capacity at LDI is 25,000 tonnes of graphite annually.

The Property has excellent infrastructure support, road accessible, located 150 kilometres from Montreal; water, power and manpower available locally. The project is underlain by similar geological environment as the LDI graphite mine, consisting of Metasedimentary Belt of the Grenville Province which includes quartzofeldspathic rocks, quartzite, biotite gneiss, limestone/marble and locally pegmatitic quartzofeldspathic rocks.

There are large flake graphite showings located on the Property, typically present in shear zones within gneisses where the graphite content usually ranges from trace to 3.47% graphitic carbon (Cg). A helicopter airborne Time Domain Electromagnetic and Magnetic survey completed in 2012 by Geophysics GPR International Inc. (Project M-12362; GM 67729), covered a part of the Lac des Isles West Property. The survey data showed a major northeast-southwest trending conductive horizon some 2 km wide crossing a portion of the Property.

Pursuant to the terms of the Agreement, Cullinan may acquire a 100% interest in the Property by making cash payments of $150,000, issuing of $350,000 worth of common stock of Cullinan Metals and incurring a minimum of $425,000 of exploration expenditures over a period of three years. In addition, the Company shall grant to Geomap a 2% net smelter returns (“NSR”) royalty. The Company shall have the right to purchase 1% of the NSR royalty from Geomap for $1,000,000.

Afzaal Pirzada, P.Geo., a vendor of the Property and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

The Agreement is an arm’s length transaction. Closing of the transaction is subject to customary closing conditions including receipt of all required approvals, including the approval of the CSE. All securities to be issued in connection with the Agreement will be subject to applicable statutory hold period of four months and one day from the date of issuances.

The Company also wishes to announce that it has entered into a marketing, advertising and investor awareness campaign with Financial Star News Inc. (“FSN”) for a period of six months in the amount of US$200,000. FSN is at arms-length with the Company and does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.

About Cullinan Metals Corp.

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. Cullinan is focused on key energy resources such as the development of copper, graphite and lithium assets around the world.

We seek Safe Harbor.

https://www.cullinanmetals.com/