Cullinan Metals options Wakeman Lake Li property

Jun 19, 2023

2023-06-19 10:06 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN METALS ACQUIRES WAKEMAN LAKE LITHIUM PROPERTY

Cullinan Metals Corp. has signed an option agreement to acquire a 100-per-cent interest in the highly prospective Wakeman Lake lithium property located in Northwestern Ontario. The property comprises eight mineral claims covering approximately 7,900 acres.

Situated approximately 100 kilometres east of Red Lake, in the Red Lake Mining division of Northwestern Ontario, the property is underlain by the Allison Lake batholith, the largest known fertile, peraluminous granite mass in Northwestern Ontario. Notably, a sample taken at Wakeman Lake has shown the presence of spessartine, a garnet type that serves as an indicator for LCT (lithium-cesium-tantalum) pegmatites. The sample, taken by F.W. Breaks, J.B. Selway and A.G. Tindal, is referenced in open file report 6099 by the Ontario Geological Survey. Access to the property is facilitated by multiple forestry roads across the region.

Under the terms of the agreement, Cullinan has the right to acquire a 100-per-cent interest in the property through aggregate cash payments of $110,000 and the issuance of 210,000 shares of Cullinan over a two-year period. Additionally, the company will grant the optionors a 1.5-per-cent net smelter return (NSR) royalty. Cullinan retains the right to purchase 0.5 per cent of the NSR royalty for $500,000.

The scientific and technical information contained in this news release has been reviewed and approved by Mike Kilbourne, PGeo, a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.

The agreement is an arm’s-length transaction and is subject to customary closing conditions, including the receipt of all necessary approvals, notably the approval of the Canadian Securities Exchange. All securities issued in connection with the agreement will be subject to the applicable statutory hold period of four months and one day from the date of issuance.

About Cullinan Metals Corp.

Cullinan Metals is a Canadian mining and exploration company focused on the development of energy metals. With a strong emphasis on key energy resources such as copper, graphite and lithium assets, Cullinan is dedicated to unlocking the potential of these resources globally.

We seek Safe Harbor.

https://www.cullinanmetals.com/