Vision Lithium signs options deal to acquire Cadillac

Aug 1, 2023

2023-08-01 14:12 ET – News Release

Mr. Victor Cantore reports

VISION LITHIUM OPTIONS CADILLAC LITHIUM PROPERTY TO ASX-LISTED OLYMPIO METALS

Vision Lithium Inc. has signed an option agreement with Olympio Metals of West Perth, Australia, whereas Olympio can acquire an undivided 100-per-cent interest in the Cadillac lithium property over a one-year period. The property is easily accessed less than 20 kilometres south of the Northern Trans-Canada highway between Rouyn-Noranda and Val d’Or in the heart of the Abitibi mining region in northwestern Quebec, Canada.

Olympio can acquire an undivided 100-per-cent interest in the Cadillac lithium property over a one-year period.

Yves Rougerie, president and chief executive officer of Vision Lithium, comments: “We are very pleased to partner with Olympio Metals to advance the Cadillac project. The known mineralized lithium dikes on the property exhibit good continuity and grade which suggests excellent potential for positive results from additional drilling as well as new discoveries elsewhere on this very large property. Its location in the heart of the Quebec Abitibi mining region is also a distinct advantage whereby exploration costs will be much lower than more northern projects.”

Subject to the terms and conditions of the option agreement, Olympio Metals agrees to pay the following consideration to Vision Lithium for the acquisition of the assets under the option.

Upfront consideration of:

$500,000 in cash;
10 million fully paid ordinary shares of Olympio Metals to be paid and issued within five business days after the receipt of the approvals;
$500,000 in cash to be paid within 30 days of the approval date.

The following amounts to be paid and/or expended before one year:

C$500,000 in cash;
A further $500,000 in cash (as further reimbursement for exploration expenditure incurred by Vision Lithium during the period of its ownership of the property); and
Olympio having incurred at least $500,000 in expenditures on the property during the option period.

The agreement is subject to Olympio fulfilling all their financial and other obligations set out within the agreement, Olympio will only then own 100 per cent of the assets.

The Cadillac lithium property hosts a series of close-spaced, steeply dipping subparallel spodumene/lithium-bearing dikes in the northern part of a 190-square-kilometre property. First time drilling in 2022 demonstrated strike and depth continuity of the known dikes and returned high grade intercepts up to 2.13 per cent Li2O over 3.0 m and 1.00 per cent Li2O over 6.4 m. Groundwork also discovered several more subparallel dikes in the same cluster that have yet to be explored and drilled. First year greenfield lithium exploration on this very large property in 2022 targeted many of the 500-plus LiDAR (light detection and ranging) interpreted linear structures that may represent pegmatite dikes. Several areas of interest were tagged for follow-up work in 2023 and more ground proofing has yet to be done property wide.

This agreement will allow Vision to concentrate on its other major lithium exploration properties, the Sirmac property in Northern Quebec near Sayona’s Moblan deposit, and the Godslith property in Northern Manitoba. Both host impressive mineralized lithium-bearing dikes with strong economic potential. Vision published a National Instrument 43-101 PEA (preliminary economic assessment) for the Sirmac property in February, 2023, and will concentrate on this project going forward in 2023.

Qualified person

The technical content of this news release has been reviewed and approved by Yves Rougerie, PGeo, president and chief executive officer of Vision Lithium a qualified person as defined by NI 43-101.

The information regarding potential grades presented herein is sourced from a SEDAR filing of the company’s MD&A (management’s discuss and analysis) for the year-end period terminated Aug. 31, 2022. The potential grades of exploration targets disclosed in this news release 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.

About Vision Lithium Inc.

Vision Lithium is a junior exploration company focused on exploring and developing high-quality mineral assets, including lithium and copper in Canada. The company is led by skilled and qualified mineral exploration experts and business professionals with a deep understanding of the battery materials market, which is driven by lithium-ion batteries. Vision Lithium is committed to discovering new, world-class assets and bringing these assets to production, starting with its advanced Sirmac lithium property in Quebec and Godslith lithium property located in Manitoba, its greenfield Cadillac lithium and Decelles lithium properties in Quebec, and a group of base-metal-rich Ni-Cu-Co (nickel-copper-cobalt) and/or Cu-Zn-Ag-Au (copper-zinc-silver-gold) properties in eastern Quebec and New Brunswick.

We seek Safe Harbor.

https://visionlithium.com/