- CBLT Inc. (CBLT) has signed a definitive agreement with Softrock Minerals Ltd. for the purchase of the Shatford Lake property in Manitoba
- Management believes Shatford Lake to be highly prospective for lithium
- Shatford Lake is located in the Winnipeg River-Cat Lake pegmatite field in eastern Manitoba near the Ontario border
- The area has been previously explored for rare element pegmatites
- CBLT Inc. is up 10.17 per cent to C$0.033 per share
CBLT Inc. (CBLT) has signed a definitive agreement with Softrock Minerals Ltd. for the purchase of the Shatford Lake property in Manitoba.
Management believes Shatford Lake to be highly prospective for lithium.
Shatford Lake is located in the Winnipeg River-Cat Lake pegmatite field in eastern Manitoba near the Ontario border, roughly 130 kilometres from Winnipeg and five kilometres southwest of the Tanco Mine.
The area has been previously explored for rare element pegmatites with historical mapping and drilling at Shatford Lake identifying multiple pegmatite dykes. Most of this work focused on the tantalum potential of the dykes and lithium was not analysed for. However, spodumene was noted in an assessment report and provincial geologists documented the presence of lithian mica.
Other minerals identified in historical work include beryl and tantalite, indicating the Shatford Lake pegmatites are likely LCT-type (lithium-cesium-tantalum). The pegmatites are intruded into metasediments and metavolcanics. Sulphide mineralisation has been noted in these host rocks.
Of particular interest is that Shatford Lake is located roughly five kilometres southwest of the Tanco Mine. The richly mineralized Tanco deposit was first discovered in the 1920’s and mining commenced in 1929. Tanco produced irregularly with continuous production starting in 1969. Tanco is an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it.
CBLT’s CEO Peter Clausi said the company is excited to get into the field to begin work at this overlooked gem.
“Research indicates that the Tanco deposit has no outcropping and was only discovered by historical drilling for tin. When you’re looking for elephants, hunt in elephant country.”
Stuart McDowall, the Vendor’s President and CEO, said, the company is delighted to have the Shatford Lake property in the hands of such an active and experienced battery mineral company such as CBLT.
Pursuant to the agreement, CBLT will make a one-time payment of $25,000 to the vendor. CBLT will also grant to the vendor a Net Smelter Return Royalty of 2 per cent, one-half of which can be re-purchased at any time for $1,000,000. Closing will take place as soon as possible.
The agreement has an outside date of March 30, 2021. CBLT does not expect shareholder or regulatory approval will be required. Management believes this acquisition is an Exempt Transaction as defined in TSX Venture Exchange Policy 5.3. No finder’s fees will be paid by CBLT in relation to this acquisition.
CBLT Inc. is up 10.17 per cent to C$0.033 per share.
