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Genius Signs a Property Sales Agreement With Majescor for Montagne B Lithium
MONTRÉAL, QUÉBEC--(Marketwired - May 25, 2016) - Genius Properties Ltd. (the "Corporation") (CSE:GNI) has entered into an option agreement with Majescor Resources Inc. to sale 100% of the Montagne B lithium properties (approximately 708 hectares), located 8 and 12 km southwest of Nemaska Lithium's World Class Whabouchi lithium deposit in central Quebec.
The Montagne B properties were originally staked by Osisko Exploration (Virginia Gold Mines Inc.) in 2003, at the same time when Osisko acquired the Montagne A property from Inco. Since that time, the Montagne A property has been developed into Nemaska Lithium's World Class Whabouchi lithium deposit (28 million tonnes Measured and Indicated Resources at 1.57 wt.% Li2O: (see www.nemaskalithium.com). The Whabouchi deposit comprises a granitic pegmatite dike that extends for 1.2 km and is up to 40 m wide at surface. In comparison, the Montagne B properties have at least two untested granitic pegmatite dikes that extend for over 3 km and 1.6 km in length each. The Montagne B pegmatites are part of a large and highly prospective dike swarm of differentiated pegmatites with lithium, tantalum, niobium, and beryllium that extends over a strike length of 110 km. To management's knowledge, the Montagne B properties have never been explored for these commodities.
Nemaska is fast-tracking the Whabouchi lithium deposit through feasibility studies, and has recently announced that it has acquired a modular mill to produce lithium concentrate to feed its Phase 1 lithium hydroxide plant (Nemaska Lithium Press Release April 29, 2016).
Terms of the sale agreement
Under the agreement to acquire a 100% interest in the Property, Majescor must make cash payments and issue shares as follows:
Period | Payment ($) | Shares |
At signature | 6 250$ | 625 000 |
6 Months following signing of agreement | 6 250$ | 625 000 |
Total | 12 500$ | 1 250 000 |
Majescor grants to the Company a royalty of 0.5% (NSR). Majescor has the option to purchase 50% of the NSR for a cash consideration of $ 250,000 payable to Genius.
About Genius Properties
Genius is one Canadian mineral exploration company focused on developing projects with some of the world's most critical metals and minerals, Genius have team and potential to discover new world-class deposits. Also, Genius is the ideal partner for exploration companies and capital pool companies looking for a qualifying transaction and projects of merit. Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
