CDN Maverick Acquires Nevasca Lithium Property in the Salar de Arizaro, Argentina
November 11, 2022 – CDN Maverick Capital Corp. (the “Company”) (CSE: CDN; OTCPINK: AXVEF; Frankfurt: A117RU) has entered into a purchase and sale agreement (the “Purchase Agreement”), dated November 10, 2022, with certain arms-length vendor, whereby the Company has acquired the Nevasca Lithium Project (the “Project”) located in the Province of Salta, Argentina. The Project spans over 28 km2 and is favourably located in the southeastern basin of the Salar de Arizaro, which is reportedly one of the largest Salars in the Lithium Triangle. The acquisition adds to the Company’s existing portfolio of exploration-stage resource assets, and builds on the Company’s existing exposure to the lithium sector through its interest in Noram Lithium Corp.
Picture 1: Areal view of the Nevasca Lithium Project Area, looking South (SE Salar de Arizaro)
NEVASCA LITHIUM PROJECT
Location
The Project is located in the Salar de Arizaro in the Salta Province in Northwest Argentina about 220 km due west of the City of Salta in Argentina. Drive time from Salta is approximately 9 hours over a distance of 420 km and accessible year-round via Pocitos and Tolar Grande continuing directly through the Salar de Arizaro on a well-maintained salt road to the Lindero Gold Mine (owned by Fortuna Silver Mines Inc.) which is located about 15 km SW of the Project area.
Maps 1&2: Salar de Arizaro and Property access and location, respectively.
Arizaro is one of the larger salars of the Argentine Altiplano in the Lithium Triangle extending over a total area of 1,600 km2 within a 6,000 km2 watershed region. The nearest village is Tolar Grande (population of 250) at a 2.5-hour drive to the North of the property, which is the main hub for mining-related rail traffic in the Puna, between the Province of Salta and the ports of Chile through the Atacama Desert.
Project Highlights
The Project is in the Province of Salta, one of Latin America’s top mining jurisdictions and emerging mining frontiers known for its strong and diverse mineral endowment, stable tenure, straightforward permitting, and geopolitical landscape. The large land position controlled within the Project is strategically located on the southeastern portion of the Salar de Arizaro and extends over 28 km2 in a single continuous mining concession. Preliminary geological indicators show potential clay-hosted lithium in the area, which will be examined concurrently with lithium brine examinations. Environmental and social permitting for advanced exploration drilling has been filed, approval pending.
Terms of the Transaction
Pursuant to the terms of the Purchase Agreement, the Company has acquired the Project, along with an existing three-percent net smelter returns royalty, in consideration for the issuance of 2,000,000 common shares and a one-time cash payment of US$100,000.
All common shares issued in connection with the acquisition are subject to a statutory hold period for four-months-and-one-day following issuance. No finders’ fees or commissions are owing by the Company in connection with the Purchase Agreement. The acquisition of the Project neither constitutes a fundamental change nor a change of business for the Company, nor has it resulted in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Peter Born, Ph.D., P.Geo., a Qualified Person.
About CDN Maverick Capital Corp.
CDN Maverick Capital Corp. (TSX-V: CDN) is a Vancouver-based junior resource company with an investment in Noram Lithium Corp.’s (TSX-V: NRM) advanced Zeus Lithium Deposit in Clayton Valley Nevada, which is adjacent to lithium producer Albemarle at its Silver Peak operation. CDN Maverick also controls a 100% interest in the Rainbow Canyon Gold Project in the Olinghouse Mining District, in the Washoe County Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Sandy MacDougall”
Chairman & Director Phone: (778) 999-2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management’s estimates or opinions change. Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.