Quantum Battery Metals Acquires Rose West Lithium Property and Announces Sostad as CEO
NEWS RELEASE
April 23, 2021
QUANTUM BATTERY METALS ACQUIRES ROSE WEST LITHIUM PROPERTY AND ANNOUNCES SOSTAD AS CEO
Vancouver, British Columbia – Quantum Battery Metals Corp. (CSE: QBAT; OTC: BRVVF; FRA: 23B) (“Quantum” or the “Company”) announces that the Company has closed the previously announced share exchange agreement with 1296991 B.C. Ltd. (“1296991”) and the shareholders of 1296991 (collectively, the “Vendors”) to acquire 100 percent of the outstanding shares of 1296991.
About 1296991 B.C. Ltd.
1296991 B.C. Ltd. holds an option over the surface access rights, mineral rights, mineral exploration data and permits to thirty-two (32) mining claims comprising the Rose West Lithium Project. In order to exercise the option Quantum will have to issue 1,000,000 common shares over two years, pay $100,000 in cash over two years and spend $360, 000 in exploration expenditures
About the Rose West Lithium Project
Rose West Lithium Project consists of 32 mining claims covering approximately 1,695 hectares area on NTS map 33C01 on the territory of Eeyou Istchee in James Bay area, Quebec, Canada. It is located about 40 km north of Cree Village of Nemaska located about 300 km northwest of Chibougamau. Located in a premier mining jurisdiction in Quebec, the property is accessible through the James Bay Road that connects Matagami and Radisson (highway Route/109 from Val d’Or). It is also accessible by road via the Route du Nord, usable all year round from Chibougamau.
Highlights of the project
- Road accessible all year round
- Centrally located in a lithium rich geologic sub-province
The mining claims are adjacent and west of Rose Lithium Project, owned by Critical Elements Lithium Corporation. The Rose Project has probable reserves of 26.8 million tons at 0.96% lithium oxide equivalent (Li2O Eq) or indicated resource of 30,000,000 tons at 1.04% Li2O Eq.
The Rose West Lithium property is underlain by similar geology as that of the Rose Lithium Deposit and are comprised of volcano-sedimentary units and ultramafic to felsic intrusions. Gabbros, pyroxenites, and diorites crosscut the Property geology. Pegmatites occur as irregular but generally continuous lenses within biotite schists in paragneiss, quartzite and
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conglomerate. The rock units are generally well foliated with a SE orientation, except for the more massive and unfoliated granites and pegmatites. Younger rocks of the property are represented by a Proterozoic diabase dyke.
Mineralization recognized to date in the area includes rare-element lithium-cesium-tantalum (LCT) bearing pegmatites, and molybdenum occurrences. The geological reports of the area indicate that pegmatite dykes generally strike WSW-ENE with dips of 60 degrees or steeper.1
Agreement terms
Quantum has issued 7,000,000 common shares to the Vendors in exchange for 100 percent of the outstanding shares of 1296991.
Appointment of CEO
The Company would also like to announce the appointment of Andrew Sostad to the board of directors and CEO of the Company, in which David Greenway will be stepping down as CEO. Mr. Greenway will remain as a director on the board.
Andrew Sostad is a fourth-generation mining professional with more than 25 years’ experience in mineral exploration. He has been involved in the acquisition, exploration, and grassroots development of mineral properties throughout North America, South America and Europe. Andrew’s experience is far reaching and has taken him as far south as Ecuador to evaluate artisan gold mines in the Ecuadorian Amazon, as far east as Spain to evaluate gold and silver properties and as far north as the Arctic Circle where Andrew was involved in the claim staking and geophysical surveys for BHP which led to the discovery of Canada's first diamond mine. Andrew has worked with many junior exploration companies and managed crews for numerous exploration programs.
Larry Segerstrom, M.Sc. (Geology), P.Geo., an independent consultant, is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") and has reviewed and approved the contents of this news release.
QUANTUM BATTERY METALS CORP.
“Andrew Sostad”
_______________________ Andrew Sostad, CEO and Director
Contact Information:
400 – 837 West Hastings Street Vancouver, British Columbia V6C 3N6
1 Géologie Québec - Results of the query (gouv.qc.ca)
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Phone: 604.629.2936 Email: [email protected]
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Quantum Battery Metals Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forwardlooking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forwardlooking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.