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Goldrea to acquire Gaspe Li property in Quebec

                

                

2016-06-28 08:46 ET - News Release

                

                

Mr. James Elbert reports

GOLDREA RESOURCES SIGNS LOI TO ACQUIRE LITHIUM PROSPECT IN GASPE PENINSULA, QUEBEC

Goldrea Resources Corp. has signed a letter of intent to acquire the Gaspe lithium property located on the Gaspe peninsula in eastern Quebec.

The property is located approximately 75 kilometres northwest of the city of Gaspe, Que., in NTS map sheet 22H03, and covers historically reported elevated lithium values obtained from stream sediment samples. The highest recorded stream sediment sample from the Gaspe lithium property returned a value of 159 parts per million Li (1). For reference, the SIGEOM sediment sample database contains only five samples that exceed 150 ppm for the entire province of Quebec. Additionally, the highest-assaying lake sediment sample near Nemaska Lithium's proposed Whabouchi lithium open-pit resource returned a maximum of 10.9 ppm Li (2).

In addition to the 159 ppm sample taken from the property, another three stream sediment samples within the property boundaries include, using the first sample as a reference point for location: 105 ppm Li located 200 metres to the west (3), 24 ppm Li located 400 metres to the west (4) and 26 ppm Li located 700 metres to the north (5).

Goldrea shall pay $10,000 in a non-refundable deposit at signing and issue 600,000 shares within 10 business days to the vendors for 100 per cent of the Gaspe lithium property. No work commitment is required and the property is in good standing through May 22, 2018. The property is easily accessible with infrastructure in proximity.

"With extensive staking and work programs beginning in the Nemaska area recently, Goldrea is exploring the opportunities presented in this promising region. We look forward to working in the mining-friendly jurisdiction of Quebec, reviewing data received on the Gaspe property, as well as exploring further prospective sites for development," stated Jim Elbert, president/chief executive officer of Goldrea Resources.

The technical contents of this release were approved by Case Lewis, PGeo, a qualified person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.

The general geology of the area of sampling is interpreted to be associated with lithium-bearing pegmatite intrusions and the high concentration of lithium in stream sediment samples may be related to a close source of lithium. However, a prospecting and sampling campaign will be required to confirm the source of the elevated lithium values.

LCT (lithium-cesium-tantalum) pegmatites, such as the pegmatite hosting Nemaska Lithium's Whabouchi deposit, typically occur in groups, which consist of tens to hundreds of individuals and cover areas up to a few tens of square kilometres. Highly mobile elements such as lithium, rubidium and cesium, and volatile components like boron and fluorine tend to alter the adjacent country rocks during LCT pegmatite emplacement.

References

  1. SIGEOM sample 1992011379 -- stream sediment/heavy mineral sample;
  2. SIGEOM sample 1957012628 -- lake sediment sample;
  3. SIGEOM sample 1992012530 -- stream sediment/heavy mineral sample;
  4. SIGEOM sample 1992012528 -- stream sediment/heavy mineral sample;
  5. SIGEOM sample 1992012531 -- stream sediment/heavy mineral sample.

"A preliminary deposit model for lithium-cesium-tantalum (LCT) pegmatites," U.S. Geological Survey open file report 2013 -- 1,008.

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