FE Battery Metals Corp. Commences 2024 Winter Drilling Program

Rhea-AI Summary

FE Battery Metals Corp. has launched its 2024 winter diamond drilling program at the Augustus Lithium Property in Quebec's Val-d'Or area. The initial phase includes 1,000 to 1,500 meters of NQ size diamond drilling, with potential for extension. The program focuses on step-out drilling at the main Augustus zone and exploring new targets near the North American Lithium Mine.

Additionally, the company has entered an option agreement for the Lac Coulombe property, comprising 89 mineral claims covering 5,336 hectares near Quebec City. The agreement includes issuing 1 million shares and spending $1.5 million in exploration over two years, with the optionor retaining a 1.0% GMR from future production.

Positive

• Expansion of exploration portfolio with new Lac Coulombe property acquisition option
• Strategic location of new drilling targets near North American Lithium Mine
• Planned exploration program to expand Augustus zone footprint

Negative

• Significant share dilution with 1 million new shares to be issued for Lac Coulombe option
• Required exploration expenditure commitment of $1.5 million over two years

VANCOUVER, BC / ACCESSWIRE / November 25, 2024 / FE Battery Metals Corp. (CSE:FE) WKN: A3D08G)(OTCQB:FEMFF) ("FE Battery Metals" or the "Company") is pleased to announce the commencement of its 2024 winter diamond drilling program at its 100% owned Augustus Lithium Property, located in the Val-d'Or area of Quebec, Canada. The initial phase of the drill program, contracted to Forage Pelletier Ltd. of Chapais, Quebec, will consist of 1,000 to 1,500 meters of NQ size diamond drilling, with plans to extend meterage based on receiving additional drill permits.

The 2024 drilling program will focus on step-out drilling at the main Augustus zone to further expand its footprint and explore newly identified targets near the North American Lithium Mine (NAL) owned by Sayona Mining. These new targets were identified through high-resolution magnetic airborne surveys and on-the-ground prospecting.

In addition, the Company is pleased to announce it has entered into an option agreement on the Lac Coulombe property to acquire 89 mineral claims, covering approximately 5,336 hectares of land located approximately 100km south of Quebec City, Quebec.

Transaction details:

Pursuant to the Lac Coulombe option agreement between the Optionor and the Company, dated November 5, 2024 ("Effective date"), the Company holds an option to acquire a 100% interest in the mining claims by completing the following common share issuances and exploration expenditures as follows:

• Issuing the following common shares in its capital stock to the Optionor, subject to the approval of the regulatory bodies as follows:

  • 250,000 shares, issued upon the execution of the option agreement;

  • An additional 750,000 shares issued on or before the first anniversary of the Effective Date.

• The Company incurring the following exploration expenditures on the property as follows:

  • $250,000 on or before the first anniversary of the Effective Date;

  • An additional $1,250,000 on or before the second anniversary of the Effective Date.

The Optionor will retain a 1.0 % GMR from any future production.

The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the Canadian Securities Exchange. The common shares will be subject to a hold period of four months and one day from their date of issuance.

Afzaal Pirzada, P.Geo., Geological Consultant of the Company and a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About the Augustus Lithium Property

The Company holds a 100% interest in the Augustus Lithium Property, located in Landrienne & Lacorne-Townships, Quebec, Canada. The property spans over 15,000 hectares, consisting of more than 750 mining claims situated approximately 40 kilometers northwest of the town of Val d'Or. The Company has completed extensive exploration activities, including diamond drilling, metallurgical test work, airborne and ground geophysical surveys, and geochemical sampling on the property.

ON BEHALF OF THE BOARD OF

FE BATTERY METALS CORP.

"Gurminder Sangha"

Gurminder Sangha
CEO & Director

For further information, please contact the Company at: info@febatterymetals.com or (604) 375-6005

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.

Forward-looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes the Company's information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

SOURCE: FE Battery Metals Corp.

View the original press release on accesswire.com

FAQ

What is the size of FE Battery Metals' (FEMFF) 2024 winter drilling program?

The initial phase of the 2024 winter drilling program consists of 1,000 to 1,500 meters of NQ size diamond drilling, with potential for extension based on additional permits.

How many mineral claims does the Lac Coulombe property option include for FEMFF?

The Lac Coulombe property option includes 89 mineral claims, covering approximately 5,336 hectares of land located about 100km south of Quebec City, Quebec.

What are the financial terms of FEMFF's Lac Coulombe option agreement?

The agreement requires issuing 1 million shares (250,000 initially and 750,000 within first year) and spending $1.5 million in exploration ($250,000 in first year, $1.25 million in second year).