Musk Metals Corp. (CSE:MUSK) (OTCPink:EMSKF) (FSE:1I30) has announced a non-brokered private placement and started drilling on its 100% owned Elon Lithium property in Quebec
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Musk Metals Corp. (CSE:MUSK) (OTCPink:EMSKF) (FSE:1I30) has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $350,000 from the placement of up to approximately 10.9 million units priced at $0.032 per unit.
The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.05 for 60 months.
The net proceeds will be used for general working capital.
The shares are currently trading at $0.03.
The company has a growing portfolio of mineral properties in some of Canada’s top mining jurisdictions, including the
prolific “Golden Triangle” of British Columbia, the Mineral Rich “Red Lake” mining camp of Northwestern Ontario and the “Chapais-Chibougamau” mining camp, the second largest mining camp in Quebec, Canada.
The company has started drilling on its 100% owned "Elon" lithium project, which covers 245 hectares and is strategically located in Abitibi, Quebec, approximately 600 meters northeast of North American Lithium Project, recently acquired by Sayona Québec.
The North American Lithium project previously produced more than 907,000 tons of material at 1.40% Li2O between 1955 and 1965.
In June, Sayona Québec formally approved the restart of North American Lithium operation for lithium extraction and spodumene concentrate production, and recently announced a $200 million contract for the mining operations.
Approximately 1000m SE of the Elon Property, Jourdan Resources is investigating a pegmatite field with reported lithium content of up to 2.38% Li2O over 0.90m and 1.33% Li2O over 5.25m in pegmatites and plans to conduct a second drilling campaign.
Following its summer trail opening campaign, Musk Metals has prepared six drill holes pads to the north and west parts of the Property with another two new holes currently being prepared to the southeast.
The company has started to drill the first of its eight planned holes, with each hole approximately 150 meters for a total 1200 meters.
The holes target magnetic low, possible sources of soil anomalies or interpreted contact between units.
Unexplored targets in the present program will be subject to future exploration work, such as shallow drilling or further trenching.
For more information, please visit the company’s website at www.MuskMetals.ca, contact Nader Vatanchi, CEO, at 604-717-6605 or by email at info@MuskMetals.com.
