$TLOOF Infinity Stone Announces Acquisition of Thor Manganite Project, Quebec
https://www.newsfilecorp.com/release/133250
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone"
is pleased to announce that it has acquired an option (the "Option" to acquire the Thor Manganite project on the Magdalene Islands in Quebec (the "Property" .
The Property, covering 698.4 hectares in two blocks of 581.5 hectares and 116.9 hectares, respectively, is highly prospective for manganite, an important manganese ore mineral. A historical report (the "Report" on the Property's larger, northern block identified ten diamond drill holes completed by Quebec Manganese Mines Limited, all of which were reported to have intersected significant manganese mineralization. Highlights from this drilling program are shown below in Table 1. (1)
The Report indicated that there is "459,333 tons of mill feed ore, which, it is believed, will yield 153,111 tons of ferro-grade ore after beneficiation;" a statement accompanying these drilling records in the Report by the Chief of the Mineral Deposits Branch indicated that the "information supplied is insufficient to justify an opinion on the estimates of the ore of the Property". Infinity Stone plans to verify the historical results on the Property through additional field work. *
* Cautionary Note: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Further work, including drilling, is required to verify the historical estimate as current mineral resources or mineral reserves.
Several short shafts and an incline intercepted the sedimentary hosted manganite zone at shallow depths. At the time, a bulk sample was mined and shipped to a steel foundry to determine if the material was suitable for steel making. The high manganite content was not suitable for steel making, but in present day, manganese is important element in electric vehicle (EV) battery production.
The southern, 116.9-hectare block covers the Étang du Cap showing, which reportedly hosts a sample grading 51.29% Mn. The exact nature and location of this sample in relation to the showing was not reported. **
** Cautionary Note: The reader is cautioned that grab rock samples and their respective photographs are selective by nature and may not represent the true grade or style of mineralization across the Property
Manganese has seen increased demand and prices over the past years with the push towards electrification and EVs. About 88% of manganese ore is used to produce alloys (ferromanganese and silicomanganese) for integrated or mini- mill steel production (79%) or in foundry and welding (9%). However, more recently there has been renewed interest in downstream manganese processing based on the anticipated growth of manganese in lithium-ion batteries. (2)
Elon Musk recently affirmed Tesla's interest in using manganese in the development of EV batteries stating, "I think there's an interesting potential for manganese….It is relatively straightforward to do a cathode that's two-thirds nickel and one-third manganese, which will allow us to make 50% more cell volume with the same amount of nickel." (3)
Volkswagen's Frank Blome has further affirmed the growing importance of manganese stating, "manganese is much cheaper than nickel, hence the focus on this chemistry." Volkswagen has stated publicly that "[high-manganese] represents the optimum cost-benefit ratio." (4)
"Over the past months we have been actively working to acquire strategic and well positioned battery metals projects that align with our goal of being an aggregator and owner of energy metals mineral deposits that will be in strong demand in the near future," stated Zayn Kalyan, CEO of Infinity Stone. "With the addition of the Property, we have acquired five of the six stones, and we are actively working to round out the portfolio with the acquisition of the sixth," further stated Mr. Kalyan.
Terms of Option
Pursuant to the Option, the Company has the right to acquire a 100% interest in and to the Property upon (i) paying $15,000 in cash and issuing 350,000 subordinate voting shares ("Shares" of the Company to the optionor within 30 days of execution of the Option and (ii) paying $25,000 in cash and issuing 650,000 Shares to the optionor within one (1) year of execution of the Option. Pursuant to the Option, the Property is subject to a 2% net smelter return (NSR) royalty, half of which may be repurchased by the Company for $1,000,000.
Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
https://www.newsfilecorp.com/release/133250
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone"
is pleased to announce that it has acquired an option (the "Option" to acquire the Thor Manganite project on the Magdalene Islands in Quebec (the "Property" . The Property, covering 698.4 hectares in two blocks of 581.5 hectares and 116.9 hectares, respectively, is highly prospective for manganite, an important manganese ore mineral. A historical report (the "Report"
on the Property's larger, northern block identified ten diamond drill holes completed by Quebec Manganese Mines Limited, all of which were reported to have intersected significant manganese mineralization. Highlights from this drilling program are shown below in Table 1. (1) The Report indicated that there is "459,333 tons of mill feed ore, which, it is believed, will yield 153,111 tons of ferro-grade ore after beneficiation;" a statement accompanying these drilling records in the Report by the Chief of the Mineral Deposits Branch indicated that the "information supplied is insufficient to justify an opinion on the estimates of the ore of the Property". Infinity Stone plans to verify the historical results on the Property through additional field work. *
* Cautionary Note: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Further work, including drilling, is required to verify the historical estimate as current mineral resources or mineral reserves.
Several short shafts and an incline intercepted the sedimentary hosted manganite zone at shallow depths. At the time, a bulk sample was mined and shipped to a steel foundry to determine if the material was suitable for steel making. The high manganite content was not suitable for steel making, but in present day, manganese is important element in electric vehicle (EV) battery production.
The southern, 116.9-hectare block covers the Étang du Cap showing, which reportedly hosts a sample grading 51.29% Mn. The exact nature and location of this sample in relation to the showing was not reported. **
** Cautionary Note: The reader is cautioned that grab rock samples and their respective photographs are selective by nature and may not represent the true grade or style of mineralization across the Property
Manganese has seen increased demand and prices over the past years with the push towards electrification and EVs. About 88% of manganese ore is used to produce alloys (ferromanganese and silicomanganese) for integrated or mini- mill steel production (79%) or in foundry and welding (9%). However, more recently there has been renewed interest in downstream manganese processing based on the anticipated growth of manganese in lithium-ion batteries. (2)
Elon Musk recently affirmed Tesla's interest in using manganese in the development of EV batteries stating, "I think there's an interesting potential for manganese….It is relatively straightforward to do a cathode that's two-thirds nickel and one-third manganese, which will allow us to make 50% more cell volume with the same amount of nickel." (3)
Volkswagen's Frank Blome has further affirmed the growing importance of manganese stating, "manganese is much cheaper than nickel, hence the focus on this chemistry." Volkswagen has stated publicly that "[high-manganese] represents the optimum cost-benefit ratio." (4)
"Over the past months we have been actively working to acquire strategic and well positioned battery metals projects that align with our goal of being an aggregator and owner of energy metals mineral deposits that will be in strong demand in the near future," stated Zayn Kalyan, CEO of Infinity Stone. "With the addition of the Property, we have acquired five of the six stones, and we are actively working to round out the portfolio with the acquisition of the sixth," further stated Mr. Kalyan.
Terms of Option
Pursuant to the Option, the Company has the right to acquire a 100% interest in and to the Property upon (i) paying $15,000 in cash and issuing 350,000 subordinate voting shares ("Shares"
of the Company to the optionor within 30 days of execution of the Option and (ii) paying $25,000 in cash and issuing 650,000 Shares to the optionor within one (1) year of execution of the Option. Pursuant to the Option, the Property is subject to a 2% net smelter return (NSR) royalty, half of which may be repurchased by the Company for $1,000,000. Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
