Toronto, Ontario--(Newsfile Corp. - March 2, 2017) - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQX: AVLNF) ("Avalon" or the "Company") is pleased to announce it has closed a transaction with GoldON Resources Ltd. ("GoldON") to acquire a 100% interest in the seven-claim, 1,008 hectare, Paterson Lake property (the "Property") located adjacent to the north and west of Avalon's Separation Rapids Lithium Project near Kenora, Ontario. In consideration for the acquisition of the claims, Avalon has issued 500,000 common shares of its capital stock to GoldON. The shares will be subject to a 4 month hold period expiring on July 2, 2017.
As illustrated on the accompanying map, the Property is host to three known lithium pegmatite occurrences known as the Glitter, Wolf and Rattler, along with a number of other, smaller, under-explored lithium - tantalum - rubidium - tin bearing pegmatites. These occurrences fall within the same geological formation that hosts Avalon's Separation Rapids pegmatite deposit. Some of these occurrences are in close proximity to targets planned for testing during the Company's upcoming drilling program and may be included in this program.
Avalon's CEO, Don Bubar stated, "There is abundant potential for discovery of additional lithium pegmatites in the Separation Rapids region that can provide future sources of feed for our planned lithium production facility in the Kenora area. We are committed for the long term to building a business that can take advantage of the energy storage revolution and the rapidly growing demand for lithium battery materials. Consistent with Ontario's commitment to innovation and clean energy technology, we see an opportunity to participate in creating new cleantech supply chains, anchored in Northern Ontario, for the advanced materials needed to make these goals a reality."
The technical information included in this news release has been reviewed and approved by Donald S. Bubar, P.Geo. Qualified Person under NI 43-101.
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in niche market metals and minerals with growing demand in new technology. The Company has three advanced stage projects, all 100%-owned, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, niobium, and zirconium. Avalon is currently focusing on its Separation Rapids Lithium Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.
