Vancouver, BC / TheNewswire / Oct 30, 2017 - Global Li-Ion Graphite Corp. ("LION" or, the "Company") (CSE: LION) is pleased to announce that it has signed an option agreement to purchase a 100% interest in the Neuron Graphite Project in the Thompson mining district of Northern Manitoba from Callinex Mines Inc.
Callinex completed a detailed 1,800 KM VTEM airborne survey where they identified strong EM anomalies which they later followed up with a 12 hole drill program. This drill program intersected Carbon Content (Graphite) of up to 78.3% (see table below from the Callinex news release dated April 23, 2014).
| DDH | FROM (M) | TO (M) | WIDTH (M) | CG% |
| NEU001 | 4.5 | 19.0 | 14.5 | 10.88 |
| incl. | 4.5 | 12.2 | 7.7 | 18.54 |
| incl. | 4.5 | 6.5 | 2.0 | 37.75 |
| NEU001 | 31.2 | 87.7 | 56.5 | 5.03 |
| incl. | 47.0 | 78.6 | 31.6 | 7.02 |
| incl. | 47.0 | 52.0 | 5.0 | 26.03 |
| incl. | 47.0 | 49.8 | 2.8 | 39.87 |
| NEU002 | 6.0 | 37 | 31.0 | 6.68 |
| incl. | 10.2 | 10.7 | 0.5 | 64.40 |
| incl. | 32.4 | 37.0 | 4.6 | 32.44 |
| incl. | 33.5 | 36.6 | 3.1 | 46.16 |
| NEU002 | 71.4 | 127.2 | 55.8 | 5.37 |
| incl. | 71.4 | 79.1 | 7.7 | 17.85 |
| incl. | 97.8 | 98.4 | 0.6 | 78.30 |
Further assay and analysis work done by SGS Laboratories determined a 4.1 meter section grading 60.38 % Carbon Graphite included in a 56.0 meter intersection grading 5.91% Carbon Content (see Callinex news release dated April 24, 2014). Coarse flake Graphite ranging from 100 um (micrometers) to 2000 um (1000 um = 1mm) was reported.
The Company may exercise its option to acquire 100% of the Neuron Graphite Project from Callinex by:
- Paying $200,000 cash and issuing 1,000,000 common shares to Callinex within three days of signing the option agreement; and
- Issuing 1,000,000 common shares to Callinex on the second anniversary of signing the option agreement.
The Company is also required to issue 3,000,000 common shares to Callinex on the earlier of completing a Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study, or before the third anniversary of the effective date of the option agreement.
Company President Jason Walsh commented "we are extremely excited to work with Callinex and their Chairman Mike Muzylowski on the advanced Neuron High Grade Graphite Project. We feel this gives LION a balance of potential Graphite production in three jurisdictions enabling us to achieve our goal of being a major supplier of premium Graphite to the rapidly growing energy storage industry."
There is a finder's fee payable on this transaction in accordance with CSE policies.
The technical content of this news release was reviewed and approved by Glen Macdonald, P.Geo, who is a Qualified Person within the meaning of NI 43-101.
