Altair Gold Acquires 2nd Lithium Property in Quebec
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Altair Gold Inc. ("Altair" or the "Company") (TSX VENTURE:AVX)(FRANKFURT:90A)(ISIN: CA0213702008; WKN: WKN A14WVP) Mr. John Huguet, Chairman of the Board, is pleased to announce that Altair has agreed to purchase 100% of West Georgia Lithium Exploration Inc. ("West Georgia"), a British Columbia company, the sole asset of which is a claim block of 2,139 hectares (21.39 km2) in the Abitibi area of the province of Quebec, known as the Kino Lithium Property (the "Property").
The Property is made up of a contiguous block of 40 claims totalling approximately 2,139 hectares. The claims were staked directly for West Georgia and are represented as being in good standing.
Limited exploration has been conducted on the Property. The Property was explored in 1978 and 1980 when geologic mapping and sampling was undertaken. Four rock samples and forty soil samples were collected. One of the rock samples was from a granite which was reported to be anomalous in lithium. In addition there is a beryllium showing (Lavandin-2) containing 0.22% Be within the Property.
Located within several kilometres of the western boundary of the Property are four molybdenum occurrences (Ranger, Lavandin-1, Height of Land and Denomme) in pegmatites within a granitic intrusion.
The Property is situated in the region of other significant lithium discoveries. Canada Lithium's Quebec Lithium Mine is located 35 km to the east in similar geology and contains proven and probable reserves of 17.1 million tonnes of 0.94% lithium oxide with a 0.60% bottom cut off. Six kilometres to the southeast of the Property is located the Authier showing which contains 5.8 million tonnes of 0.53% lithium oxide.
The target mineralization on the Property are lithium-rich pegmatites. Lithium-rich pegmatites are commonly located near to, and derived from, granitic intrusions that have been moderately to strongly metamorphosed. The pegmatites can vary in size from a few metres to hundreds of metres in length, with widths ranging from centimetres to hundreds of metres. Rare earth bearing pegmatites may feature internal concentric zonation. The border is generally fine-grained, aplitic texture. The intermediate zone is coarser with quartz-feldspath-muscovite assemblages and compose the main body of the pegmatite. The core is often simple in composition, consisting of mainly quartz-feldspath assemblages. Economic minerals are beryl (Be), spodumene (Li), lepidolite (Li, Rb), colombo-tantalite (Nb, Ta) and cassiterite (Sn).
The acquisition terms for this Property are 300,000 common shares of the Company plus cash payment of $10,000. The Company will pay a finder's fee of 30,000 common shares. The acquisition and related finder's fees remain subject to acceptance of filings with the TSX Venture Exchange.
Mr. C. Ulansky, P. Geo., a Qualified Person, has reviewed and verified the technical contents of this release.
To learn more about Altair Gold, please visit http://altairresources.com.
ON BEHALF OF THE BOARD,
John Huguet, FCPA, FCMA
Chairman and Independent Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
