Noka Acquires Quebec Lithium Property Adjacent to Galaxy Resources' James Bay Project
Noka Acquires Quebec Lithium Property Adjacent to Galaxy Resources' James Bay Project
Vancouver, British Columbia, June 29, 2016 - Noka Resources Inc. (NX: TSX-V) (2NKN: FSE) (NOKAF: US) (the "Company" or "Noka") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Duxbury Lithium Property, Quebec (the "Property"). The Property is located in the James Bay Region, 2 km south of the Eastmain River and adjacent to Galaxy Resources' James Bay Project that has reported an indicated and inferred resource of 22.2 million tonnes grading 1.28% lithium oxide (Li2O) contained in a spodumene bearing pegmatite.
Duxbury Lithium Property, Quebec
The Duxbury Property consists of 21 mineral claim cells totaling approximately 1,107 hectares and is accessible by the James Bay Highway. Geologically, the Property is underlain by the Lower Eastmain greenstone belt that is locally represented by volcanic and volcano-sedimentary rocks which have been metamorphosed to amphibolite facies. At the adjacent Galaxy Resources Project, the lithium deposit area is underlain by the Auclair Formation consisting of paragneiss intruded by spodumene-bearing pegmatite dykes. The Lower Eastmain greenstone belt is also prospective for gold mineralization.
Pegmatites are whitish to pure white magmatic rocks that are enriched in light elements such as lithium. The ore mineral spodumene can contain up to 8% Li20. According to Galaxy Resources, their adjacent lithium deposit consists of several swarms of pegmatite dykes that outcrop in a corridor approximately 4km long and 300m wide.
Noka is currently preparing a mid-summer exploration program consisting of surface mapping, geochemistry, trenching and localized geophysics. The results of this initial program will be used to formulate a drill program. The area is accessible and drilling can be carried out all year except during spring breakup in wet areas.
Property Transaction Terms
Under the terms of the agreement, Noka can aquire a 100% interest in the Property by paying CDN$10,000 and issuing 1,000,000 common shares in the capital of the Company upon TSX Venture Exchange ("Exchange") approval. The Vendor will retain a 2% NSR Royalty of which Noka has the right to purchase 1% back for CDN$1,000,000.
The agreement is subject to Exchange approval. Finder's fees may be payable to subject to Exchange guidelines.
For further information, contact Nav Dhaliwal, President and Chief Executive Officer, at nav@nokaresources.com or 604-678-5308 or visit www.nokaresources.com.
ON BEHALF OF THE BOARD
"Nav Dhaliwal"
Nav Dhaliwal, President and Chief Executive Officer
Suite 510-744 West Hastings Street
Vancouver, British Columbia, V6C 1A5
Tel: +1 (604) 678-5308
www.nokaresources.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
