Little Nahanni Pegmatite Group (LNPG) Lithium Project Approved by TSX Venture Exchange
Vancouver, BC, Canada / TheNewswire / August 24th, 2016 - Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) ("Equitorial") is pleased to announce the TSX Venture Exchange has accepted for filing a Property Purchase Agreement dated July 25, 2016 between Equitorial Exploration Corp. (the "Company") and Strategic Metals Ltd. (the "Vendor"), whereby the Company will acquire a 100% interest in seven minerals claims located in the Northwest Territories, Canada, known as the Li Property which hosts the Little Nahanni Pegmatite Group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dykes, subject to the Vendor's retained NSR of 2%, of which 1% can be bought back for $2,000,000. In consideration, the Company will issue 5,000,000 shares upon closing and within one year of closing, a further 2,500,000 shares with 2,500,000 share purchase warrants exercisable at $0.10 per share for two years. The Company will incur $100,000 exploration cost in the first year. A finder's fee of 500,000 shares will be issuable to Canaccord Genuity Group Inc.
Strategic Metals Ltd. has just completed a two week program consisting of mapping, prospecting and channel sampling. The program was designed to evaluate grade, size and density of lithium-bearing pegmatite dykes within four of the dyke swarms comprising the LNPG complex.
The 2016 field program on the Li property was managed by Archer, Cathro & Associates (1981) Limited (Archer Cathro). Technical information in this news release has been approved by Heather Burrell, P. Geo., a senior geologist with Archer Cathro and a qualified person for the purpose of National Instrument 43-101.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, President and Director
For further information, please contact Jack Bal at 604-306-5285
Neither the 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.
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