NEWS RELEASESUBSCRIBE TO UPDATES
ACQUISITION OF THE FOSTER COBALT PROPERTY WITH HISTORIC REPORTED VALUES PLUS 9% COBALT
Sunvest Minerals Corp. has acquired the Foster cobalt property, located in the Sudbury mining district in north-central Ontario. The Foster property comprises three claims with 32 units, covering approximately 512 hectares. Near a historic adit on the property, one grab sample, taken by the Ontario Geological Survey returned 9.16 per cent cobalt and 3.56 per cent nickel (K.D. Card (1976) geology of the Espanola-Whitefish Falls area, geoscience report 131).
Sunvest president and chief executive officer Gordon Zelko commented: "We are very pleased to be making this initial property acquisition over this significant prospective cobalt target. The demand for cobalt deposits is expected to significantly increase to battery applications to feed electric vehicles, electronic devices and energy storage units (such as Tesla's Powerwall units)."
The cumulative acquisition terms to acquire a 100-per-cent interest in the Foster property are cash payments of $20,000 and the issuance of 1.5 million shares of the company to arm's-length parties over a two-year period. A 2-per-cent net smelter return royalty will be granted to the vendors with 1 per cent purchasable by the company for $1-million. The acquisition is subject to TSX Venture Exchange approval. A finder's fee will be payable in accordance with TSX Venture Exchange policies.
The technical contents of this release were approved by Isabelle Robillard, MSc, PGeo, a qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.