CSE: CDN
OTCQB: AXVEF
Frankfurt: 338B
VANCOUVER, BC, July 13, 2023 /CNW/ – CDN Maverick Capital Corp. (“Maverick” or the “Company”) (CSE: CDN) (OTCQB: AXVEF) (Frankfurt: 338B) is pleased to provide a corporate update, outlining the Company’s progress and continuous commitment to our shareholder centric approach through a diversified portfolio of exploration projects and strategic investments in the critical minerals’ sector.
Maverick is pleased to announce that it has engaged Ground Truth Exploration (GT) for Phase I reconnaissance work on Maverick’s Poncheville and Chabinoche hard rock lithium properties. These properties are located approximately 65 km and 105 km northeast of Matagami and can be accessed via the Route de la Baie James from the mining town. The highly experienced GT team is known for its exceptional track-record of precious metal discoveries in Canada.
The program is set to commence in mid-July 2023, provided weather conditions are favorable and wildfire risks are minimal. The focus of the program is to map and understand the potential of previously identified lithium pegmatite occurrences through desktop studies based on public information. This includes, but is not limited to, a province-wide systematic analysis of lake sediment data and statistics. On the ground, the team will traverse the properties systematically, logging lithium-prospective samples visually and conducting immediate LIBS and/or XRF analyses.
Commenting on the upcoming program, Adam Cegielski, CEO of Maverick, elaborates on the strategic approach, stating, “Maverick plans to meticulously map and survey potential lithium pegmatite zones using drones. High-resolution orthoimagery and topographic surveys will ensure that we cover every square inch of our properties to reveal their true potential.””
Maverick is pleased to report substantial progress on the Nevasca Lithium Project. Since entering into the agreement in early May, NOAL has utilized the 40-day due diligence period to review the project’s geological, legal, and permitting merits. The Nevasca property, located in the Arizaro salar in the province of Salta, Argentina, covers a single, drill-ready 2,842 hectares lithium property adjacent to NOAL’s Arizaro Project. Its promising geology makes it a highly favourable location for lithium exploration and mining. The Arizaro Salar is the largest, underexplored Salar of the Lithium Triangle.
Upon completion of due diligence, NOAL issued 408,291 common shares (equivalent to $150,000 USD) to Maverick. “Maverick is extremely pleased to now have an equity stake in NOAL. The Company has a strong portfolio of properties and has already come out with incredibly strong results from the first hole of the Phase 1 diamond drill program on the Rio Grande Project (see https://www.noalithium.com/ _resources/news/nr-20230621.pdf)” stated CEO Adam Cegielski. “These grades in brine are exceptional and with the second hole well underway; we look forward to further results that not only uplift our lithium projects in the area, but also bring the shareholders of Maverick incredible value through our equity position in NOAL”.
On June 21, 2023, Maverick announced that it had made a significant acquisition in Ontario’s Electric Avenue – the Northwind Lake Property – a lithium pegmatite exploration prospect proximal to Frontier Lithium Inc.’s PAK Lithium deposit. The Northwind Lake property encompasses about 7,040 hectares in a single block. Maverick can secure the project through issuing 500,000 common shares and total cash payments of $100,000, with half to be paid upon closing and the rest after 120 days.
CEO Adam Cegielski shares: “The Northwind Lake Property in the Electric Avenue lithium exploration camp, within Ontario’s Red Lake Mining District, adds considerable value to our portfolio. This acquisition widens our footprint in Canada’s critical minerals sector. Given its proximity to Frontier Lithium Inc.’s high-grade PAK Lithium deposit, we are driven to investigate the geological potential of the Northwind Lake Property thoroughly. This move is in line with our growth strategy, underscoring our ambition to establish CDN Maverick as a key player in the lithium sector. As we move forward, we remain focused on identifying and capitalizing on strategic opportunities across the Americas and beyond.”
Sandy J. MacDougall, Executive Chairman of CDN Maverick Capital Corp., released a statement following the recent Annual General Meeting (AGM), held on June 29, 2023. He confirmed that the shareholders unanimously approved all resolutions set before them and reflected on the strategic progress made in 2023 thus far.
MacDougall asserted, “In the first half of this year, CDN Maverick Capital Corp. implemented a series of calculated strategies, solidifying our position as a significant player in the critical minerals exploration sector. We first acquired and then optioned out the drill-ready Nevasca Lithium Asset in Argentina to NOA Lithium Brines Inc. (NOAL), a Salta-focused, emerging lithium brine explorer. NOAL, with their 100,000 hectares across three Salars and a pioneering strategy focusing on alluvial fans, has established their credibility in the lithium sector. Their remarkable drill results at Rio Grande have garnered widespread interest, substantiating the significance of our equity partnership established through the Nevasca transaction.
Maverick has also continued to adhere strictly to its core mandate of curtailing dilution and expenses. The company successfully completed a non-brokered financing with a select group of investors and subsequently leveraged cost-effective generative tools and the expertise of a seasoned Canadian prospector to acquire the Poncheville Lithium Prospects in Quebec’s resource-rich James Bay Region. As we press ahead with preparations for a comprehensive initial exploration program across these 40,000 hectares, our primary aim is to identify lithium in pegmatites associated with province-wide differential cluster of lakebed anomalies, as indicated in public data from the Quebec Geological Service.
Additionally, Maverick has secured a strategic property adjacent to Ontario’s Electric Avenue, just 10km from Frontier Lithium’s renowned Pak and Spark deposits. Recognizing the potential for clustering of lithium deposits, we have included this asset in our strategic growth roadmap. Despite the inherent uncertainties, our forthcoming exploration activities may validate this potential. We continue to remain open to forging new alliances for further exploration, in line with our strategic plan to enhance our asset portfolio.
In alignment with this, our strategic investment in Noram Lithium Corp., financing the discovery of the Zeus Deposit and leading to the generation of the first NI 43-101 compliant lithium resource in Clayton Valley, demonstrates our resolve to create enduring relationships and value. Today, we hold 1.66 million shares of Noram,” MacDougall continued, “Our maneuvers in H1 2023 reflect our commitment to balancing immediate value creation with strategic long-term gain. This commitment drives our efforts to ensure sustainable per-share growth and lasting shareholder value.”
Raul Sanabria, M.Sc., P.Geo., the qualified person for the Company as defined by Canadian National Instrument 43-101 has reviewed and approved the technical information contained in this release.
CDN Maverick Capital Corp. is a diversified resource issuer and exploration company, with a core focus on lithium and other critical minerals. The Company recently acquired 7040 hectares in the “Electric Avenue” an emerging lithium pegmatite exploration camp in the Red Lake area, Ontario, contiguous to Frontier Lithium’s PAK Lithium Project and 40,000 hectares in Quebec’s James Bay area, reinforcing its lithium prospects. Maverick strategically optioned the Nevasca Lithium Project in Argentina to NOAL Lithium Brines Inc., reflecting its focus on strategic partnerships and investment alignment. The Company also owns the Rainbow Canyon Gold Project in Nevada and holds over 1.66M shares in Noram Lithium Corp. As part of its ongoing efforts, CDN is actively expanding its critical minerals portfolio across the Americas, with a firm commitment to sustainable and ESG-friendly investing and exploration.
ON BEHALF OF THE BOARD OF DIRECTORS
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This news release contains projections and forward – looking information that involve various risks and uncertainties regarding future events. Such forward – looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management’s estimates or opinions change.
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CDN Maverick Capital Corp.
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