Feb. 24, 2010 (TheNewswire.ca) --
VANCOUVER, B.C. February 24, 2010 - ELECTRIC METALS (TSXV:EMI'A) INC. (TSX-V:EMI.A)(the "Company"), is pleased to announce the signing of a Letter of Intent ("LOI") with a private vendor (the "Vendor") whereby the Vendor will grant the Company the right to acquire a 100% interest in two iron-titanium-vanadium properties located in the Saguenay region of Quebec. The two properties comprise 3,870 Ha.
Under the terms of the LOI, Electric Metals will acquire a 100% interest in the two properties by making payments totaling $360,000 and issuance of 925,000 common shares of the Company over a two year period. The properties are subject to a 1.5% Net Smelter Royalty of which 1% can be purchased for $1M.The acquisition is subject to a 60 day exclusive due diligence period and regulatory approval.
The Saint Urbain Project- Exploring a District of Proven Past Producers
The Saint Urbain iron-titanium property (the "SU Property") comprises 41 mining claims totaling 2,304 hectares, and is strategically situated in the midst of a large land position held by Rock Tech Resources Inc. (OOTC:RCKTF) (TSXV:RCK) (TSX-V: RCK)("Rock Tech"), near the town of Saint Urbain in the Saguenay region of Quebec. The area surrounding the SU Property is a past producer of approximately 500,000 tonnes of iron and titanium ore in several historic mining operations active between 1871 and 1977. From 2008 to 2009, Rock Tech completed a field sampling program and flew a 2001 line-kilometre airborne magnetic survey over their property block, which included some overlap onto the SU Property claims. Results of Rock Tech's field work and aeromagnetic surveying was reported in a 43-101 compliant technical report dated December 4th, 2008. Geochemical results included samples of massive ilmenite within anorthosite returning 47.7 to 52.2% Fe2O3 and 36.7 to 39.6% TiO2. Airborne magnetic surveying was followed up by ground-based magnetometer surveying, which together identified three magnetic high targets that significantly overlap the SU Property claims. Mineralized structural lineaments were also identified which project under the SU Property claims. Iron-titanium mineralization occurs principally as massive pods within mylonitized fault zones in the host anorthosite, but also is also present as disseminations within the anorthosite.
The Charlevoix Project- Exploring to Expand a Small Historic Resource
The Charlevoix iron-titanium-vanadium property (The "CX Property") is also located in the Saguenay district, and comprises 27 mining claims totaling 1,566 hectares, arranged in three separate blocks. These blocks are referred to as the Kanekatshonanuts, Fjord North and Moquin/Furnace blocks. Exploration on these claim blocks is generally early stage, with the exception of the Kanekatshonanuts claim block which has received approximately 914 metres of historic diamond drilling.
Historic drilling on the "Kanekatshonanuts" claim block was undertaken in 1963, and delineated an historical mineral resource of approximately 3,200,000 tonnes of titaniferous magnetite reported as grading 48.98% Fe, 18.98% TiO2 and 0.67% V2O5. The Company's qualified person has not done sufficient work to classify the historical estimate as current mineral resources (OOTC:MALRF) or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in National Instrument 43-101 and the historical estimate should not be relied upon. Mineralization occurs in two shallowly-dipping, near- or at-surface lenses contained within anorthosite with exposed strike lengths of over 335 metres, and exposed widths of between 60 to 122 metres. Drill intersected thicknesses are between 4.57 and 30 metres, and both lenses are open along strike.
The Fjord North claim block was previously explored by Osisko Mining Corporation (OOTC:OSKFF) (TSX:OSK) in 2000, and is believed to cover a north-south trending magnetic anomaly possibly consistent with the titaniferous magnetite mineralization present in the Kanekatshonanuts claim block to the northeast. Exploration results from this program are not publically available.
The Moquin/Furnace claim block contains several massive magnetite-rich lenses with exposed strike lengths of up to 500 metres and exposed widths of up to 115 metres, hosted within anorthosite and gabbro. These magnetite-rich lenses are highly prospective for elevated iron, titanium and vanadium values.
Iron-Titanium-Vanadium- Electric Metals Fulfills its Exploration Mandate
Donald Gee, President of Electric Metals Inc. said " The acquisition of these properties provides Electric Metals with a strong entry into the competitive titanium-vanadium market. Through these projects and its lithium brine properties in the Big Smoky Valley, USA and Salta Province, Argentina, Electric Metals is building an industry-leading position in the emerging high-technology metals market."
Electric Metals is a Canadian junior mining company focused on exploration for lithium, rare earth elements and vanadium. Its principal assets are its lithium brine land positions in the Big Smoky Valley, adjacent to the Clayton Valley Nevada, and Salta Province, Argentina, both of which are located near those countries largest producing lithium brine operations, and in similar geological environments.
For further information, please contact Mr. Chris Taylor, M.Sc., P.Geo., Senior Geologist, at 604-681-0084 or Mr. Donald Gee B.Sc.(Geology), C.A., President at 604-618-3433
ON BEHALF OF THE BOARD
President, CEO and Director
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