ernie44
1 year ago
Vancouver – December 29, 2022 – True North Gems Inc. (TSXV: TGX, or the "Company") reports
that its wholly-owned subsidiary, Laval Critical Elements Inc.( "LCE"), has acquired two Lithium
prospects in the Decelles-Pontiac lithium play in the Abitibi region of northwestern Quebec.
The area of the Decelles Resevoir, southwest of Val d’Or, Quebec has long been know to be
prospecptive for Lithium bearing pegmatites, the first showimgs of Lithium mineralization having
been described from the region in 1955; the Wells-Lacouciere occurrence currently being explored
by Vision Lithium.
Over the past year Cadillac-Pontiac area has gained attention due to recent discoveries of several
high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision
Lithium Inc, spurred several other exploration and drill programs within the Cadillac area in 2022.
Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac
area and the Pontiac Sub province region.
Regional Geology
The geology of the Pontiac Sub-province includes rocks of sedimentary origin and a few of volcanic
origin which are part of the Pontiac group. The majority of the bedrock in the region is composed of
granitic and syenitic rocks. Spodumene pegmatites and associated aplites are abundant locally
and large clusters of pegmatite are essentially homogeneous, however, some of the smaller dykes
and lenses are zoned. The general northeast orientation of the topographic features of the eastern
part of the region is controlled by the granite and pegmatite sills in the biotite schists. There are
many north, north-east and north-west trending joints in all the rocks of the region.
ernie44
1 year ago
True North acquires two separate properties in the Decelles - Pontiac lithium play
Vancouver – December 29, 2022 – True North Gems Inc. (TSXV: TGX, or the "Company") reports
that its wholly-owned subsidiary, Laval Critical Elements Inc.( "LCE"), has acquired two Lithium
prospects in the Decelles-Pontiac lithium play in the Abitibi region of northwestern Quebec.
The area of the Decelles Resevoir, southwest of Val d’Or, Quebec has long been know to be
prospecptive for Lithium bearing pegmatites, the first showimgs of Lithium mineralization having
been described from the region in 1955; the Wells-Lacouciere occurrence currently being explored
by Vision Lithium.
Over the past year Cadillac-Pontiac area has gained attention due to recent discoveries of several
high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision
Lithium Inc, spurred several other exploration and drill programs within the Cadillac area in 2022.
Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac
area and the Pontiac Sub province region.
Regional Geology
The geology of the Pontiac Sub-province includes rocks of sedimentary origin and a few of volcanic
origin which are part of the Pontiac group. The majority of the bedrock in the region is composed of
granitic and syenitic rocks. Spodumene pegmatites and associated aplites are abundant locally
and large clusters of pegmatite are essentially homogeneous, however, some of the smaller dykes
and lenses are zoned. The general northeast orientation of the topographic features of the eastern
part of the region is controlled by the granite and pegmatite sills in the biotite schists. There are
many north, north-east and north-west trending joints in all the rocks of the region.
The Decelles property
The Decelles property is a grass roots prospect located 10 km south of the Trans-Canada highway
10 km and the historical mining town of Cadillac in the Abitibi region of northwestern Quebec. True
North Gems has contracted 4,270-line kilometer high-resolution Heli-borne magnetic survey of the
entire block of Decelles claims. The data from this survey will be used to identify potentially
prospective areas for follow-up during the summer field season.
Decelles Transaction details
True North has entered into an exclusive option agreement to acquire 215 claims from Glenn
Griesbach, an arms length property vendor, under the following broad terms:
? Payment of CA$50,000 within 14 days of regulatory approval;
? 2.0M LCE Units. Each LCE Unit is comprised of one common share of LCE and one warrant,
exercisable for 24 months from regulatory approval of the Agreement, to acquire one
Common share of LCE at an exercise price of $0.40.
? Granting the Vendor a 2% NSR, half of which can be acquired for $1M at any time.
The Nabikok property
The area is located approximately 50km southwest of Val-d’Or, a well-established mining town in
the Abitibi region.
True North Gems has contracted 2,400-line kilometer high-resolution Heli-borne magnetic survey
of the entire block of Decelles claims. The data from this survey will be used to identify potentially
prospective areas for follow-up during the summer field season.
Nabikok Transaction details
True North has entered into an exclusive option agreement to acquire 155 claims from Mr.
Griesbach under the following broad terms:
? Payment of CA$25,000 within 14 days of regulatory approval;
? 1.0M LCE Units Each LCE Unit is comprised of one common share of LCE and one warrant,
exercisable for 24 months from regulatory approval of the Agreement, to acquire one
Common share of LCE at an exercise price of $0.40.
? Granting the Vendor a 2% NSR, half of which can be acquired for $1M at any time.
On behalf of the Board of Directors of True North Gems Inc.
"Owen King" (signed)
Owen King
CEO & Director
604-618-1835
For further information, contact:
Email: info@truenorthgems.com
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.
This document contains “forward-looking information” and “forward-looking statements”
(together, “forward-looking statements”) within the meaning of applicable securities legislation,
which are made as of the date of this document or the document(s) referred to herein. Statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or phrases such as “expects”,
“anticipates”, “plans”, “projects”, “estimates”, “intends”, “strategy”, “goals”, “objectives” or
variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be forward-looking statements. Forward-
looking statements include, without limitation, statements with respect to:. The forward-looking
statements are made based upon certain assumptions which, if untrue, could cause the actual
results, performances or achievements of the Company to be materially different from future
results, performances or achievements expressed or implied by the forward-looking statements. By
their very nature, forward-looking statements involve inherent risks and uncertainties that could
cause actual results, performances or achievements to differ materially from those in the forwardlooking statements. These include, without limitation: price volatility, discrepancies between actual
and estimated production, mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, regulatory restrictions (including environmental regulatory
restrictions and liability), activities by governmental authorities, the speculative nature of mineral
exploration, the global economic climate, dilution, share price volatility, competition, loss of key
employees; additional funding requirements and defective title to mineral claims or property]. This
list is not exhaustive. See also, for example, the risks disclosed in the Company’s other disclosure
documents filed at www.sedar.com, including, without limitation, those disclosed in the Company’s
management’s discussion & analysis. The Company expressly disclaims any intention or obligation
to update or revise any forward-looking statements, except as otherwise required by applicable
securities legislation.
ernie44
4 years ago
The Trustees fully documented all assets and invited bids from interested parties. The Company prepared and submitted a bid; however, LNS Greenland A/S was the highest bidder and was granted the Aappaluttoq Mine Licence by the Greenland government. In September 2018, the Trustee notified the Company that they were to receive a dividend distribution of DKK 3,158,108.20 (CAD $638,254) on the closure of the Estate. The redistribution of the remaining value was on a pro-rata basis determined by debt ownership at the time of the TNGG bankruptcy.
Danes got the mine and we got the shaft
Demand loans bear interest at the rate of 5% per annum. The loans are due to a former director for funds loaned to the Company during the year ended December 31, 2016 and an arm’s length third party for funds loaned to the Company during the year ended December 31, 2019. b) The Company had unconditionally and irrevocably guaranteed repayment to Greenland Ventures of the loan principal, accrued interest and any costs and expenses payable in connection with the term loan to TNGG. As a result of the voluntary bankruptcy and loss of control of TNGG, the term loan was deconsolidated from the Company’s financial statements. Two claims of DKK 361,461 and DKK 11,753,910 (as at June 30, 2020 approximately CAD $2,489,915) respectively had been filed against the Estate by Greenland Ventures relating to the loan guaranteed by True North. Greenland Ventures received dividend distributions of DKK 28,092.93 and DKK 885,425.12 respectively (approximately CAD $184,162) from the Estate in settlement of these claims. The guarantee provides that whenever TNGG does not pay any amount when due under the agreement, then True North shall immediately on demand pay the amount as if it was the principal obligor. In June 2017, Greenland Ventures issued a demand for repayment of principal and interest (DKK 12,165,675 (CAD $2,475,472) as at May 24, 2017) and a provision has been recorded for the amount demanded plus interest that has accrued on the outstanding balance at the rate of 2% per month from May 24, 2017 to June 30, 2020 (DKK 10,624,332 (CAD $2,183,481)). On February 7, 2019, the loan guarantee payable to Greenland Ventures was assigned Leucadia Finance Partners Inc. (“Leucadia”) for the aggregate purchase price of $350,000. Subsequent to the date of the assignment, the Company made loan payments in aggregate of $394,680.
The carrying value of the Company’s cash and cash equivalents, accounts receivable and deposits are representative of their respective fair value at June 30, 2020 and December 31, 2019 due to their short term nature. The fair value of accounts payable and loans payable may be less than the carrying value as a result of the Company’s credit and liquidity risk.
b) Management of financial risk
The Company’s financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk and interest risk:
i) Currency risk The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. During 2017, the guarantee provided by the Company on the loan to TNGG from Greenland Ventures was demanded (note 7(b)) so the Company is exposed to risk due to change in currency exchange rates between Canada and Greenland and certain expenses that were incurred in US dollars.
At June 30, 2020, the Company is exposed to currency risk through the following assets and liabilities denominated in US dollars and Danish krone:
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