2023-03-22 05:02:07
Huntsville ONT., March 22, 2023 (GLOBE NEWSWIRE) — Steadright Critical Minerals (CSE: SCM) (“Steadright” or the “Company”) is pleased to announce that it has signed an Agreement for the sale of its optioned B2 mineral claims in Saguenay-Lac-St-Jean Region of Québec, subject to shareholder approval, to Critical Foundation Metals Inc., which is a private Ontario company with plans to complete and file a non-offering prospectus in 2023 for a public listing.
Steadright will receive 6.2 million common shares of Critical Foundation Metals Inc. for compensation of the B2 optioned Mineral claims under the Agreement, which is subject to the approval of the shareholders of Steadright Critical Minerals Inc.
Steadright expects a technical report (NI 43-101) to be completed shortly on the B2 property. Historical assays on the property have indicated extensive mineralized zones of 1 kilometre containing massive sulphides of 8 to 10 meters wide including grab bag samples taken at the site which contains Nickel, Copper, and Cobalt mineralization:
| Ni % | Cu % | Co % |
| 1.05 | 0.13 | 0.10 |
| 0.96 | 0.10 | 0.09 |
| 0.69 | 0.62 | 0.19 |
Also associated are epithermal veinlets with quartz injections:
| Ni % | Cu % | Co % |
| 1.05 | 0.13 | 0.10 |
| 0.96 | 0.10 | 0.09 |
| 0.69 | 0.62 | 0.19 |
Recent surface grab bag samples, taken independently, in October of 2022 on the B2 property as part of the on-going initial NI 43-101 has yielded results with individual grades up to 3.19% Copper, 0.71% Nickel, 0.08% Cobalt and 7.25 g/t Silver (see Steadright press release dated February 7th, 2023).
| Sample | Cu % | Ni % | Co % | Ag g/t |
| E6704938 | 3.19 | 0.09 | 0.01 | 7.25 |
| E6704939 | 0.15 | 0.71 | 0.08 | 0.21 |
| E6704940 | 1.12 | 0.08 | 0.01 | 2.61 |
| E6704941 | 2.84 | 0.52 | 0.05 | 6.36 |
Figure 1 B2 Regional Location
Steadright CEO, John Morgan Commented, “We are pleased to be working on the sale of the B2 optioned Project with Critical Foundation Metals Inc. Our main priority is focused on our RAM project near Port Cartier, Quebec. The sale of the B2 Property is subject to shareholder approval and should help align the company’s goal of growing its asset in Port Cartier, which has a world class location and large regional scale potential for Nickel, Copper, and Cobalt. After favourable approval from Steadright shareholders, the Board will consider issuing a dividend of Critical Foundation Metals shares. Notification for a date of record will be published at a future time once the Board has deliberated the merits of a distribution.”
Critical Foundation Metals interim CEO, Connor Pantaleo also commented, “The Acquisition of the B2 project will provide Critical Foundation Metals with value added critical metal mineral claims within the Province of Quebec. The critical material space has been gaining momentum this year and interest is high within this space and for Critical Foundation Metals. We look forward to benefiting both shareholder bases of each company and hope that we can share existing expertise in both entities.”
QUALIFIED PERSON (QP) Robert Palkovits, P. Geo., is a Qualified Person as defined by National Instrument 43-101 (“N.I. 43-101”) guidelines and has reviewed and approved the content of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
John Morgan
CEO
Steadright Critical Minerals Inc.
Phone: (647) 637-8608
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Web: www.steadright.ca
Exploring for a better tomorrow…
Steadright Critical Minerals Inc. is a junior mining exploration company established in 2019 and incorporated in the Province of Ontario. Steadright currently holds an option on its property, specifically in Port Cartier, Gaspe Bay Region of Quebec Canada, accessible by route 138. Steadright’s Quebec project, the RAM Project, is comprised of 4,201 acres. The RAM property is located on a highly prospective geological unit and historically has been under explored for Ni, Co, Cu and precious metals. Steadright also has an option agreement for the B2 Project exploring for Cu, Ag located in the Saguenay-Lac-St-Jean Region of Quebec.
Neither the Canadian Securities Exchange (the “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.
