Newfoundland Discovery acquires Newlands lithium property, Ontario

Newfoundland Discovery Corp.  [NEWD-CSE; NEWDF-OTC; M4K-FSE] reported entering into an option agreement to acquire a 100% interest in the Newlands Lithium Property located near Hearst, northern Ontario.

The property comprises of 11 claims (237 cells), spanning 4,962 hectares and is located 70 km southwest of Hearst and features excellent highway and logging road access. This acquisition expands the company’s land holdings in the region from 10,000 hectares to nearly 15,000 hectares, all along the lithium-rich Quetico Subprovince belt.

Nestled in the Quetico Subprovince in northwestern Ontario, the Newlands Lithium Property is part of an area where numerous lithium deposits have been identified, hosting significant reserves of Li₂O. The property is set within muscovite-bearing granitic rocks, a peraluminous S-type fertile parental granite (Breaks et al., 2003), and in contact with metasediments. Metasediments serve as excellent exo-contact hosts for fractionating parental fertile granites.

The company’s expanded presence in the region situates Newfoundland Discovery in close proximity to several notable lithium deposits and projects, such as the Seymour Lake Lithium Project, the Georgia Lake pegmatite field, and the Separation Rapids Lithium deposit, among others.

The Lowther pluton and surrounding metasediments host rare-element pegmatites currently being explored by Brunswick Exploration Inc., the critical mineral exploration subsidiary of Osisko. The Lowther pegmatite is a 45-metre-wide muscovite-pegmatite-biotite pegmatitic granite containing a lepidolite to spodumene subtype pegmatite and exhibiting very anomalous Cs, Rb, Nb, Sn, and Be (OGS).

The acquisition of Newlands offers NEWD a strategic position in between its Sugaree Project, surrounding Brunswick Exploration’s project, and the Georgia Lake pegmatite field along the Quetico Subprovince, bolstering the Company’s lithium exploration portfolio. The entire subprovince is now recommended for exploration of clastic metasedimentary-hosted, rare-element pegmatite mineralization, according to Breaks et al., 2003.

Jeremy Prinsen, CEO of NEWD, commented on the acquisition: “The addition of the Newlands Lithium Property to our portfolio further solidifies our commitment to exploring and developing high-quality lithium resources in the Quetico Subprovince. This acquisition not only increases our land position significantly, but also demonstrates our confidence in the region’s lithium potential. We look forward to unlocking further value for our shareholders as we continue to advance our exploration programs.”

Under the Agreement, the company may acquire a 100% interest in the property by paying a total of $128,000 to the optionors and issuing an aggregate of 1,000,000 common shares of the company in stages over three years.

The company will grant the optionors a royalty of 1.5% of net smelter returns of which the company may purchase 0.5% at any time by paying a total of $750,000 to the optionors.

Newfoundland Discovery’s portfolio of projects includes three lithium prospects along the lithium belt within the Quetico Subprovince, a robust portfolio of precious and base metal projects in Newfoundland, and a strategic early-mover foothold on projects in the Detour Lake Gold Mine district of Ontario.

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