Quebec Pegmatite Holdings Corp. [QBC-CSE, WPNNF-OTC Pink] said Mike Stier has resigned as the company’s CEO, effective immediately, but will remain on Quebec Pegmatite board of directors.
The company also said Paul Teniere has been appointed CEO following Steir’s resignation. Teniere is a professional geologist and an exploration, mining and capital markets expert with 25 years of international experience taking precious metals, critical metals, and metallurgical coal deposits from the exploration stage to feasibility stage and mine development. He has served as president and CEO, senior vice-president, exploration and director of several public and private mining companies.
Quebec Pegmatite Holdings is a 34.5%-owned affiliate of Coloured Ties Capital Inc. [TIE-TSXV, APEOF-OTC PINK, 97A0-FSE] and has a 100% stake in four properties, including two flagship projects that are locate in the James Bay and Mazerac regions of Quebec.
On Friday, Quebec Pegmatite shares advanced on the news, rising 1.47% or $0.005 to 34.5 cents.
Its Vieux Comptoir Lithium Project, covering 333 claims and spanning 170 square kilometres, is located approximately 45 kilometres east of Patriot Battery Metals Inc.’s [PMET-CSE, PMETF-OTCQB, R9GA-FSE] Corvette Property, where numerous spodumene-bearing pegmatites have been discovered, and recent drilling has returned intersections up to 1.25% Li20 and 194 ppm Ta205 over 58.1 metres.
The property is also approximately 45 kilometres west of ASX-listed Winsome Resources’ Adina project where early- stage exploration has identified outcropping pegmatites across the property.
Winsome has said it is working towards being able to announce a resource for Adina, while simultaneously advancing other existing projects in the region.
Quebec Pegmatite has granted Superior Mining International Corp. [SUI-TSXV, SUIFF-OTC], the option to earn a 100% interest in the Vieux Comptoir property.
Superior can exercise the option by issuing 7.0 million shares. Another 3.5 million Superior shares are payable on the first-year anniversary of option deal. The final batch of 3.5 million shares is payable on the 18-month anniversary of the option deal.
If Superior exercises the option in full and acquires the property, it will grant QPC a 3.0% net smelter return royalty which may be reduced to 1.5% once Superior has made a cash payment of $3.0 million to QPC.
Another key asset is the Mazarec Central lithium project, which covers 108 claims (6,262 hectares) and is located about 50 kilometres southwest of Val d’Or, Que., in the midst of several other well funded public company lithium projects that are being aggressively explored.
The claims are immediately adjacent to claims currently held by Winsome Resources and Vision Lithium Inc. [VLI-TSXV, WRSLF-OTCQB, 1AJ2-FSE].
The Mazerac claims are accessible by a dense network of trails and other logging roads. The area is also accessible through boat or seaplane within the watershed hosting the Rapid-7 hydroelectric dam of Decelles. The proximity to Val d’Or, means the project is close to comprehensive mining centre, as well as a processing facility with a feed rate of 1.5 million tonnes annually.
