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Spirit Banner Capital Corp.
Summary
| Project: | Baavhai Uul | |
|---|---|---|
| Deposit: | Baavhai Uul | |
| Location: | Mongolia | |
| Commodities: | Lithium | |
| Date: | 4/2/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 2-4-2020: Spirit Banner Capital Corp. announces a Supporting Acquisition report for its Baavhai Uul deposit at the Baavhai Uul project. Summary of property in support of acquisition. This technical report (the “Technical Report”) on the Baavhai Uul projec | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Khurelbaatar Lamzav (Independent) | |
| ABSTRACT: | This technical report (the “Technical Report”) on the Baavhai Uul project has been prepared by Lamzav Khurelbaatar (C.P.Geo.), for (an “Independent Consultant” or the “QP”) Ion Energy Ltd.(“ION”), in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). The Baavhai Uul project (hereafter referred to as “Baavhai Uul” or the “Property”) is located in the Sukhbaatar province, in the southeastern part of Mongolia, approximately 800km southeast from the capital, Ulaanbaatar, 200km south from the province center, Baruun-Urt and 24km north of the border with China. ION has 100% ownership of the Baavhai Uul exploration license No XV-021210, covering 81,758.87 hectares (the “License”). The License is held by Ion Energy LLC, a wholly owned subsidiary of ION. The License was acquired by Ion Energy LLC from Golden Hill LLC (“Golden Hill”) for consideration of USD$1,200,000 and 5,000,000 common shares of ION, to be paid by ION, pursuant to a purchase and sale agreement between Ion Energy LLC , ION and Golden Hill dated February 15, 2019 (the “License Purchase Agreement”). ION acquired the License for the purpose of exploring for lithium. | |
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