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Metalite Resources Completes Property Acquisition and Expansion To Lithium

Vancouver, BC, May 10, 2023 – Canadian junior venture mineral exploration issuer Metalite Resources Inc. (CSE: METL) (OTC: JNCCF) announced in November 2022 the final closing of its definitive Share Exchange Agreement with Aussie Precious Metals Corp. (APMC). As Metalite Resources (formerly RooGold Ltd.) has now obtained the required Australian regulatory clearance, the team is revealing the news about the property acquisition.

With this move, Metalite acquires a 100% interest in APMC’s Trilby and Lorne properties in New South Wales, Australia. Metalite issued 4 million common shares to the shareholders of APMC, in exchange for all of the issued and outstanding shares of APMC with the properties held in APMC’s wholly owned Australian subsidiary.

This was the first part of Metalite’s expansion strategy to be implemented over the next few years. As reported by The Resource Report, Metalite has already announced the completion of its acquisition of Next Generation Resources Inc., a battery metal focused company. NextGen is a privately held Canadian exploration company which will provide Metalite shareholders with a chance to invest in the battery metals space. NextGen currently has a large portfolio of exploration-stage properties in Liberia targeting lithium, nickel, and cobalt, with the possibility of excavating gold, copper, and zinc.

As the transaction has been completed, the founder and director of NextGen, David Kol, will be joining Metalite’s board of directors. His extensive experience, governmental network, and profound understanding of Liberia’s mineral exploration will be integral to Metalite expanding into this market.

David Melling, the CEO and director of Metalite, says, “The addition of a large portfolio of lithium-focused assets in Liberia to our existing precious metals properties in Australia provides Metalite ‘s shareholders an incredible optionality in today’s turbulent commodity markets. We believe that demand for battery metals will far outstrip supply for the foreseeable future, and the acquisition of NextGen provides Metalite with tremendous exposure to this very exciting commodity space.”

Kol’s technical team at NextGen, which will join Metalite, includes geologists, geotechnicians, and a variety of experienced consultants. All have done field work in Liberia, including geological mapping, prospect sampling and soil geochemical surveys.

“While we continue to advance our Australian precious metals properties with a renewed focus on targeted exploration and resource development,” Melling adds, “we are looking forward to collaborating with NextGen’s team to unlock the value in their highly prospective Liberian property portfolio.”

He reveals that upon the closing of this transaction, NextGen’s value of approximately $1.3 million CAD will help Metalite to become a dominant player in New South Wales through its unique growth strategy, which is focused on the consolidation and exploration of high potential, mineralized precious metals properties.

Metalite previously acquired Southern Precious Metals Ltd., Metalite. and Aussie Precious Metals Corp. properties, giving the company a portfolio of 13 high-grade potential sources for gold and silver which include 137 historic mines and prospects.

Australia is one of the world’s most mining-friendly regions with excellent local infrastructure access, limited COVID-19 restrictions, and a minimal risk of operational interruptions. Within the country, New South Wales is prolific with potentially valuable mineral sources, which is why Metalite is so pleased to acquire property in this region.

The technical team behind Metalite has a collective global experience of nearly 150 years. Together, their work spans over 75 countries, with expertise on all types of deposit types and commodities and at all stages of a project’s life. Metalite is dedicated to reducing risk by conducting quick, cost-effective reviews of multiple projects to ensure that any funds spent on exploration are directed at targets with the highest potential values.

Metalite Resources Inc. is a Canadian junior venture mineral exploration company that consolidates and explores highly mineralized precious metals properties in Australia. Metalite analyzes, acquires, explores, and mines these properties for the purpose of producing precious metals.

Website: https://roogoldinc.com/

Twitter: https://twitter.com/RooGold_Inc


Ryan Bilodeau

(416) 910-1440