Vancouver, British Columbia--(Newsfile Corp. - August 30, 2016) - Makena Resources Inc. (TSXV: MKN) (FSE: A1KB6R) (OTC: CANSF) (the "Company" or "Makena") wishes to announce that it has entered in a share purchase agreement with Bachman Lithium Corp. ("Bachman").
The sole asset of Bachman is the Mad Lake Property ("the "Property") which is located in the Abitibi area of Quebec Province, 55 kilometres (km) north of the Lebel-sur-Quévillon municipality and 55 km east of Matagami. The Property comprises of one block of 80 claims, totaling approximately 4,478.2 hectares or 44.782 km2.
Past exploration work on the Property was mainly focused on base metal and rare earth elements (``REE``). The vicinity of the Property contains a lithium and REE showing, the Montagne Dalhousie showing, located approximately 5 km north of the Property.
Geological mapping in the area of the Property was performed in 1946, 1953 and 1963, which revealed the presence of multiple granitic intrusions. Rock analysis returned abnormal in beryllium, lithium, niobium, rubidium and tantalum.
Two drilling campaigns have occurred, one in 1949, which focused on the western half of the property and one in 1987, which focused on the southern part of the property. A total of 15 holes were drilled and pegmatite dykes and granite were observed in the holes. No assays were taken in the pegmatites or the granite.
The accessibility along main and secondary roads and the lithium potential of the area warrant an extensive sampling survey that will aim at discovering lithium mineralization inside of the Waswanipi Batholith
Negar Adam, President of Makena states, "We are very pleased to be able to acquire this prospective project in the heart of the lithium district in Quebec. We are building up Makena's asset and look forward to starting a work program on this lithium project shortly."
Makena has also recently acquired 4,060 hectares prospective for diamonds in the Athabasca region of Saskatchewan in the direct vicinity of the De Beers' diamond option from CanAlaska Uranium Ltd.
Terms of the agreement with Bachman require Makena to issue 4.5 million shares to each of three arm's length individuals, subject to exchange approval.
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Rémi Charbonneau, PhD, P.Geo. OGQ #290, is the qualified person that verified the technical information for this news release.
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