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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals


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To: LoneClone who wrote (22534)5/15/2024 3:24:29 PM
From: LoneClone
   of 22780
 
[Tin/Tantalum/Niobium]
Strategic Minerals Reports First Quarter 2024 Financial Results

newsfilecorp.com

May 14, 2024 5:33 PM EDT | Source: Strategic Minerals Europe Corp.

Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Strategic Minerals Europe Corp. (Cboe CA: SNTA) (FSE: 26K0) (OTCQB: SNTAF) ("Strategic Minerals" or the "Company"), a company focused on the production, development, and exploration of tin, tantalum and niobium, announces the results for the three months ended March 31, 2024. Strategic Minerals' first quarter 2024 ("Q1 2024") financial statements and MD&A have been filed on SEDAR+ ( www.sedarplus.ca). Unless otherwise indicated, all currency amounts are in U.S. dollars.

Q1 2024 Highlights

  • On October 19, 2023, the Superior Court of Xustiza of Galicia (the 'TSXG') provisionally suspended the section C permit for the Company's Penouta Project (the "Decision"). The Decision followed a complaint filed against the regional mining authority Xunta de Galicia, requesting a revocation of the section C permit granted to the Company in May 2022. The Company immediately submitted an appeal of the Decision to the Administrative Court of the High Court of Justice of Galicia (the 'High Court'). On December 13, 2023, the Company received the news that the High Court would maintain the Decision and continue the provisional suspension of the Penouta Project until the main proceeding is decided. The TSXG is expected to reach its verdict with respect to the Decision on May 31, 2024, which will be communicated to the Company in the following weeks after the verdict document is prepared and formalized. Meanwhile, operations at section C of the Penouta Project continue to be suspended.

  • The Company renegotiated the terms of its power purchase agreement with Exeria Galega Mais, S.L. for its Penouta Project, deferring payments related to long-term solar energy coverage until operations resume, with all accumulated invoices due by March 31, 2025, including a 3% annual interest rate.

  • On March 19, 2024, the Company entered into a business combination agreement with IberAmerican Lithium Corp. ("IberAmerican") and IberAmerican Resources Inc., a wholly-owned subsidiary of IberAmerican incorporated solely to complete the amalgamation. Under the agreement, IberAmerican will acquire all of the issued and outstanding common shares in the capital of Strategic Minerals, with shareholders of the Company entitled to receive one common share of IberAmerican for every seven common shares of Strategic Minerals held. The proposed transaction details can be found in the Company's Q1 2024 MD&A.

  • On March 20, 2024, a secured grid promissory note was executed by the Company and Strategic Minerals Spain, S.L. ("SMS"), a wholly-owned subsidiary of the Company, in favor of IberAmerican for up to $0.89 million (the "IberAmerican Note"). The IberAmerican Note bears interest at a rate of 8% per annum and is due on demand by IberAmerican at any time upon or after termination of the business combination agreement. On March 20, 2024, IberAmerican advanced $0.52 million to the Company under the IberAmerican Note. The IberAmerican Note is secured by a second-degree share pledge over all of the issued and outstanding shares of SMS.

  • The expenses related to maintaining the plant in safe conditions while operations are suspended resulted in a net loss for the first quarter of 2024 of $1.4 million ($0.006 per share), which is slightly higher compared to the net loss for the same period of 2023 ($1.3 million or $0.006 per share), during which production at the plant was stopped for a period of 21 days while the Company was improving production, and performed a scheduled overhaul of the plant.

  • In response to the continued suspension of activities at the Penouta Project, which has restricted the Company's ability to generate recurring revenue, the Company developed and presented a restructuring plan directed at commercial suppliers with overdue debts totaling $2.7 million.

  • As at March 31, 2024, the Company had cash of $0.25 million (December 31, 2023 - $0.82 million) available to settle current liabilities of $7.3 million (December 31, 2023 - $6.9 million). The Company has taken several actions to reduce costs while operations are idled and is actively pursuing new sources of financing.

Operational and Financial Summary for the quarter ended March 31, 2024

DescriptionUnits
Actual



Q1 2024

Q1 2023

% Change
Total Concentrate ProductionTonnes
-

121

(100)%
Tin Concentrate SoldTonnes
-

105

(100)%
Tantalite Concentrate SoldTonnes
-

29

(100)%
Revenue$'000
-

2,902

(100)%
Profit before expenses & other$'000
(274)
807

NM
Adjusted EBITDA1$'000
(870)
(1,053)
17.4%
Net Income (Loss) Per Share$
(0.006)
(0.006)
-


1This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers. See "Use of Non-IFRS Financial Measures" below for the composition and calculation of this financial measure.

"As a result of the court-ordered suspension of production in October 2023, the Company had no production or concentrate sales in the first quarter of 2024," said Jaime Perez Branger, CEO of Strategic Minerals. "We maintain that the complaint filed against the regional mining authority Xunta de Galicia holds no merit and await the decision of the High Court after May 31st. To ensure the Company's financial stability, the Board has decided that the best course for the Company is to complete the announced business combination with IberAmerican Lithium. This will enable operations at Penouta to continue when allowed and grant Strategic Minerals shareholders exposure to the lithium exploration opportunities at the property."

Operational and Financial Performance

Despite the Company's eagerness to resume operations during the first quarter of 2024, operations remained suspended due to the Decision. Before the halt of operations, the Company continuously improved output and quality of concentrate. Maintenance has continued to keep the plant in optimal condition so that operations can resume soon after they are allowed.

The loss before expenses and other during the first quarter of 2024 was $0.27 million, driven exclusively by the depreciation of the period. Profit before expenses and other for the same period of 2023 was $0.81 million.

At the end of the period, cash and cash equivalents were $0.25 million compared to $0.82 million on December 31, 2023. The Company has taken several actions to reduce costs while operations are idled and is actively pursuing new sources of financing.

Outlook

The Company is currently focused on maintaining the plant ready to resume operations at Section C of its Penouta Project once the TSXG reaches its verdict concerning the provisional suspension. It is also considering resuming production at a different section of its Penouta Project, in compliance with the TSXG Decision, with the exploitation of tailings and waste deposits to generate immediate cash flow.

Additionally, the Company has executed the Business Combination Agreement and is working towards closing the Proposed Transaction, as described in the Proposed Transaction section of the Company's Q1 2024 MD&A. If completed, the Proposed Transaction is expected to significantly influence the Company's future operations and financing strategies.

Upon a favorable outcome of the Decision and the completion of the Proposed Transaction, the Company would be positioned to shift its focus toward executing the strategic plan for the Penouta Project, as described in the Company's MD&A for the year ended December 31, 2023, and in its Annual Information Form dated March 27, 2024, both of which are available on the Company's website and www.sedarplus.ca.

In the event the Decision is not favorable to the Company, further legal recourses will be analyzed and executed. If necessary, depending on the amount of funding raised, the Company may review priorities to guarantee the Company's continuity while the procedure advances and additional financing is obtained. As at March 31, 2024, the Company had cash of $0.25 million available to settle current liabilities of $7.3 million. These matters represent material uncertainties that cast significant doubt as to the ability of the Company to fulfill its commitments as planned.

Proposed Transaction

On March 19, 2024, the Company entered into a business combination agreement (the "Business Combination Agreement") with IberAmerican and IberAmerican Resources Inc. ("Subco"), a wholly-owned subsidiary of IberAmerican. Pursuant to this agreement, IberAmerican will acquire all of the issued and outstanding common shares in the capital of the Company ("Strategic Shares") (the "Proposed Transaction"). Under the terms of the Business Combination Agreement, each holder of Strategic Shares will be entitled to receive one common share of IberAmerican ("Iber Share") for every seven Strategic Shares held.

The company's board of directors has unanimously approved the Business Combination Agreement and determined that the Amalgamation is fair to shareholders and in the Company's best interest. The board recommends that shareholders vote in favor of the Proposed Transaction.

The Company has issued a Notice of Meeting of a special meeting of the shareholders to be held on May 24, 2024, to seek shareholder approval for the Proposed Transaction.

For more information on the Proposed Transaction, please refer to the Company's Q1 2024 MD&A filed on SEDAR+ at sedarplus.ca.

About Strategic Minerals Europe Corp.

Strategic Minerals' wholly-owned subsidiary, Strategic Minerals Spain, S.L. ("SMS"), produces, identifies, explores, and develops mineral resource properties critical to the green economy, predominantly in Spain. SMS holds permits and a license for the Penouta Project. SMS is the largest cassiterite concentrate and tantalite producer in the European Union and has been recognized within the EU as an exemplary company of good practices in the circular economy. The Company is well-positioned as a major producer of sustainable and conflict-free tin, tantalum, and niobium. Strategic Minerals is a "reporting issuer" under applicable securities legislation in the provinces of British Columbia, Alberta, and Ontario.

Additional information on Strategic Minerals can be found by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including, without limitation, management's beliefs regarding maintaining the current levels of production and meeting guidance targets, and the Proposed Transaction as proposed to be affected pursuant to the Business Combination Agreement, the ability of the parties to satisfy the conditions to closing of the Proposed Transaction, the mailing of the management information circular in connection with the Meeting, delisting of the Company from Cboe Canada and the timing thereof and the anticipated timing of closing of the Proposed Transaction. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strategic Minerals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated March 27, 2023, which is available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the mining and exploration industry, such as operational risks in development or capital expenditures, the uncertainty of projections relating to production, and any delays or changes in plans with respect to the exploitation of the site. Forward-looking statements contained herein, are made as of the date of this press release, and Strategic Minerals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

This announcement refers to the following non-IFRS financial performance measures:

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, income taxes, depreciation, and amortization ("EBITDA"), adjusted to exclude share-based payments, gain on retained investment in associate, gain on sales of assets, gain on disposal of investment in associate and reverse takeover ("RTO") transaction costs. Adjusted EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is intended to provide additional information for the reader as we believe certain investors could use this information to evaluate the Company's underlying performance of its core operations and its ability to generate cash flow and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers.

The following table provides a reconciliation of adjusted EBITDA to net income (loss) as reported in the Financial Statements:

($ thousands)
Q1 2024

Q1 2023
Net income (loss)
(1,404)
(1,321)
Finance income
(1)
(137)
Finance costs
221

147
Gain on settlement of debt
-

(8)
Change in fair value of investment
-

15
Income tax expense
-

62
Depreciation and amortization expense
298

470
EBITDA
(887)
(772)
Gain on sale of assets and investment in associate
-

(529)
Loss from investment in associate
17

-
Share-based payments
-

248
Adjusted EBITDA
(870)
(1,053)


Further Information

For further information regarding Strategic Minerals, please contact:

Elena Terrón, Corporate Secretary
Strategic Minerals Europe Corp.
eterron@strategicminerals.com

Craig MacPhail
NATIONAL
(416) 525-5709
cmacphail@national.ca

SOURCE: Strategic Minerals Europe Corp.

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To: LoneClone who wrote (22535)5/15/2024 3:38:50 PM
From: LoneClone
   of 22780
 
[REE] Namibia Critical Metals Successfully Completes Optimization on Hydrometallurgical Flowsheet for the Lofdal Heavy Rare Earth Deposit

accesswire.com

Monday, 13 May 2024 09:00 AM

HALIFAX, NS / ACCESSWIRE / May 13, 2024 / Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NCMI") (TSXV:NMI)(OTCQB:NMREF) is pleased to announce key results of the optimization test program in preparation for scale-up hydrometallurgical tests for its "Lofdal 2B-4" heavy rare earth project.

Tests were conducted on a 93 kg concentrate sample produced by a flotation pilot plant at SGS Lakefield, using run-of-mine material from the Lofdal Area 4 starter pit. The pilot plant flotation program confirmed the performance of the Lofdal beneficiation flowsheet in a continuous operation and demonstrated the ability to produce an upgrade mineral concentrate. Previous test on bulk flotation concentrate showed promising results in terms of REE extraction and reduced reagent consumption. The current hydrometallurgical testing aims to replicate the previous result using the concentrate produced from the flotation pilot plant. Preliminary confirmatory tests showed consistent high REE dissolution and established a relation between sulphation temperature, REE extraction and iron co-extraction.

Key results include:

  • Low (~ 300°C) temperature sulphation yields higher REE dissolution, but also higher iron dissolution. High iron dissolution leads to high reagent consumption to remove the iron in the leach solution.
  • High (~ 600°C) temperature sulphation proved to be beneficial in suppressing iron dissolution into the leach solution. The process was able to reduce iron dissolution from around 60% (low temperature bake) to around 30%. This leads to a net reduction in MgCO3 consumption. However, some REE losses were observed at these high temperature bake conditions.
  • Impurity removal process was shown to be successful in removing the iron and thorium and at minimum REE losses whether from high temperature or low temperature sulphation conditions.
Darrin Campbell, President of Namibia Critical Metals, stated:

"I am very pleased to see the hydrometallurgical optimization test work completed with positive results. The unusual primary xenotime mineralization forced us to practically pioneer all beneficiation steps. During our recent visit to the SGS test facilities at Lakefield we were impressed with how our lead consultants at SGS Canada master the optimization of the earlier developed flowsheet. Based on the data, it seems we see further significant reduction of OPEX compared to the previous financial estimations."

Optimization of Hydrometallurgical Flowsheet

Test-work was conducted at SGS Lakefield from October 2023 to April 2024 in preparation of acid sulphation scale-up test-work planned for Q2 2024.

Flotation concentrate samples with varying iron levels (by applying magnetic separation) were used in hydrometallurgical tests. The results showed that higher or lower iron levels in the flotation concentrate were equally manageable in the sulphation process.

Low temperature acid sulphation led to higher REE extraction (and high iron dissolution).

High temperature sulphation, on the other hand, showed that iron dissolution could be reduced leading to a reduction in magnesium carbonate required for iron precipitation in the impurity removal step. Preliminary confirmatory hydrometallurgical testing at high temperature sulphation using the concentrate produced from flotation pilot plant shows an improved REE dissolution coupled with high iron dissolution.

A trade-off study is being conducted by SGS Bateman to identify the optimum route for the upstream hydrometallurgical process.

The ongoing test-work program and trade-off study aims to establish the process conditions applied in the scale up program of the acid sulphation and water leach unit operations. This work will be followed by further optimisation of the downstream REE recovery steps to produce a mixed rare earth oxide product.

About Namibia Critical Metals Inc.

NCMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.

The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC).

The Company filed a robust updated PEA for "Lofdal 2B-4" on November 14, 2022, with a post-tax NPV of USD$391 million and an annual IRR of 28% with a capital expenditure of USD$207 million. The project is projected to generate a life of mine nominal cash flow of USD$698 million post-tax over a 16-year mine life.

About Japan Organization for Metals and Energy Security (JOGMEC) and the JV

JOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development.

Rare earth elements are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with USD$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry.

Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the Company stipulate that JOGMEC provides C$3,000,000 in Term 1 and C$7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further C$10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also purchase another 1% for C$5,000,000 and has first right of refusal to fully fund the project through to commercial production and to purchase all production at market prices. The collective interests of NCMI and historically disadvantaged Namibians cannot be diluted below a 26% carried working interest upon payment of C$5,000,000 to JOGMEC for the dilution protection. NMI may elect to participate up to a maximum of 44% by funding pro rata after the earn in period is completed.

To date, JOGMEC has completed Term 2 and earned a 40% interest by reaching the C$10 million expenditure requirement. Total approved project funding to date is C$14,541,000 of the $20,000,000 Earn-In requirement to reach 50% interest.

James Brown, Peng. of SGS is a Qualified Person and has reviewed and approved the sections on hydrometallurgical test work in this press release.

Rainer Ellmies, PhD, MScGeol, EurGeol, AusIMM and Vice President of Namibia Critical Metals Inc., is the Company's Qualified Person and has reviewed and approved this press release.

The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under the symbol "NMI" and the OTCQB Market under the symbol "NMREF".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact -

Namibia Critical Metals Inc.

Darrin Campbell, President
Tel: +01 (902) 835-8760
Email: Info@NamibiaCMI.com Web site: www.NamibiaCriticalMetals.com

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

SOURCE: Namibia Critical Metals Inc.

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To: LoneClone who wrote (22536)5/15/2024 3:54:25 PM
From: LoneClone
   of 22780
 
Lancaster Resources Receives BLM Drilling Approval for Alkali Flat Lithium Brine Project

ca.finance.yahoo.com

Lancaster Resources Inc.
Wed, May 15, 2024 at 5:00 a.m. PDT·3 min read

LANRF
0.00%

VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) -- Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF0) (“Lancaster”) announces that the United States Department of the Interior Bureau of Land Management (“BLM”) has provided Lancaster with approval for the Plan of Operations regarding the Alkali Flat Lithium Brine Phase 1 drill program. This follows permit approval granted by the New Mexico Mining and Minerals Division (“MMD”), as announced on April 30, 2024.

"The BLM approval of our Plan of Operations application is further proof of Lancasters’ vision of providing sustainable and minimal impact critical minerals for the energy transition,” says Andrew Watson, Lancaster's VP Engineering & Operations. "We are rapidly progressing to drilling our maiden exploration well at Alkali Flat and showing the significant potential lithium brine deposit in the subsurface aquifers identified by our 2023 geophysics program."

Pursuant to BLM regulations 43 CFR 3715, the Plan of Operations submitted to the BLM in September 2023 has been formally approved. This approval includes the potential to drill up to three wells on the playa allowing for an expedited regulatory process pending results of the maiden well in Q2 2024. In addition to the approval are conditions for access, safety, and protecting the environment that the BLM and Lancaster have worked very closely on. Lancaster intends to meet or exceed all requirements to ensure the safety and protection of the environment and all stakeholders.

As previously released, Lancaster must submit a financial assurance instrument, such as a letter of credit, for USD $63,783 to be jointly held by the BLM and MMD. Once the financial assurance is received and approval from the New Mexico Office of the State Engineer is received, Lancaster will be able to access and drill on the playa.

The Alkali Flat Lithium Project targets a closed-basin brine deposit in a playa lake setting. The project is conveniently situated next to a major rail line and interstate highway, providing excellent access. The Drill Permit area lies about 8 miles north of the renowned 15MW Lightning Dock Known Geothermal Resource Area (KGRA).

Closed basin brine deposits contain an estimated 58% of the world’s lithium resources. The only location of lithium production currently active in the United States is the brine operation at Clayton Valley, Nevada.

Qualified Person

Andrew Watson, P.Eng., a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is the VP, Engineering and Operations for Lancaster.

About Lancaster Resources Inc.

Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring lithium, and other critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, spans ~5,200 acres and comprises 260 mineral placer claims which cover the heart of the Alkali Flats playa near Lordsburg, Mexico where Lancaster is exploring a below-surface lithium brine target. Lancaster’s goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services exploration.

Lancaster’s project portfolio includes 100% ownership of the Piney Lake Gold Property in Saskatchewan and rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec. Lancaster also holds a 100 percent interest in the Catley Lake and Centennial East Uranium projects in the Athabasca basin in Saskatchewan, Canada. It also has a minority interest in Nelson Lake Copper Corp., an unlisted reporting issuer which owns 100 percent of the Nelson Lake Copper Project in Saskatchewan, Canada. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 40 mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.

Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@lancasterlithium.com
Tel: 604 923 6100

www.lancaster-resources.com

The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster’s future performance. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”, ”estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, ability to enter into a long form agreement for the acquisition of the Trans Taiga Lithium Propety, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.

Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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To: LoneClone who wrote (22537)5/16/2024 2:10:47 PM
From: LoneClone
   of 22780
 
[Lithium/Tantalum]
Q2 Metals Announces Re-Assay Results and Spring 2024 Exploration Plan for Cisco Lithium Property, James Bay Territory, Quebec, Canada

newsfilecorp.com

May 16, 2024 3:01 AM EDT | Source: Q2 Metals Corp.

Highlights:

  • Confirmation of lithium and tantalum mineralization with the following results:
    • 115.4 m at 1.40% Li2O and 13 9ppm Ta2O5 within a cumulative width of five separate pegmatite intervals in hole CS-23-05 (previously reported at 1.21% Li2O)
  • 57.8 m at 1.44% Li2O and 130ppm Ta2O5 within a cumulative width of three separate pegmatite intervals in hole CS-23-06 (previously reported at 1.27% Li2O)
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce the results of the re-assaying of the initial core samples from the drill program that was conducted by the property vendors at the Cisco Lithium Property (the "Property" or the "Cisco Property") in fall of 2023.

The Property vendors drilled six holes, totaling 1,287 metres ("m"), at one of the six mineralized zones at the Property. Their drill program confirmed a strike length of approximately 220 m, open along strike in both directions and down-dip.

As announced on April 30, 2024, Q2 geologists re-logged the drill core and then submitted the previously sampled intervals for analysis using the processed material from the original analytical lab. The samples were sent to SGS Laboratories in Burnaby, BC, where they were analyzed for Lithium ("Li") and Tantalum ("Ta") using sodium peroxide fusion with ICP-AES/MS finish (code GE-ICP91A50).

The objectives of the re-assaying and re-logging program were:

  • To confirm the historical analytical results with a method consistent with that used for the Mia Property, and which will be used in future programs at Cisco.

  • To utilize an analytical method appropriate for tantalum as well as one more appropriate for higher grades of lithium.
Q2 Metals VP of Exploration Neil McCallum said: "We are pleased with the positive outcome of the re-analysis of the Cisco drill results. A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It's not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5% Li2O and we have several samples above that range."

Q2 Metals President and CEO Alicia Milne said: "These results add to our overall excitement around the Property. We've been counting down the days to get boots on the ground at Cisco and are looking forward to a busy exploration season."

The results of the re-analysis are summarized in Table 1. A plot of both analytical methods is shown in Figure 1 to visualize the difference indicating the higher results of the re-analysis at grades greater than about 0.75% Li2O.



Table 1. Results of re-analysis for the 2023 Cisco drilling

To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com



Figure 1. Chart of the original analysis (x-axis) and the re-analysis (y-axis)

To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com



Figure 2. Spodumene pegmatite intercept from drill hole CS-23-05

To view an enhanced version of this graphic, please visit:
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Spring 2024 Exploration Program - Cisco Property

Q2 will commence a detailed mapping and sampling program at the Cisco Property shortly after the local goose harvesting season is completed on May 20, 2024. The detailed groundwork will provide guidance on the extent of the lithium mineralization at the initial target area and identify other potential target areas on the sizeable primary exploration trend measuring 21 kilometres ("km") long.

Q2 will also commence an inaugural drill campaign (Spring 2024 Drill Campaign) which will be focused on the 2023 discovery area. As the other target areas are assessed by the Q2 team, the drilling will expand outwards.

About the Cisco Property

The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. It is located less than 10 km east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay. The Property lies within the greater Nemaska Community lands of the Eeyou Itschee Territory, James Bay, Quebec.

The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.

On February 28, 2024, the Company announced it had signed an option agreement which gives the Company the exclusive right and option for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the "Transaction"). The Transaction is expected to close in short order.

Analytical Methods and QA/QC Protocols

All drill core samples were shipped from Techni-Lab Abitibi Inc. (a division of Activation Laboratories Ltd.) to SGS Canada's preparation facility in Val d'Or, Quebec, for processing. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).

An in-depth review of the QA/QC standards of both methods reveals that the analytical results reported herein are more accurate.

Advance Notice Policy

The Company is pleased to report that it has received the approval of the TSX Venture Exchange for an amendment to the Company's articles (the "Articles") to add a requirement for advance notice in connection with the election of directors ("Advance Notice Provisions"), as approved by shareholders at the Company's annual and special meeting of shareholders held on November 1, 2023.

The purpose of the Advance Notice Provisions is to provide shareholders, directors and management of the Company with direction on the procedure for shareholder nomination of directors. The Advance Notice Provisions are the framework pursuant to which the Company fixes a deadline by which holders of record of common shares must submit director nominations to the Company prior to any annual or special meeting of shareholders and set forth the information that a shareholder must include in the notice to the Company for the nomination notice to be in proper written form. A copy of the amended Articles can be found under the Company's profile on SEDAR+ at www.sedarplus.ca and further details on the Advance Notice Provisions may be found in the Company's management information circular dated September 27, 2023.

Qualified Person

Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.

About Q2 Metals Corp

Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property. In addition, the Company expects to add the Cisco Lithium Property to its property portfolio once the Transaction closes.

The Company's exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.

The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.40% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Alicia Milne
President & CEO
Alicia@Q2metals.com

Jason McBride
Corporate Communications
Jason@Q2metals.com

Telephone: 1 (800) 482-7560
E-mail: info@Q2metals.com

WWW.Q2Metals.com

Follow the Company: Twitter, LinkedIn, Facebook, and Instagram

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-Looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-Looking statements are based on a number of material factors and assumptions.

Forward-Looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-Looking statements in this news release include, but are not limited to, exploration results on the Cisco Property and inferences made therefrom, closing of the Transaction in short order, the commencement of a detailed mapping and sampling program at the Cisco Property shortly after the local goose harvesting season has completed on May 20, 2024, that the Spring 2024 Drill Campaign will commence on the 2023 discovery area with the opportunity to increase as the results dictate, that the Q2 will add the Property to its property portfolio, the focus of the Company's current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company's expectations in connection with the projects and exploration programs being met, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Q2 Metals Corp.

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To: LoneClone who wrote (22538)5/16/2024 2:33:36 PM
From: LoneClone
   of 22780
 
[Cesium]
Cascadero Copper Announces Positive Preliminary Economic Assessment on the Taron Cesium Project in Argentina

May 15, 2024 5:11 PM EDT | Source: Cascadero Copper Corporation
  • Resource of 50,810 tonnes of contained Cesium
  • 23.85 Mt resource at a grade of 2,131ppm Cesium with significant potential to grow
  • 14+ year mine life
  • Strong NPV based on conservative pricing of Cesium Formate - 20% increase in prices can produce almost four times the NPV
  • NPV (10) (after-tax) of US$79M, with an IRR of 14% (after tax) and payback period less than five years of operations
  • Taron has the potential to be the world's foremost supplier of Cesium

newsfilecorp.com

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Cascadero Copper Corporation (TSXV: CCD) ("Cascadero" or the "Company") is pleased to announce the successful completion of its Preliminary Economic Assessment ("PEA") on its Taron Cesium Project ("Taron" or the "Project") located in Salta, Argentina. The PEA indicates that the drilled portion of the Taron property has a 23.85 Mt at a grade of 2,131 ppm Cesium. Using the Company's patented extraction process developed at the University of British Columbia and a Cesium Formate price of $50,000/t, the project has a 14+ years of mine life with a NPV(10) of US$79M, an IRR of 14% and a payback period of less than five years. The PEA was completed by Wardell Armstrong International ("WAI").

In recognition of the opaque nature of the Cesium market, WAI conducted a resource sensitivity assessment at varying Cesium prices. An increase in Cesium Formate price of only 20% increases the NPV by almost four times (4X).

The PEA assessed the development of the Taron Project mineral resource by open pit mining, using the Company's patented High-Pressure Acid Leaching (HPAL) process to produce a final solution containing Cesium hydroxide to which formic acid is added for the production of an 80% Cesium Formate brine.

Cascadero's Interim Chief Executive Officer and Interim President, Dr. George Gale, stated: "This Preliminary Economic Assessment supports our assertion that the Taron Cesium Project has the potential to be the next primary Cesium producing mine in the world. The results of the Base Case study show positive economics, a long mine life and modest upfront capital cost, all in a favourable mining and permitting jurisdiction."

Gale continued: "The Taron Project contains a globally significant mineable resource that has the potential to be greatly expanded by further exploration because only the portions of mineralisation that crop out have be drilled to date. The deposit is a thick accumulation of poorly consolidated gravels and sands that were mineralized by late hot spring fluids, which flowed through the sediments and precipitated a cement of Cesium-bearing minerals on the rock particles. The potential to expand the resource outside the current resource area is very likely as Cesium-bearing material has been found some five km from the current resource. With Cesium on the critical minerals lists of the International Energy Agency as well as United States, Canada, South Korea and Japan, and the lack of any meaningful supply, worldwide, Cascadero's Taron Project has the potential to be the world's next globally valuable and viable mining operation."

Report will be filed on SEDAR within 45 days of this announcement.



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Wardell Armstrong International (WAI) was retained by Cascadero to complete the PEA for the Taron Cesium Project located in the province of Salta, Argentina, and to prepare an independent Technical Report in accordance with the requirements of Canadian National Instrument 43-101 (NI 43-101) "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators. The prime purpose of the PEA is to evaluate the economic viability of the Project and to establish an economic concept to justify further expenditure on this Project. In addition, the report supports public disclosure of a PEA that is based on the Mineral Resource Estimate (MRE) dated 31 January 2024, as prepared by WAI. The NI 43-101 PEA Technical Report will be filed on SEDAR within 45 days of this announcement.

Cesium Market Summary

Cesium is primarily used in Formate brines to assist in the drilling of high temperature and pressure oil and gas production wells. Other applications include the production of Cesium compounds such as Cesium bromide for use in infrared detectors, optics, photoelectric cells, scintillation counters and spectrometers.

The Tanco Mine in Manitoba, Canada is the world's only currently viable Cesium mine, retaining approximately 116,400 tonnes of primary Cesium resources. In 2013 however, instability of the mine's crown pillar forced its closure and it is unclear if mining operations have since been able to restart. In 2019, Tanco was purchased by Sinomine, a Chinese company that now claims to be the world's only manufacturer and supplier of Cesium Formate with a market share nearing 100%. Sinomine also owns the world's only other Cesium mine, namely the Bikita Mine in Zimbabwe, however its Cesium resources are thought to now be depleted. Sinomine also underwrote the Cesium supply output from the Sinclair Mine in Australia, however Sinclair completed its mining and transportation of all economically viable ore in early 2019.

As of the end of 2021, Sinomine global reserve of Cesium Formate was stated as 25,764bbl (˜10,000 tonnes), containing ~5,849 tonnes of Cesium metal equivalent. Based on modest assumptions for the Cesium price, the PEA indicates, the current resource at Taron is in the region of 40,000 tonnes of Cesium Formate brine (at 80% concentration) with 27,000 tonnes of contained metal.

As there are no confirmed active mining operations that can serve as a primary source for Cesium metal products, there is a high potential for mid- to long-term supply issues to exist, particularly when considering anticipated future market demand increases.

Preliminary Economic Assessment Summary

WAI recommends Cesium Formate brine be the assumed saleable product for the Taron PEA for the following reasons:

  • Cesium Formate is the largest and most sustainable market for Cesium products;
  • No confirmed active mining operations potentially creating long-term supply issues; and
  • Tangible reasoning for anticipating an increase in product demand.
The Taron Property consists of five (5) Contiguous Mineral Tenures, approximating 8,179 hectares (83 Units) in area. The Tenures are registered to Cascadero Minerals S.A., which is 100% owned by Cascadero Minerals Corporation, a Canadian Company, which is 70% owned by Cascadero Copper Corporation and 30 % owned by Regberg Ltd (RB). CMC operates as a 70% CCD and 30% RB joint venture.

A summary of the life of mine discounted cash flow analysis is presented in Table 1. Utilizing a Cesium Formate price of US$50,000/t and a 10% discount rate, the NPV is US$79M, with an IRR of 14%. The Project payback period is estimated to be less than five years of operations.

Table 1: Summary of LOM Discounted Cash Flow Analysis
ParameterUnitValue
Ore Mined t23,324,857
Waste Mined t11,805,737
Processed Tonnest22,158,614
Processed Cs Grade%0.21
Cs Recovered t41,051
Net Revenue US$M3,332
Total Operating Cost US$M(2,027)
EBITDA US$M1,305
Depreciation & Amortisation US$M596
EBIT US$M708
Tax US$M(281)
Net Income US$M428
Depreciation & Amortisation (added back)US$M596
LOM Capital Expenditure US$M(596)
Operating (post-tax) Free Cash Flow US$M428
NPV5US$M215
NPV8US$M126
NPV10 US$M79
IRR %14
Payback Period Years5


*Numbers may not add precisely due to rounding

Capital and Operating Costs

The capital and operating cost estimate summaries for the Taron Project are presented in Table 2 and 3, respectively. By using a contract miner, mining capital costs are minimised, but at the expense of higher mining operating costs.

Closure costs were incorporated into the operating costs for pit optimisation purposes (at US$1.0 per processed ore tonne) for the appropriate consideration of mine closure obligations, however the overall closure cost has been allocated as a capital cost for the Project financial evaluation and is accrued at the end of the mine life. No allowance for salvage has been included in the closure cost assumptions.

Table 2: Project Capital Costs
ItemUnitCost
Mining CapitalUS$M1.98
Process Capital (HPAL)US$M427.5
Gas PipelineUS$M5.26
Power GenerationUS$M21.62
RoadsUS$M1.47
Water SupplyUS$M2.35
TMFUS$M11.59
Site BuildingsUS$M6.36
ClosureUS$M22.16
Sustaining CapitalUS$M96.39
TotalUS$M596.28


Table 3: Project Operational Costs
ItemUnit Cost (US$/t ore)Total LOM Cost (US$M)
Mining (inc. re-handle)4.0134.0
Processing84.11,863.5
Tailings Management0.37.3
G&A1.022.16
Total91.52,027.0


Note: Mining unit costs are based on per tonne ore mined, whereas all other costs consider per tonne ore processed (i.e less mining losses)

Average LOM Operating Cost = Total LOM Operating Costs/Total LOM Ore Tonnes Processed

Economic Analysis

The economic analysis uses a Discounted Cash Flow (DCF) approach, based on a post-tax, unleveraged, real-terms basis, to determine the Net Present Value (NPV), payback period (time in years to recapture the initial capital investment), and the internal rate of return (IRR) for the Project. Annual cash flow projections were estimated over the life of the mine based on the estimates of capital expenditures, production cost, and sales revenue. The analysis has been conducted in real terms with no consideration given to inflation or escalation of costs or prices over the life of the Project.

The long-term Cesium Formate brine price used in the economic analysis has been evaluated by WAI, based preliminary market analysis suitable for a PEA level of study, and agreed with the Company at US$50,000/t (no escalation), in real terms, over the life of the mine. A payability rate of 97% has been applied, to reflect 3% royalty payments. No price inflation or escalation factors were taken into account.

The economic analysis is prepared on a 100% equity project basis and does not consider financing scenarios. A 10% real discount rate has been used in the analysis. The economic model is based on the following assumptions and exemptions:

  • Average throughput rate of 1.75Mtpa open pit operation extracting mineralised material from which Cesium Formate brines can be produced;
  • Cesium Formate brine price is based on consensus equity research long-term commodity price projections and cost estimates in United States dollars (US$);
  • Capital costs (CAPEX) and Operating costs (OPEX) have been estimated at a Preliminary Economic Assessment level of confidence (±40%);
  • The contingency costs have been excluded from the CAPEX schedule; and
  • All cost estimates have been calculated in 2024 money terms and, as such, the life of mine operating cost forecasts do not account for inflation.
The total capital cost estimate for the Taron Project is estimated at US$596.3M, of which the process plant equates to US$427.5M. The initial capital cost is US$477.7M with the remaining allocated to sustaining capital (US$96.4M) and closure costs ($US22.2M). By using a contract miner, mining capital costs are minimised – at the expense of higher mining operating costs.

The Project operating cost includes US$4.0/t for mining, US$84.1/t processing, US$0.3/t tailings management, and US$1.0/t for G&A. This equates to a total LOM operating cost of US$2,027.0M, or an average LOM operating cost of US$91.5/t ore processed.

The resultant DCF analysis, at a discount rate of 10%, has presented a positive NPV of US$79M, with an IRR of 14%. The Project payback period is estimated to be in the fifth year of operations.

Sensitivity analysis flexing the Project NPV shows that the Project is most sensitive to commodity price (and consequently grade). The Project NPV shows lesser sensitivity to operating expenditure, followed by capital expenditure and discount rate.

At a 10% discount rate, the NPV is US$79M, with an IRR of 14%. The Project payback period is estimated to be in the fifth year of operations. A summary of the key Project economics is presented in Table 4 below.

Table 4: Summary of LOM Discounted Cash Flow Analysis
ParameterUnitValue
NPV10 US$M79
IRR %14
Payback Period Years5


A sensitivity analysis respective to variations in the Cesium Formate brine price, operating costs, capital costs, and discount rate, was conducted to examine the sensitivity of the Model to changing economic conditions. As can be seen in Figure 1, the Project is most sensitive to Cesium pricing, less sensitive to operational and capital costing, and least sensitive to discount rate.



Figure 1: Taron Project Sensitivity Analysis

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Mining

Mining will be from an open pit operation utilising traditional drilling, blasting, loading and hauling techniques, although it is currently thought that a proportion of the mined material will be free-digging. The PEA assumed employment of a mining contractor, which will reduce capital costs and accommodate fluctuations in annual material movement quantities. Ore material from the Taron pit will be hauled approximately 3km (ex-pit) directly to the run of mine (ROM) pad adjacent to the process plant. Waste rock will be hauled to a waste rock storage facility (WRSF) approximately 2km north of the pit exit. Mining rates peak at 1.75Mtpa and continue over a period of 14 years. As the deposit outcrops at surface, no pre-stripping phase is required with the first four years of mining producing minimal amounts of waste rock. Figure 2 below illustrates the Annual tonnes of Ore mined with average Cesium grade.



Figure 2: Annual Ore Tonnes Mined with Average Cesium Grade

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Recovery Methods

To define the most economically viable recovery method for use in the PEA, trade-off studies were completed concerning the two processing routes under consideration for the Taron deposit1, namely:

  • Atmospheric Leaching; and
  • High-Pressure Acid Leaching (HPAL).
Although the atmospheric leaching option demanded significantly less capital investment whilst offering improved process recoveries, high acid consumption rates resulted in unsustainable operational costs – thus significantly impacting the minable resource potential.

The comparatively lower acid and limestone consumption offered by HPAL more than compensates for the additional Project CAPEX demands and lower process recoveries. Consequently, and based on available test work data, the HPAL option was selected as the process method for the PEA works.

For initial design purposes, the ROM grade of 0.2144% Cs is assumed and processed at a rate of 1.75Mtpa for a LOM of 14 years. Assuming 350 operating days for a plant availability of 95.9%, a throughput of 5,000tpd (208tph) is required. A conceptual process flowsheet considering the HPAL method is described as follows.

  • ROM ore will be delivered to a feed bin and conveyed to a rotary breaker. Coarse gangue material will be rejected as waste with undersize conveyed to a ball mill. The ball mill will operate in closed circuit with cyclone overflow from hydrocyclone classifiers feeding the autoclave circuit. Two autoclave circuits will operate in parallel to provide operational redundancy. After leaching, the resulting solution containing the dissolved Cesium and other impurity elements reports to the downstream Cesium extraction plant. Aluminium sulphate is added to the leach solution followed by cooling to promote rapid formation of the impure Cesium alum crystals. After recovery by filtration, the crystals are re-dissolved and subsequently cooled once again to form pure Cesium alum crystals, before a final stage of dissolution for treatment with barium hydroxide in two stages.
  • The first stage removes aluminium as aluminium hydroxide and some barium sulphate. The second stage then removes the balance of the sulphate as barium sulphate.
  • The final solution contains Cesium hydroxide to which formic acid is added for the production of an 80% Cesium Formate brine for direct sale to market.
Market Studies and Sensitivity Analysis

Cesium is primarily used in Formate brines to assist in the drilling of high temperature and pressure oil and gas production wells. As such, WAI have conducted the study on the assumption that Cesium Formate brine will be the primary saleable product for the Taron Project.

Based on a PEA level market assessment and using the information available, WAI derived a long-term Cesium Formate brine cost of US$50,000 per tonne (at 80% concentration). However, due to Cesium not being readily traded in commercial quantities and the market for Cesium products being notoriously opaque in nature, little publicly available data on supply/demand and pricing is available to reliably verify the price assumptions used. This being said, WAI regard the price derivation to be a suitable estimation at this stage of Project development.

In recognition of the of the opaque nature of the Cesium market, WAI conducted a resource sensitivity assessment at varying Cesium prices. The results are summarised by the graph below, with the US$50,000 per tonne PEA scenario highlighted in red. It can be seen in Figure 3 that there is a distinct sensitivity on Cesium Formate pricing an increase of 20% in Cesium pricing will improve NPV four fold.



Figure 3: Resource Size and NPV Sensitivity for Varying Cesium Formate Pricing

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Environmental and Social

The necessary and preliminary environmental and social baseline study has been completed and submitted to the Commercial Mines Court of Registry of the Ministry of Mining. The environmental permit allowing surface exploration in the Project area requires the Biannual Renewal of the Environmental Impact Report (BREIR). The Project is currently licensed under the December 2022 decision, however the baseline data for the 2022 BREIR is now considered to be outdated and therefore requires addressing.

The Project is in an area of very low population density with no permanent dwellings or farmsteads located on the concession area, the nearest settlement being 30km to the northwest at Santa Rosa de los Pastos Grandes (population of 150). Grazing animals (sheep and llama) do occasionally pass through the licence area, possibly taking advantage of the small streams flowing broadly southeast – northwest.

Additional baseline studies will need to take place in order to collect information on the complete environmental and social setting of the Project. Particular attention should be given to a consistent flora and fauna baseline, along with hydrology and soil characterisation. This will allow modification of Project components and potential avoidance of significant impacts.

Notwithstanding any shortcomings highlighted, and the requirement to instigate baseline and other studies, at this stage of work the Project does not appear to present any significant challenges to development and securing the necessary permits to do so.

Mineral Resource Estimate

Geological modelling, block modelling, and grade estimation for the Taron deposit has been carried out by GeoSim Services Inc. The work completed by GeoSim was done in preparation for the 2017 NI 43-101 Technical Report for the Taron deposit however this was considered a Mineral Inventory as reasonable prospects of eventual economic extraction (RPEEE) could not be declared at the time. WAI has reviewed all work completed by GeoSim and prepared the block model for optimisation and the application of current RPEEE factors for reporting Mineral Resources in accordance with the guidelines of the JORC Code (2012).

The resultant estimated grades were validated against the input composite data. Resource classification was undertaken in accordance with the guidelines of the JORC Code (2012) and was based on an assessment of geological and grade continuity, an assessment of assay quality, and an assessment of available bulk density data. Mineral Resources were further limited based on an expectation of eventual economic extraction to an optimised open pit shell generated using appropriate economic and technical parameters. Mineral Resources were reported to an economic cut-off grade of 1,239ppm Cs as calculated from optimisation parameters and summarised in Table 5 below.

Table 5: Mineral Resource Estimate, Taron Project, Argentina (31 January 2024) in accordance with the Guidelines of the JORC Code (2012)
CategoryTonnes
(Mt)
GradeContained Cesium
Cs (ppm)Cs (Kt)
Measured---
Indicated---
Inferred23.852,13150.81


Technical information in this press release has been reviewed and approved by Dr. George H Gale, PEng and Tony Cau, BSc Eng for Cascadero, both of whom are considered to be qualified persons under Canadian National Instrument 43-101.

Notes on Mineral Resources Estimate

  1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Additional drilling will be required to convert Inferred Mineral Resources to indicated Mineral Resources or Mineral Reserves. There is no certainty that any part of a Mineral Resource will ever be converted into Mineral Reserves.
  2. The effective date of the Mineral Resource Estimateis 31 January 2024.
  3. All figures are rounded to reflect the relative accuracy of the estimate, and apparent errors may occur due to rounding.
  4. Mineral Resources reported from optimisation at SMU 10m x 10m x 10m.
  5. Mineral Resources are limited to an optimised open pit shell based on appropriate economic and mining parameters.
  6. Cesium prices during optimisation were US$50,000/t for a Cesium Formate brine product at 80% concentration.
  7. Mineral Resources have been classified in accordance with the guidelines of the JORC Code (2012) by Ché Osmond, an independent Competent Person as defined by JORC.
  8. The Mineral Resource estimate has not been affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or any other relevant issues.
  9. Mineral Resources are reported to a cut-off grade of 1,239 ppm Cs for potential open pit mining operations. Cut-off grades are economic cut-off grades based in optimisation parameters provided by Cascadero and assumptions made by WAI.
Technical information in this press release has been reviewed and approved by Dr. George H Gale, PEng and Tony Cau, BSc Eng for Cascadero, both of whom are considered to be qualified persons under Canadian National Instrument 43-101.

About Cascadero Copper Corporation

Cascadero Copper Corporation is focused on the exploration and development of its copper, gold and Cesium properties located in Salta, Argentina. In addition to the Taron Cesium Project, the Company has a joint venture with Golden Minerals on its Sarita Este license where Golden Minerals has drilled out a small gold discovery. Cascadero also has significant landholdings adjacent to First Quantum Minerals' Taca Taca copper-gold-molybdenum porphyry deposit. The Company also holds a number of other exploration properties that can be viewed on www.cascadero.com.

All material information on the Company may be found on its website at www.cascadero.com and on SEDAR at www.sedar.com.

For further information, please contact:

Dr. George Gale

Interim CEO

Email: georgegalevp@yahoo.ca or info@cascadero.com

Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the economic and operational potential of the Taron Cesium Project, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

1 The same downstream processing circuit was considered for both options.

SOURCE: Cascadero Copper Corporation

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To: LoneClone who wrote (22539)5/16/2024 3:17:59 PM
From: LoneClone
   of 22780
 
Xplore Receives Drill Program Permit for Surge Lithium Project; Drilling to Commence in June

newsfilecorp.com

May 15, 2024 7:20 AM EDT | Source: Xplore Resources Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company") is pleased to announce it has received an Early Exploration Permit for drilling at its Surge Lithium Project, located in the emerging Root lithium district in northwest Ontario. The Surge Project is adjacent to and on trend with Green Technology Metals' Root Bay project (Figure 1) - host to a new lithium deposit with a 10 Mt at 1.29% Li2O JORC Resource1 as well as a recent discovery at Root Bay East that includes drill results just 25 m from Xplore's Surge project (Figure 2). Program planning and drill targeting are underway and the company will provide further details of its exploration program in the coming weeks. The Surge drill program is expected to commence in June, 2024.

News Highlights

  • Surge Project Located Along 10 km of the Root Bay Lithium Trend. The Surge property is positioned within 10 km of prospective geology along the Root Bay lithium trend. Drilling results reported by Green Technology Metals for five holes within 50 m of the Surge property boundary include 23.3 m of 1.16% Li2O (RBE-23-007), 10.5 m of 1.08% Li2O (RBE-23-008), 11.7 m of 1.12% Li2O (RBE-23-009),1 and 11.6 m of 1.18% Li2O (RBE-23-30)2 (Figure 2).
  • Rapid Growth Along the Root Bay Trend. The Root lithium area has experienced rapid growth since 2023 with a new lithium discovery at the Root Bay deposit. The deposit now boasts a 10 Mt at 1.29% Li2O JORC Resource,1 spanning approximately 1.5 km of the Root Bay trend. Recent exploration drilling by Green Technology Metals has identified a potential new stacked system of pegmatites at Root Bay East, with drill results located 25 to 50 m from Xplore's Surge property boundary. The Surge property is situated along the eastern extension of the trend, covering approximately 10 km of prospective geology.


Figure 1. Xplore Resource's Surge Lithium Project area showing drill targets, nearby deposits and prospects.

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Figure 2. Annotated drone photo taken near Xplore's Surge Project boundary with Green Technology Metals Root Project (looking east). Annotations show the location of recent drilling by Green Technology Metals with lithium drill results as close as 25 m from the Surge property boundary.

To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com

The technical content of this news release has been reviewed and approved by Karly Oliver, P.Geo., director of the Company and a Qualified Person pursuant to National Instrument 43-101.

About Xplore Resources

Xplore Resources is a North American lithium exploration company listed on the TSX Venture Exchange under symbol XPLR. The company has a prospective land package in the emerging Root Bay lithium district located in northwest Ontario. Xplore's flagship property is the Surge lithium project, on trend and near two lithium deposits and just 25 m from a new lithium discovery. The Company is led by a highly experienced management team with a strong track record of growing shareholder value.

ON BEHALF OF THE BOARD OF DIRECTORS,

Dominic Verdejo, CEO
Xplore Resources Corp.

For further information on Xplore, contact:
Telephone: 604-678-5308
Email: info@xploreresources.comWebsite: www.xploreresources.com

________________________
1 Green Technology Metals news release dated November 22, 2023
2 Green Technology Metals news release dated March 26, 2024

SOURCE: Xplore Resources Corp.

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To: LoneClone who wrote (22540)5/17/2024 12:42:05 PM
From: LoneClone
   of 22780
 
Arbor Metals to Acquire Kemlee Lake Lithium Project in Northern Ontario

thenewswire.com

Vancouver, Canada – TheNewswire - May 17, 2024 – Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) announces that it has entered into an agreement (the “Purchase Agreement”), dated May 16, 2024, with Kemlee Lake Lithium Corp. (“KLL”), and the sole shareholder of KLL (the “Vendor”), pursuant to which it proposes to acquire all of the outstanding share capital of KLL. KLL is the holder of the Kemlee Lake Lithium Project (the “Project”) situated in the heart of the Georgia Lake Lithium Camp, Thunder Bay Mining Division, Ontario.

The Project is strategically located three kilometers east of Rock Tech Lithium Inc.'s Aumacho claim blocks and twelve kilometers south of the Georgia Lake Project. Rock Tech's recent announcement on March 4, 2024, revealed the selection of the Norampac Paper Mill site as the location for its lithium refinery, marking a significant milestone as the first of its kind in Ontario with production forecasted for 2027.

The Project shares many geological similarities with the prolific Georgia Lake deposit, including bedrock geology and the presence of massive intrusive dykes. The primary target at the Project will be spodumene-bearing pegmatites hosted in metasediments. The Company is currently in the process of designing an initial exploration program for the Project.

“We are thrilled to announce the acquisition of the Kemlee Lake Lithium Project, which will strategically position Arbor Metals in the heart of the Georgia Lake Lithium Camp,” stated Mark Ferguson, President of Arbor. “This acquisition aligns seamlessly with our vision of expanding our hard rock lithium portfolio and underscores our commitment to sustainable resource development."

Arbor remains dedicated to conducting its exploration and development activities in an environmentally responsible manner while fostering positive relationships with local communities and Indigenous nations. The Company believes that the addition of the Kemlee Lake Lithium Project enhances its ability to play a key role in Canada's green economy, contributing to the nation's transition towards a sustainable future.

Pursuant to the terms of the Purchase Agreement, the Company proposes to acquire all of the outstanding share capital of KLL in consideration for the issuance of 1,500,000 common shares to the Vendor. The Company is at arm's length from the Vendor and KLL. No finders' fees or commissions are payable by the Company in connection with the acquisition.

In connection with Purchase Agreement, the Company does not expect to assume any material liabilities related to the Project, nor does it expect to devote the majority of its working capital or resources to the development of the Project. The primary focus of the Company at this time remains the planned Phase 2 exploration program at its wholly owned Jarnet Lithium Project, the details of which were announced by the Company in its news release of April 3, 2024. As a result, the acquisition does not constitute a fundamental acquisition for the Company within the policies of the TSX Venture Exchange. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange and the satisfaction of customary closing deliveries.

Qualified Person

Peter Born, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Arbor Metals Corp.

Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The Company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes.

The Jarnet, Corvette Lake and St. Pierre lithium projects, located in the James Bay region of Quebec, comprises 83 map-designated claims, covering an area of approximately 5,606 hectares. The projects are contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization representing one of the highest-profile lithium exploration projects in the sector.


Click Image To View Full Size

For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetalscorp.com, or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.

On behalf of the Board,

Arbor Metals Corp.

Mark Ferguson, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the exploration of the Kemlee Lake Lithium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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To: LoneClone who wrote (22541)5/17/2024 1:42:53 PM
From: LoneClone
   of 22780
 
Neotech Metals Begins Field Work on its Foothills REE Project, British Columbia

newsfilecorp.com

May 15, 2024 4:00 AM EDT | Source: Neotech Metals Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Neotech Metals Corp. (CSE: NTMC) (OTC Pink: NTMFF) (FSE: V690) ("Neotech" or the "Company"), a rare-earth mineral exploration company, is pleased to announce the start of its summer field program on its 100% wholly-owned Foothills project in British Columbia, Canada.

Ground-based geophysics, rock and stream sediment sampling, geochemical soil, and biogeochemical sampling focusing on the anomalous British Columbia Geological Survey ("BCGS") stream-sediment samples will be used to aid in targeting any potential discoveries. Using this methodology has led to significant discoveries in the past (e.g., Brummer et al. 1987).

Teamed up with Anomalous Exploration Ltd, Neotech employees, and contractors will focus on samples to be taken on a regional scale and sent into labs for assay to prepare for a mapping and prospecting program planned for later this year.

The ongoing BCGS survey, along with recent literature, ranks the region as highly prospective due to the elevated concentrations of rare-earth elements scoring in the 98th percentile across the survey, conducted across the entire province.

The recent BCGS publication (January 2024) can be found here.

Reagan Glazier, CEO of Neotech Metals, commented: "We're excited to commence work on this highly prospective ground and to be able to gain access to the property this early in the season due to the diminished snowpack, allowing us to systematically explore the region in multiple phases within a single year."

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Ike Osmani, P.Geo., a consultant of the Company, who is a "Qualified Person" as defined in in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

For more Information please contact:
Reagan Glazier, Chief Executive Officer
E-mail: info@neotechmetals.com
Telephone:+1 403-815-6663

About Neotech Metals Corp.

Neotech Metals Corp. is a mineral exploration company dedicated to discovering and developing valuable mineral resources in promising regions around the world. With a strong commitment to environmental stewardship and sustainable practices, Neotech is positioned to make a positive impact while maximizing the potential of its exploration properties.

The Company is a dedicated rare-earth element mineral exploration company based in Vancouver, B.C., and owns 100% of it's TREO Rare Earth Element Property located 90km Northeast of Prince George, British Columbia and its Foothills Project which it also owns wholly 100%. The Company also holds options on the EBB nickel-cobalt property in British Columbia, Canada.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on certain expectations and assumptions, including future plans and objectives of Neotech Metals Corp. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those anticipated in such statements. The Company undertakes no obligation to update or revise forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.

The CSE has not reviewed, approved, or disapproved the contents of this press release.

SOURCE: Neotech Metals Corp.

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To: LoneClone who wrote (22542)5/17/2024 1:46:03 PM
From: LoneClone
   of 22780
 
Champion Electric Metals Reports First Lithium Drill Intersections from Its Property in James Bay, Quebec

newsfilecorp.com

May 14, 2024 6:45 AM EDT | Source: Champion Electric Metals Inc.

Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to report that it has intersected lithium in its maiden exploration drill program on the Western Prospect at the Lithium Property in James Bay, Quebec (the "Property").

Drill hole EIQ24-007 intersected 10.0 metres (m) at 0.42% Li2O, including 3.0 m at 0.62% Li2O, 2.0 m at 0.50% Li2O and 2.0 m at 0.54% Li2O. Drill hole EIQ24-008 intersected 1.85 m at 0.56% Li2O (see Figure 1, Tables 1 and 2). These drill intersections are from the Western Prospect on a high-priority pegmatite target directly up-ice from the previously reported spodumene grains in till discovery.

Jonathan Buick, President and CEO, commented: "Discovering a lithium bearing pegmatite in our maiden drill program is a fantastic achievement. We believe we have intersected the edge of a mineralised system which may extend to the NE for some distance. Our upcoming field program will pick up immediately to the NE of the mineralised pegmatite, as the spring thaw prevented drill access in this direction. We are still in the early stages of exploration on our vast property, but we have now established a successful exploration workflow that we intend to apply over the whole property."

The lithium bearing intervals were also anomalous in the pathfinder elements tantalum (Ta), cesium (Cs), niobium (Nb), and rubidium (Rb) (Table 1).

The spodumene crystals vary from light to medium green in colour and are up to 7 centimetres in length. Other associated minerals include quartz, albite, muscovite, white feldspar, orange feldspar and, less frequently, garnet.

The drill holes intersected a combination of mafic volcanic rocks, magnetite-rich iron formation and tonalite. The preliminary interpretation is that the pegmatite dyke intersected is near flat lying and subcrops beneath the glacial till at a vertical depth of approximately 5 metres (Figure 2). There is potential to extend these drill intersections to the northeast where outcropping pegmatites with anomalous Cs and K/Rb occur. The Company's technical team has used mapping, sampling, and geophysics to identify two parallel corridors of pegmatite stretching for more than 5 kilometres (Figure 3). There are numerous outcrops and till samples demonstrating that the pegmatites along the corridor are fractionated with chemistry favorable for more lithium mineralisation. As exploration moves along these corridors, the team will be looking for indications of multiple parallel or stacked dykes of mineralised pegmatite and/or down dip continuation from this initial shallow discovery.



Table 1: 2024 Drill Intersections

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Table 2: Drill Hole Locations

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Figure 1: Location map of the 2024 drill holes (EIQ24-007/008 highlighted)

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Figure 2: Cross section of EIQ24-007 and EIQ24-008

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Figure 3: Exploration potential along strike

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About the Project

The Champion Electric Lithium Property is close to the Trans-Taiga Road and covers the northern extension of the Lac Guyer Greenstone Belt, which hosts neighbouring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec (Figure 4).



Figure 4: Champion Electric Lithium Project location map

To view an enhanced version of this graphic, please visit:
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QA/QC

The NQ drill core was transported by truck from the drill site to the core logging facility at the Mirage camp by the drilling company Forage Vortex. All drill core was logged, photographed and the pegmatite intervals tagged for sampling. The core samples were cut in half with a diamond core saw at 1.0 m intervals to ensure representativity. Each sample interval consists of one half of the cut NQ drill core. Blanks and certified reference materials for lithium were inserted every 25 samples. Each sample was bagged with a numbered tag and groups of samples were placed in larger rice bags and sealed to maintain a chain of custody. All sample preparation and analytical work was performed by Activation Laboratories in Val D'or, Québec. All results passed the QA/QC screening at the lab and all the inserted standards and blanks returned results that were within acceptable limits.

Qualified Person

Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this press release. All aspects of the drilling program were supervised by the Qualified Person.

About Champion Electric Metals Inc.

Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco.

The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder, and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President, and CEO

To learn more, please visit the Company's SEDAR profile at www.sedarplus.ca or the Company's corporate website at www.champem.com.

For further information, please contact:
Investor Relations and Communications
Phone: (647) 249-9298
Email: iryna@grovecorp.ca

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including closing of the Transactions and the prospectivity of the Projects for lithium. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.

SOURCE: Champion Electric Metals Inc.

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To: LoneClone who wrote (22543)5/17/2024 1:50:35 PM
From: LoneClone
   of 22780
 
[REE]
Appia Announces Encouraging Initial Results from the Newly Identified Taygeta and Merope Exploration Targets at PCH Project, Brazil

newsfilecorp.com

May 14, 2024 7:44 AM EDT | Source: Appia Rare Earths & Uranium Corp.

Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") announced today the results from the newly identified exploration targets Taygeta and Merope. A total of 111 samples from 18 auger drill holes were assayed by SGS-GEOSOL Laboratories in Vespasiano, Brazil. The results confirm that the regolith developed over the Ipora Granite presented significant enrichment of Heavy Rare Earth Oxides (HREO), characteristic of the Ionic Adsorption Clay (IAC) rare earth elements (REE) deposits identified at other PCH target zones.

Stephen Burega, President, commented, "These initial results from the auger drill program are very promising, and provide us with a strong indication that the PCH project can host multiple new IAC REE mineralized areas in addition to the resource already identified in our maiden Mineral Resource Estimate (MRE) completed by SGS Canada. Additionally, these new target zones are considerably larger in total area as compared to the Target IV. Desorption test results will be reported once received."

Highlights

  • The new targets are in the Eastern portion of the PCH claims, approximately 15 km East from Target IV and the Buriti Zone (see Figure 1).
  • Selected intercepts for Heavy Rare Earth Oxide (HREO), Total Rare Earth Oxide (TREO), Dysprosium plus Terbium oxides (Dy+Tb) and Praseodymium plus Neodymium oxides (Nd+Pr) grades in Parts Per Millions (ppm):
    • PCH-AH-190 - 4m@1848ppm TREO, 1138ppm HREO, 106ppm Dy+Tb, 205ppm Nd+Pr from 1m.
    • PCH-AH-193 - 5m@1254ppm TREO, 270ppm HREO, 29ppm Dy+Tb, 217ppm Nd+Pr from 1m.
    • PCH-AH-194 - 2m@1175ppm TREO, 274ppm HREO, 31ppm Dy+Tb, 257ppm Nd+Pr from 4m.
    • PCH-AH-199 - 2m@1131ppm TREO, 276ppm HREO, 30ppm Dy+Tb, 209ppm Nd+Pr from 2m.
    • PCH-AH-201 - 4m@ 1022ppm TREO, 245ppm HREO, 28ppm Dy+Tb, 211ppm Nd+Pr from 2m.
    • PCH-AH-202 - 8m@1696ppm TREO, 1070ppm HREO, 101ppm Dy+Tb, 172ppm Nd+Pr from 0m.
    • PCH-AH-204 - 5m@1267ppm TREO, 754ppm HREO, 75ppm Dy+Tb, 168ppm Nd+Pr from 1m.
    • PCH-AH-207 - 6m@1025 ppm TREO, 262ppm HREO, 29ppm Dy+Tb, 196ppm Nd+Pr from 3m.
  • The grade distribution signature found at depth in the auger drill holes is compatible with the pattern commonly found on IAC REE deposits (see Figures 2 and 3).
  • The Taygeta and Merope targets cover an area of 546 and 1,134 hectares respectively.
  • These first phase auger drill holes average 6.22 metres in depth, and most ended in mineralization leaving the interval open at depth.
  • Intercepts of all auger drill holes are presented in Table 1. The full set of results are included in this LINK.
Tom Drivas, CEO, stated, "Building on our recent news confirming the presence of IAC mineralization through desorption testing, I am extremely excited by the identification of new, large scale targets across the PCH project which are underlain by the IAC mineralization produced by these weathered Ipora granites. We have a lot of work to do over the coming months to fully delineate these new target zones, and to assess the implications of their addition to our maiden MRE, and true value to the marketplace."



Table 1 - Intercepts from all auger holes on targets Taygeta and Merope. For a full list of results, please click here.

To view an enhanced version of this graphic, please visit:
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*Total Rare Earth Oxides: TREO = Y2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3
*Heavy Rare Earth Oxides: HREO = Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
*Nd+Pr Oxides= Nd2O3+Pr2O3
*Dy+Tb Oxides= Dy2O3+Tb4O7

*Element to Oxide Conversion Factor - Cerium Ce2O3 1.1713, Cerium CeO2 1.2284, Dysprosium Dy2O3 1.1477, Erbium Er2O3 1.1435, Europium Eu2O3 1.1579, Gadolinium Gd2O3 1.1526, Holmium Ho2O3 1.1455, Lanthanum La2O3 1.1728, Lutetium Lu2O3 1.1371, Neodymium Nd2O3 1.1664, Praseodymium Pr2O3 1.1703, Praseodymium Pr6O11 1.2082, Samarium Sm2O3 1.1596, Terbium Tb2O3 1.1510, Terbium Tb4O7 1.1762, Thulium Tm2O3 1.1421, Yttrium Y2O3 1.2699, Ytterbium Yb2O3 1.1387



Figure 1 - Map presenting the exploration auger drill holes location and targets.

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Figure 2 - Strip log of selected auger holes from Taygeta Target.

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Figure 3 - Strip log of selected auger holes from Merope Target.

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Andre Costa, VP Exploration for Brazil, commented, "The confirmation of these new targets opens the prospect of finding new exploration targets associated with the Ipora Granite across the entirety of the PCH project area which covers an impressive +40,000 hectares. Auger samples for desorbability testing are being prepared to corroborate the IAC REE mineralization in Taygeta and Merope targets. Delineation drilling will follow upon favorable desorption results."

On March 1st, 2024, the Company announced its maiden Mineral Resource Estimate (MRE) on Target IV and the Buriti Zone ( Click here for the Press Release), and the companion NI 43-101 technical report on the PCH Project was filed on April 16th, 2024. ( Click here for the Press Release)

John Tumazos Very Independent Research Presentation

Appia invites you to register for a webinar on May 14th at 9:45 AM EDT, Eastern Daylight Time (North America) with Appia Rare Earths & Uranium Corp.'s President, Mr. Stephen Burega and VP of Exploration, Brazil, Mr. Andre Costa, and renowned former Wall Street analyst, John Tumazos of Very Independent Research. John will dig in on the latest developments at Appia Rare Earths & Uranium Corp.

To register for the event click here.

After registering, you will receive a confirmation email containing information about joining the webinar.

QA/QC

Auger drill holes are vertical and reported intervals are true thickness. The material produced from drill holes are sampled at one metre intervals, resulting in average sample sizes of 5-10 kg. Quartering of the material was performed at Appia's logging facility using a riffle splitter and continued splitting until a representative sample weighing approximately 500g each was obtained, bagged in a resistant plastic bag, labeled, photographed, and stored for shipment.

The bagged samples are sent to the SGS laboratory in Vespasiano, Minas Gerais. In addition to the internal QA/QC of the SGS Lab, Appia includes its own control samples in each batch of samples sent to the laboratory.

Quality control samples, such as blanks, duplicates, and standards (CRM) were inserted into each analytical run. For all analysis methods, the minimum number of QA/QC samples is one standard, one duplicate and one blank, introduced in each batch which comprise a full-length hole. The rigorous procedures are implemented during the sample collection, preparation, and analytical stages to insure the robustness and reliability of the analytical results.

All analytical results reported herein have passed internal QA/QC review and compilation. All assay results of Auger samples were provided by SGS Geosol, an ISO/IEC 17025:2005 Certified Laboratory, which performed their measure of the concentration of rare earth elements (REE) with the IMS95R analytical method that uses lithium metaborate fusion prior acid dissolution and Inductively Coupled Plasma Mass Spectrometry (ICP-MS).

The technical information in this news release, including the information related to geology, drilling, and mineralization, has been reviewed and approved by Andre L. L. Costa, Appia's VP Exploration for Brazil, with more than 29 years of relevant experience. Mr. Costa is a Fellow of the Australian Institute of Geoscientists (FAIG) and is a Qualified Person (QP) as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Appia Rare Earths & Uranium Corp. (Appia)

Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company holds the right to acquire up to a 70% interest in the PCH Ionic Adsorption Clay Project (See June 9th, 2023 Press Release - Click HERE) which is 40,963.18 ha. in size and located within the Goiás State of Brazil. (See January 11th, 2024 Press Release - Click HERE) The Company is also focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.

Appia has 136.3 million common shares outstanding, 145 million shares fully diluted.

Cautionary note regarding forward-looking statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For more information, visit www.appiareu.com

As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online ( X,? Facebook,? LinkedIn)?please feel free to send direct messages.

To book a one-on-one 30-minute Zoom video call, please? click here.

Contact:

Tom Drivas, CEO and Director
(c) (416) 876-3957
(e) tdrivas@appiareu.com


Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com


SOURCE: Appia Rare Earths & Uranium Corp.

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