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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals


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To: flashforward2009 who wrote (22545)5/21/2024 1:00:58 PM
From: LoneClone
   of 22780
 
Sorry, I haven't looked closely enough of late to comment with authority. I am more focused on gold and copper miners these days.

LC

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To: LoneClone who wrote (22544)5/21/2024 1:37:52 PM
From: LoneClone
   of 22780
 
[Gallium/Indium]
Silver Elephant Pulacayo Drill-Hole Reports 99-Meter Intersection Grading 27.8 g/t Gallium, 9.7g/t Indium, 21.2 g/t Silver, 1.1% Zinc, and 0.5% Lead in Bolivia

newsfilecorp.com

May 21, 2024 8:30 AM EDT | Source: Silver Elephant Mining Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Silver Elephant Mining Corp. (TSX: ELEF) (OTC Pink: SILEF) (FSE: 1P2N) ("Silver Elephant" or the "Company") is pleased to announce that it has identified multiple occurrences of gallium (Ga) and indium (In) in selected drill core at its flagship Pulacayo silver-lead-zinc project ("Pulacayo Project") in Potosi department, Bolivia.

While conducting a routine review of the Pulacayo project drillhole database, the Company recognized several wide intervals of gallium and indium mineralization from four diamond-drill-holes. The assays of the four drill holes (PUD 28 to 31) are tabulated below. Hole PUD 28 contained a 99-meter ("m") intersection grading gallium 27.8 grams per tonne ("g/t"), indium 9.7 g/t, silver 21.2 g/t, zinc 1.1%, and lead 0.5%.

HOLE IDFrom (m)To (m)Int (m)True Width (m)Ga (g/t)In (g/t)Ag (g/t)Pb (%)Zn (%)
PUD0281312309989.727.89.721.20.51.1
Inc.14915676.324.09.42.01.31.7
Inc.183194111030.128.83.80.52.1
Inc.18819243.630.950.42.70.93.0
Inc.2122251311.826.721.6113.70.51.7
Inc.21221643.627.132.5250.30.82.3
PUD0292239171224.54.914.60.51.0
Inc.253164.223.610.330.90.92.6
Inc.303221.423.115.860.01.73.7
PUD02949702114.826.14.811.60.51.4
Inc.536185.728.19.124.70.92.6
Inc.535632.129.516.641.31.14.5
PUD0291081231510.624.56.223.80.91.7
Inc.11411732.119.611.650.31.93.0
PUD03011511831.718.67.175.40.30.1
PUD0302142331910.930.70.10.10.00.0
PUD031637186.62.93.125.50.81.1
Inc.646510.84.38.039.70.41.0
PUD031758275.72.15.010.90.41.2
Inc.818210.82.09.015.20.71.5


The Company is highly encouraged by the gallium and indium results and will continue to evaluate this potential given:

1. Gallium and indium are typically associated with zinc in polymetallic deposits similar to Pulacayo.

The Pulacayo project has a total indicated resource of 106.7 million ounces of silver, 1.4 billion pounds of zinc and 690 million pounds of lead published in the Technical Report dated October 13, 2020 and tabulated below.

Combined Pulacayo and Paca Indicated Mineral Resources

TonnesAg (g/t) Pb %Zn %
Oxide2,185,000155 --
Sulfide45,855,000650.691.37


Combined Indicated Mineral Resources includes Pulacayo pit-constrained and out-of-pit plus only Paca pit-constrained resources. Oxide resources use a 50 g/t Ag cutoff. Sulfide resources use a 100 g/t Ag Eq cutoff. Ag Eq = Silver Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*82.9%)). Sulphide zone metal recoveries of 89.2% for Ag, 91.9% for Pb, and 82.9% for Zn were used in the Silver Equivalent (Recovered) equation and reflect metallurgical testing results disclosed previously for the Pulacayo Deposit. Matthew Harrington P. Geo., Michael Cullen, P. Geo. and Osvaldo Arce, P. Geo are the independent Qualified Persons for the mineral resource estimate ("N.I. 43-101 Mineral Resource Estimate Technical Report for the Pulacayo Project Effectve Date October 13, 2020"). They have verified all data and the QA/QC methodology. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

2. The four drill holes were drilled between 2003 and 2005 by a previous operator. Gallium and indium results have not been used in any resource calculation to date.

3. The wide gallium and indium intersection with consistent grades from PUD 28 suggests the presence of additional mineralization in PUD 28's surroundings.

The Company has reviewed all available data, selected 171 samples from 12 drill holes and submitted them to SGS Laboratories Services to assay for gallium and indium. The samples were selected for testing because of their proximity to PUD 28-31.

John Lee, CEO of Silver Elephant comments: "There is lot of work ahead to establish Pulacayo as a potentially strategic source of gallium and indium supply to the North American market. We are cautiously optimistic of exploring this new dimension at Pulacayo to take advantage of increasing demand for gallium and indium (and rising prices) in high-tech 5G and LCD applications."

Both indium and gallium prices are trading at approximately $10/oz (dailymetalprice.com), with prices doubling since 2020. On August 1, 2023, China began restricting exports of gallium and germanium as part of its broader export control rules, with a focus on limiting the exports of critical minerals, including gallium, germanium and graphite.

Indium is an essential ingredient in solar panels, touch screens and LCD panels while gallium is used in most advanced semiconductor chipsets in 5G applications with reduced power consumption and heat generation vs silicon counterparts.

Total annual world gallium and indium production is estimated by U.S. Geological Survey (2022) to be 15 million oz and 32 million oz respectively. China currently accounts for over 90% of the global gallium production and over 65% of the global indium production, as well as a substantial portion of the world's exports.

QA/QC

An industry standard Quality Assurance/Quality Control program was used during the various drill campaigns. All core and other samples were split with half being bagged, labelled and shipped directly to the laboratory. The other 50% split is retained in a secure facility. Both standards and blanks were inserted at regular intervals within each sample batch prior to shipment to the laboratory. These comprised 3-5% (depending on the phase of the drill campaign) of analyzed material. For further details, the reader is referred to the N.I. 43-101 cited above.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Bill Pincus, who is an independent consultant of the Company. Mr. Pincus is a qualified person as defined by the guidelines of NI 43-101.

About Silver Elephant Mining Corp.

Silver Elephant is a silver mining company, with its flagship Pulacayo-Paca silver project in production since October 2023 in Bolivia.

Further information on Silver Elephant can be found at www.silverelef.com.

SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
"John Lee"
CEO


For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
info@silverelef.com
www.silverelef.com

FORWARD-LOOKING INFORMATION

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking information in this news release include statements regarding the potential of the drilling results disclosed in this news release, and whether current interpretations of drilling results will be confirmed by future work.

Forward-looking statements are based on expectations and reasonable assumptions by management as of the date of this news release, and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied herein, including the results of any future drilling campaigns which may differ from the results expected by management, changes in the Company's exploration plans, commodity prices, supply and demand, the fact that mineral resources that are not mineral reserves do not have demonstrated economic viability, the Company's requirements for additional capital, and general economic and market conditions. There can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

SOURCE: Silver Elephant Mining Corp.

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To: LoneClone who wrote (22547)5/21/2024 2:18:33 PM
From: LoneClone
   of 22780
 
[Tantalum/Niobium/REE] Commerce Resources Enters into Agreement to Sell Its Blue River Property

accesswire.com

Tuesday, 21 May 2024 03:05 AM

VANCOUVER, BC / ACCESSWIRE / May 21, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") has elected to dispose of the Blue River Assets (as defined below) by pursuing a sale of the property to a third party (the "Blue River Transaction").

Company President Chris Grove states "We believe that focusing exclusively on our claims in Quebec with the significant opportunities of both our Ashram REE/ Fluorspar Deposit and our highly prospective niobium claims - on which we plan to drill this year - makes the best sense for the Company. We also believe that the Blue River claims will be effectively stewarded by the management of Capacitor Metals."

The Company clarifies that, further to its news release dated June 22, 2023, it will no longer proceed with a spin out of its Blue River Assets (as defined below) pursuant to a proposed statutory plan of arrangement, as previously disclosed.

The Company has entered into a property purchase agreement (the "Purchase Agreement") with an arm's length private company (the "Purchaser") to sell its interest in certain mineral claims comprising the "Blue River" property (the "Blue River Claims") located near Blue River, British Columbia. As part of the transaction, the sale will also include certain real property owned by the Company also located in Blue River, B.C. (the "Blue River Land", and together with the Blue River Claims, the "Blue River Assets"). As consideration for the Blue River Assets, the Company will receive 20,000,000 common shares in the capital of the Purchaser at a deemed price of $0.05 per share (the "Blue River Shares"). Completion of the Blue River Transaction is subject to the conditions set forth in the Purchase Agreement, including, if required, acceptance by the TSX Venture Exchange.

It is the Company's current intention to distribute the Blue River Shares to its shareholders on a pro rata basis at a later date. Any disposition of the Blue River Shares will, if undertaken, be conducted in compliance with applicable corporate and securities laws, and the policies of the TSX Venture Exchange.

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

"Chris Grove"
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

Neither 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.

Forward Looking Statements

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that the sale of the Blue River Assets is subject to certain conditions, including acceptance by the TSX Venture Exchange, if required; that the Company may distribute the Blue River Shares to shareholders on a pro rata basis; that the Ashram Deposit has the potential to be a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth producers globally. These forward-looking statements are 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. Risks that could change or prevent these statements from coming to fruition include: that the TSX Venture Exchange may not accept the sale of the Blue River Assets; that the sale of the Blue River assets may not be completed as contemplated in the purchase agreement, or at all; that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful and even if such tests are successful, the economic and other outcomes may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; the required permits to build and operate the envisaged open-pit shell may not be obtained in a timely or cost-effective manner, or at all; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

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To: LoneClone who wrote (22548)5/21/2024 3:17:53 PM
From: LoneClone
   of 22780
 
[REE/Titanium]
Teako Minerals Announces Commencement of Regional Summer Exploration Program

newsfilecorp.com

May 21, 2024 8:00 AM EDT | Source: Teako Minerals Corp.

Not for dissemination in the United States or through U.S. newswires

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce the commencement of its regional 2024 summer exploration program in southern Norway and initially focusing on the Hulderdalen, Kvelde, Moelva and Kiste project areas (the "Sandefjord Program")(Figure 1), all of which form part of the previously announced Project Hub (the "Hub Projects") ( see News Releases dated March 12, 2024, and May 16, 2024). The Sandefjord program is focused primarily on the evaluation of apatite (phosphate) and Rare Earth Element ("REE")-bearing igneous complexes, and the main objectives are to identify and prioritize those areas requiring additional detailed work programs and to advance toward drill target generation.

Both REE and phosphorus are defined as critical materials by the European Union ("EU")(European Critical Materials Act; March 16, 2023) and, as such, strong support exists for developing sustainable local supply chains within Europe. Norway and the EU signed a bilateral agreement on March 21, 2024, with respect to a green strategic industrial partnership and cooperation on sustainable value chains, including land-based raw materials and batteries ( Norway and the EU enter into a green strategic industrial partnership - regjeringen.no).

Highlights:

  • Teako commences its 2024 summer exploration program in southern Norway.
  • The Company's geological team will initially conduct soil and/or stream sediment sampling and mapping programs on 4 project areas.
  • Teako's Hulderdalen project lies immediately to the south of the main mineralized zone at the Kodal phosphate-titanomagnetite-REE deposit, which is reported to host an open pittable JORC compliant Indicated Resource of 14.6 million tonnes (Mt) @ 2.26% P (5.18% P2O5) + 24.12% Fe (plus accessory REE in apatite), and an additional Inferred Resource of 34.3 Mt @ 2.0% P (4.59% P2O5) + 20.38% Fe (Source: Group Annual Report - Kodal Minerals plc., March 31, 2017) i,ii.
  • P-REE-Fe-Ti mineralization has previously been identified within the Company's Hulderdalen claims at the Kodal Minerals' former Southern Mineralization Zone.
  • The Hulderdalen project area forms part of a more extensive NGU study.
A field crew consisting of the Company's four in-house geologists, along with local helpers that the Company has hired, has been mobilized to conduct a phase one mapping and sampling program. The Company would like to thank the Sandefjord municipality and Elin Sørensen from the Norwegian Labour and Welfare Administration for their invaluable support in recruiting local field workers to assist in the Company's field program.

The program intends to verify the Company's historical data collected throughout 2023 and 2024. The Company has initiated its Sandefjord Program at the Hulderdalen project to make the best use of the better seasonal weather conditions in southern Norway; the exploration team will then proceed northward to encompass the remaining projects in the program, which are considered by the Company to be satellite projects to Hulderdalen.

The Company may expand its summer program to encompass additional Hub Projects or Main Projects (the "main projects") throughout the Company's project portfolio, contingent upon the availability of resources and time allocation.

The geological team will initially conduct soil and/or stream sediment sampling, as well as mapping programs on the projects. Soil grids have been developed with various grid spacing patterns for the projects, which will be deployed depending on conclusions drawn from the data review through 2023/2024. The data from the sampling programs will be initially analyzed internally utilizing the GERDA (Geochemical Research and Documentation Assistant) system, which is an automated analysis unit for portable and handheld instruments such as pXRF. Both the GERDA and the pXRF are owned by the Company.

Following this initial analysis, all samples of interest and a selection of lower-grade samples will be sent for laboratory analysis. This initial analysis method will quickly give the Company accurate data on-site, enabling the geology team to make informed decisions faster whilst reducing the number of samples sent to the lab and lowering costs significantly. The initial analysis results will allow the team of geologists to identify anomalies and assign tighter grid patterns for a second sampling phase to delineate the size of the anomalous areas.

i References made to adjacent mines/projects provide context for Teako's projects but are not necessarily indicative that the projects host similar tonnages or grades of REE, phosphate, iron, or titanium.

ii Historic mineral resource estimates for Kodal are derived from Kodal Minerals plc's Group Annual Report; March 31, 2017). Whilst Teako has not performed sufficient work to verify the published data reported, the Company believes this information to be considered reliable and relevant.



Figure 1: Projects in the Sandefjord Summer Exploration Program

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

The Hulderdalen Project

The Hulderdalen Phosphate-REE-Iron-Titanium ("P-REE-Fe-Ti") Project (Figure 2) consists of eight contiguous licenses in the Vestland province of southern Norway. The project covers an area of 71 square kilometers. The property has excellent access through all-weather paved primary/secondary roads and gravel roads. The Vestland province is known to contain two known ferrous metal occurrences, one of which is the well-studied main zone of the Kodal P-REE-Fe-Ti project (not owned by the Company).

The main mineralized zone at the Kodal deposit is located directly adjacent to the northern margin of the Hulderdalen project and is reported to host a JORC-compliant Indicated Resource of 14.6 million tonnes (Mt) @ 2.26% P (5.18% P2O5) + 24.12% Fe (plus accessory REE in apatite), and an additional Inferred Resource of 34.3 Mt @ 2.0% P (4.59% P2O5) + 20.38% Fe (Source: Group Annual Report - Kodal Minerals plc., March 31, 2017) i,ii.



Figure 2: The Hulderdalen Project

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

The Hulderdalen project area forms part of a more extensive Norwegian Geological Survey ("NGU") study looking at the potential for the use of machine learning for Critical Prospecting in the Oslo Rift; Teako's Hulderdalen project is highlighted within the report (referred to as 'Kodal Area' or Fig10a)(Reference 1), which represents the most extensive known occurrence of P-REE-Fe-Ti in the Larvik Plutonic Complex (or "LPC").

The main Kodal deposit appears to have an adjacent prospective area to the south that the Company refers to as the Hulderdalen project. The report shows a detailed extract of a prospectivity map (Figure 3) over the Kodal Area (on the left), the geology map (on the right), and a larger scale map (Figure 4).



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

Hulderdalen Geological Setting

The Hulderdalen P-REE-Fe-Ti property and the associated hub projects lie within the Oslo Igneous Province (or "OIP"), which comprise a number of intrusions with enhanced phosphorus contents including monzodiorites, troctolites and monzonites. There is also a general enrichment of phosphorus in rocks associated with the monzonites, which contain small rafts and larger bodies of monzodiorite. Within the OIP lies the Larvik Plutonic Complex (LPC), which is comprised of a series of crescent-shaped monzonite intrusions formed in response to plutonic centers moving successively from the east towards the west.

Layered intrusions and alkaline intrusive complexes of the Southern Oslo Rift are known for hosting magmatic occurrences rich in P-REE-Fe-Ti.

The Carboniferous to Triassic-age OIP comprises saturated to undersaturated alkaline to subalkaline basaltic, latitic, trachytic and ignimbritic volcanites formed in conjunction with fissure eruptions and subsequent formation of central volcanoes with associated calderas. The volcanites are truncated by gabbroic, monzonitic, syenitic and granitic plutons. The early Permianmonzonite plutons and associated monzodiorites contain, especially in the southern part of the palaeorift, abundant accumulations of apatite-Fe-Ti ores, which include the Kodal deposit and the Hulderdalen area of interest (References 2 and 3).

Geology and Mineralization

The Hulderdalen project is situated in the Permian Oslo rift, and the local geology consists of a Larvikite-Ladalite complex of monzonites and syenites along with Permian-age porphyries, latites and microdiorites.

P-REE-Fe-Ti mineralization has been identified both immediately adjacent to the Company's Hulderdalen claims at Kodal Minerals' ("Kodal") Western / Main Mineralization Zone, as well as within the Hulderdalen claims at the former Kodal Southern Mineralization Zone. In both occurrences the primary apatite-bearing mineralization occurs at the basal contact of the larvikite

deposit, with surface expressions consisting of an "oxide zone" immediately underlain by a "transitional zone." Kodals' Western / Main Mineralization Zone is interpreted to extend for some 1900m east-west with a maximum mineralization thickness of 60m. Some small-scale drilling is reported to have intersected mineralization to 300m depth.

The P-REE-Fe-Ti occurrence at Kodals' former Southern Mineralization Zone is reported by Kodal (Annual Report dated March 31, 2017) to contain similar tenors of P2O5, Fe, and Ti mineralization (up to 5.8% P2O5, 1.4% Ti, and 14.3% Fe) from XRF analyses as for the Western/Main Mineralized Zone. These results will be followed up with additional analyses to be undertaken by Teako's field crews.

Exploration History

A significant amount of exploration work has occurred on the property, starting in the 1980s for REEs. Kodal Minerals Plc also completed extensive work in the area, identifying the mineralization previously discussed through a series of work programs, including outcrop mapping and sampling (2013-2014), magnetic geophysical surveys (2014), and backpack drilling (2014).

Hulderdalen Satellite Projects

The Kiste Project

Kiste is situated approximately 5km to the west of Hulderdalen. Kiste consists of four contiguous licenses measuring approximately 34 square kilometers in size (Figure 5).



Figure 5: The Kiste Project

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

Kiste is situated on the border of the Telemark & Vestland provinces of Norway and is interpreted by the Company to be situated in a geological setting similar to Hulderdalen and exhibits a geophysical signature akin to both Hulderdalen and the adjacent Kodal deposit. Due to these similarities, Kiste is being treated as a potential satellite deposit to Hulderdalen.

The Kvelde Project

Kvelde is situated approximately 4 km to the west of Hulderdalen. Kvelde consists of four contiguous licenses measuring 38 square kilometers in size (Figure 6).



Figure 6: The Kvelde Project

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

Kvelde is situated on the border of the Telemark & Vestland provinces of Norway and contains known ferrous metal and apatite occurrences. The project has been explored for REEs previously in the 1970s and 1980s by the NGU respectively. Kvelde is situated in an identical geological setting to Hulderdalen and exhibits a similar geophysical signature to the Hulderdalen and the adjacent Kodal deposit. Due to these similarities, Kvelde is being treated as a potential satellite deposit to Hulderdalen.

The Moelva Project

Moelva is situated approximately 25km to the north-west of Hulderdalen. Moelva consists of two contiguous licenses and measures 27 square kilometers in size (Figure 7).



Figure 7: The Moelva Project

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

Moelva is situated on the border of the Telemark provinces of Norway and contains known ferrous and base metal occurrences. The project sits only 1.5km to the north-west of the Siljan Fe-Ti-P-REE deposit, identified by the NGU. Moelva is situated in an identical geological setting as Hulderdalen and exhibits a geophysical signature similar to Hulderdalen, the Kodal deposit and the adjacent Siljan deposit. Due to these similarities, Moelva is being treated as a potential satellite deposit to Hulderdalen, and Teako is confident that we can effectively locate any P-REE-Fe-Ti mineralization on this property.

References

1: 2024 Leveraging Domain Expertise in Machine Learning for Critical Metal Prospecting in the Oslo Rift: A Case Study for Fe-Ti-P-Rare Earth Element Mineralization [Ying Wang ,Nolwenn Coint, Eduardo Teixeira Mansur, Pedro Acosta-Gongora, Ana Carolina Rodrigues Miranda, Aziz Nasuti and Vikas Chand Baranwal]

2: api.newsfilecorp.com

3: 2014 Characterization of apatite resources in Norway and their REE potential [Peter M. Ihlen , Henrik Schiellerup, Håvard Gautneb, Øyvind Skår]

Qualified Persons and Disclosure Statement

The technical information in this news release relating to the Sandfjord Program has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, a Non-Executive Director of Teako and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 35 years of experience in international minerals exploration and mining project evaluation.

Chief Executive Officer, Sven Gollan, comments: "After over 12 months of desktop studies and several site visits, we are now starting systematic exploration on site with our strong team of geologists. We have so far secured very large areas in 2024, which puts Teako in a strategically unique position in Norway. The Sandefjord program is one important step in what is now a very active portfolio management process to identify and develop the most promising projects."

About Teako Minerals Corp.:

Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring, exploring, and developing mineral properties in Norway & Finland exploring for copper, cobalt, gold, molybdenum, and rare earth elements (REE). The adoption of technologies such as the SCS Exploration Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.

ON BEHALF OF TEAKO MINERALS CORP.

"Sven Gollan"
CEO
T: +1 (604)-871-4301
Email: sven.gollan@teakominerals.com

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Teako. Forward-looking information is based on certain key expectations and assumptions made by the management of Teako. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include statements related to the approvals of the Offering, the use of proceeds for the Offering, and the Company's business plans and operations. Although Teako believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Teako can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include but are not limited to, risks associated with the mineral exploration industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Teako's interim Management's Discussion and Analysis for the nine months ended October 31, 2023. Neither the CSE nor its market regulator accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Teako Minerals Corp.

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To: LoneClone who wrote (22549)5/21/2024 3:25:07 PM
From: LoneClone
   of 22780
 
[Lithium] Usha Resources Executes Letter of Intent To Sell Up to 90% of the Jackpot Lake Lithium Brine Project for Total Consideration of up to US$26,025,000

accesswire.com

Friday, 17 May 2024 07:00 AM

VANCOUVER, BC / ACCESSWIRE / May 17, 2024 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American lithium exploration company, is pleased to announce that it has entered into a Letter of Intent (the "LOI") with Stardust Power, Inc. ("Stardust Power") dated March 15, 2024 granting Stardust Power the right to earn up to a 90% interest subject to a 2% Net Smelter Royalty ("NSR") in Usha's Jackpot Lake Lithium Brine Project ("Jackpot Lake" or the "Project").

If the parties enter into definitive agreements covering the transaction, (i) depending on the earn-in level, the total consideration could total up to US$26,025,000 over five years inclusive of payments comprising US$1,525,000 cash, US$750,000 stock, US$15,750,000 stock or cash at Stardust Power's election, and a work commitment of (US$8M). Upon completion of the full earn-in including NSR buyback, Usha would retain 10% of the Project and a 2% NSR and would be carried in the Joint Venture ("JV") formed between Usha and Stardust Power until a formal Decision to Mine is reached following completion of a Feasibility Study. Stardust would be permitted to buy back 1% NSR for a cash payment of US$7.5M.

A non-refundable sum of US$75,000 has been paid to Usha by Stardust Power pursuant to the LOI. The LOI is non-binding, other than Usha's agreement to not engage or communicate with any other party with respect to the Project through September 2024. The transaction is subject to the satisfaction of a number of conditions, including Stardust Power's satisfactory commercial and legal due diligence, the negotiation and execution of definitive agreements (the "Definitive Agreement") and the approval of the TSX Venture Exchange. The Company cautions that there is no guarantee that the Definitive Agreement will be completed or that the other conditions will be satisfied including the listing of Stardust Power on NASDAQ.

Stardust Power is developing a lithium refinery facility in Muskogee, Oklahoma, with capacity of producing up to 50,000 tons per annum of battery grade lithium carbonate ("BGLC") once fully operational. Stardust Power's battery-grade lithium refinery will be designed and manufactured to foster lower carbon energy independence for the United States. Stardust Power seeks to become a sustainable, cost-effective supplier of BGLC, primarily for the electric vehicle ("EV") market, through the development of its innovative, large central refinery (the "Facility") optimized for multiple inputs of different types of lithium brine, including concentrated lithium brine, lithium chloride, or technical and crude grade lithium feedstocks. Once completed, Stardust Power expects to secure multiple sources of feedstock from various lithium producers, with the Facility becoming one of the largest lithium refineries in the United States.

Stardust Power is expected to become a publicly traded company on Nasdaq under the ticker symbol "SDST" via a planned business combination with Global Partner Acquisition Corp II (NASDAQ:GPAC), a special purpose acquisition company. The transaction is expected to be completed during the first half of 2024. 1

Deepak Varshney, CEO of Usha commented: "The development of the Jackpot Lake Lithium Brine Project is a key focus of our company. We demonstrated in 2023 that there was significant potential at this Project, and we look forward to returning to the Project this year to build on last year's successes."

Mr. Varshney continued: "Our strategic vision at Usha has always been to acquire and monetize undervalued assets. With the recent success of companies such as Abitibi Metals, we have been evaluating opportunities to acquire advanced-stage copper and/or gold projects to create further shareholder value in a similar fashion. A number of project reviews have already been completed, and the Company looks forward to keeping shareholders up to date on the progress of its strategy."

Pursuant to the LOI, the Company has agreed to pay 2818390 Ontario Corp (the "Finder") a finder's fee for the Finder's assistance with the proposed sale of the Jackpot Lake Project equal to (i) 10% on the first $300,000 in Transaction Value, (ii) 7.5% on $300,000 to $1,000,000 in Transaction Value, and (iii) 5% on the Transaction Value over $1,000,000 in the consideration received directly from Stardust Power, Inc. by Usha.

Jackpot Lake Lithium Brine Property

USHA's Jackpot Lake Lithium Brine Project is located within Clark County, 35 kilometers northeast of Las Vegas, Nevada, and is comprised of 442 optioned and staked mineral claims that total 8,714 acres (approximately 35.3 km2).

The Project's geologic setting is similar to that of Albemarle's Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America, which has operated continuously since 1966, where sediments from lithium-rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.

Modelling indicates that the Project target comprises the entirety of the Company's core optioned claim block (2,800 acres; 11.3 km2) and is open in all directions for expansion. The target is shallow, predominantly above bedrock depths of 600 meters, and is approximately 450 meters thick. The total basin within which the target is situated is estimated to be approximately 10,900 acres of which the Company now controls 8,714 acres.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Deepak Varshney, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality lithium metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and includes Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

USHA RESOURCES LTD.

"Deepak Varshney" CEO and Director

For more information, please call 778-899-1780, email info@usharesources.com or visit www.usharesources.com.

Neither 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.

About Stardust Power Inc.

Stardust Power Inc. is a development stage manufacturer and refiner of battery-grade lithium products designed to supply the EV industry and help secure America's leadership in the energy transition. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 tonnes per annum of battery-grade lithium. Committed to sustainability at each point in the process. Stardust Power is expected to become a publicly traded company on Nasdaq under the ticker symbol "SDST" via a planned business combination with Global Partner Acquisition Corp II ("GPAC II") (NASDAQ:GPAC), a special purpose acquisition company.

Forward-looking statements:

This news release may include "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about entering into a Definitive Agreement and completion of the Jackpot Lake transaction with Stardust Power, strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation: Usha and Stardust entering into the Definitive Agreement; risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
____________________________________

i. pr.report

SOURCE: Usha Resources Ltd.

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To: LoneClone who wrote (22550)5/21/2024 4:24:51 PM
From: LoneClone
   of 22780
 
[REE]
Meryllion Resources: Exploration Permits Granted for Maiden Drilling Program in North-East Tasmania Targeting Neodymium-rich Ionic Rare Earth Clays

newsfilecorp.com

May 21, 2024 8:15 AM EDT | Source: Meryllion Resources Corporation

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Meryllion Resources Corporation (CSE: MYR) (OTC PINK: MYRLF) ("Meryllion", "MYR" or the "Company") is pleased to announce that the maiden ionic rare earth drilling campaign in north-east Tasmania has been granted permits required for the exploration drilling on EL20/2022.

Highlights

  • Exploration Drilling Permits have been granted for Maiden Drilling Program
  • Three locations have been identified for preliminary exploration drilling
  • The drilling will target potential extensions of known iREE occurrences and where MYR ground samples produced elevated results up to 533ppm Neodymium & 36.8 ppm Terbidium
  • A specialised drilling team has been secured for the exploration drilling
MYR's flagship iREE project comprises a series of strategic tenements that are immediately adjacent the currently identified ionic rare earth resources (ABx Deep Leads MRE see Announcement ABx ASX Announcement 27 September 2023) (Figure 1).



Figure 1: Position of ABx Groups Licences relative to TSGM.

(NB: ABx Licences in light blue with dashed outlines. TSGM Licences in purple. Red fill denotes MRE area of ABx. Background 500k regional gravity from MRT).

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



Figure 2: Inset from Figure 1 showing the location of ABx Groups iREE Mineral Resource Estimate for the Deep Leads-Rubble Mound area.

(Source: ABx ASX Announcement 17 August 2023).
(NB: The "Current Drill Target" has been drilled and results announced in ABx ASX Announcement 27 September 2023).

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

Initial Field Reconnaissance

MYR Geologists have undertaken exploration reconnaissance programs to assist in developing targets for the drilling program. Selective sampling was undertaken across the tenement package with sample descriptions compiled in Table 1 and locations in Figure 3.



Figure 3: Location of samples collected by MYR Geologists during reconnaissance field work.

(Background 500k regional magnetics).

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

Sample IDEastingNorthingDescription
WS0014812395418457Orange saprolite clay
WS0024765375418561Red, brown clay
WS0034765375418561Saprolite with mottled red brown, bleached sandstone with black lumps
WS0044775785426012Light grey, red clay with white carbonate(?) coating
WS0054944845412965Pale, mottled, saprolite
WS0064889455399052Fe clay after basalt
WS0075139165419020Black soil
WS008A5131655418527Mottled red brown saprolite with black lumps
WS008B5131655418527Mottled red brown saprolite with black lumps
WS008C5131655418527Mottled red brown saprolite with black lumps


Table 1: Sample location and descriptions from TSGM reconnaissance field work



Samples from the easternmost tenement (WS008 series) were selected for ALS analysis using lithium borate fusion Inductively Coupled Plasma Mass Spectrometry (ICP-MS) (ALS Code ME-MS81). A summary of the results included significant Neodymium with samples ranging from 368ppm to 533ppm Nd (Table 2) and field location in Figure 4.



Table 2: Results of analysis from ALS Laboratories for TSGM reconnaissance field work samples

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

MYR Geologists are currently working with the drilling team to prepare for the upcoming Drilling Campaign which will be ready to commence after the Winter Season.



Figure 4: Location of WS008 series samples where assaying identified elevated Neodymium results.

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


About the Tasmanian Rare Earths Projects


The Project is hosted in highly sought rare earth-rich ionic adsorption clay hosted deposits comprising Jurassic Dolerites and Basalts and provide significant upside potential for economic rare earth magnet metals.

Globally, most rare-earths are sourced from hard-rock mines. These typically require large, costly processing plants and a significant lead time to reach production. A less common source of rare earths is ionic adsorption clay (IAC) deposits. Historically, these have only been mined in southern China. A major advantage of IAC deposits is that the rare earths can be extracted from the clay via a simple leaching process. Secondly, they often exist at shallow depth. These advantages enable a project to be developed rapidly and at lower cost. Furthermore, IAC deposits are relatively richer in the rare earths needed for permanent magnets, and they typically contain low concentrations of radioactive elements such as uranium and thorium.

Qualified Person

Ian E Neilson (BSc MSc R.P. Geo MSEG MAIG MGSA) is a consultant to Meryllion and is its Technical Advisor. Mr. Neilson is a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this press release.

For further information, please contact:

Mr. Richard Revelins
Director and Chief Executive Officer
Meryllion Resources Corporation

Investor Relations
Jorge@jeminicapital.com
+1-647-725-3888 ext. 704

+1-310-405-4475
rrevelins@peregrinecorporate.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

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

SOURCE: Meryllion Resources Corporation

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To: LoneClone who wrote (22551)5/21/2024 4:27:15 PM
From: LoneClone
   of 22780
 
[Vanadium]
District Receives Final Approvals for Additional Mineral Licenses over Alum Shale Energy Metal Targets in Sweden

newsfilecorp.com

May 21, 2024 8:30 AM EDT | Source: District Metals Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to report that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received final approvals from the Bergsstaten (Mining Inspectorate) for the Viken nr 4, Tåsjö nr 106 to 108, Malgomaj nr 1001 to 1003, and Österkälen nr 101 mineral license applications to explore for vanadium, nickel, molybdenum, zinc, rare earth elements (REE), and other elements located in the Jämtlands and Västerbottens Counties, central and north-central Sweden.

These eight new mineral licenses cover a total area of 91,470 hectares (Figures 1 and 2) and are in good standing for a three-year term that ends from April to May 2027. Renewal for an additional three years will require payment of mineral license fees to the Bergsstaten, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before the three-year term expires.

District consolidated 100% of the Viken Energy Metals Deposit on January 15, 2024 ( news release here), which is the largest undeveloped Alum Shale uranium-vanadium-potash-molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits based on total historic mineral resources of uranium and vanadium in the world.

Although there is currently a moratorium on uranium mining and exploration in Sweden, the Swedish Government initiated an inquiry into abolishing the ban on uranium mining and exploration ( February 26, 2024 news release), which was completed on May 15, 2024.

Highlights:

  • Mineral License Viken nr 4 increases the area of the Viken Property from 9,367 hectares (ha) to 37,211 ha.
  • Mineral Licenses Tåsjö nr 106 to 108 increase the area of the Tåsjö Property from 15,625 ha to 34,317 ha.
  • Mineral Licenses Malgomaj nr 1001 to 1003 cover an area of 37,131 ha, and is located northeast of the Tåsjö Property.
  • Mineral License Österkälen nr 101 covers an area of 7,803 ha, and is located southeast of the Tåsjö Property.
Garrett Ainsworth, CEO of District, commented: "We are very pleased with the timely approvals for our eight mineral license applications that cover a total of 91,470 hectares of ground that is highly prospective for Alum Shale deposit targets. Alum shales are the host rocks of our Viken Energy Metals Deposit, which represents a potentially significant source of critical and strategic metals and minerals for the green energy transition.

Our planned work on these new mineral licenses will include prospecting, mapping, and geochemical sampling for the remainder of 2024. After this initial phase of exploration work we'll be in a position to add or subtract more ground, and then advance to more costly exploration surveys to refine drill targets."

Alum Shale deposits in Sweden typically contain a large inventory of critical energy metals that will be required as part of the green energy transition. In addition, potentially viable Alum Shale deposits are large and shallow, which simplifies and lowers the cost of the exploration, discovery, and development stages.

Viken nr 4 Mineral License

According to the SGU geological map, Alum Shale is only outcropping in two small areas. One in the south-west corner and another in the west, but the actual distribution might be different as the area is covered by soil and till, and any overlying limestone is likely very thin.

The airborne radiometric survey shows moderate to high values in the northern to south-eastern part of Viken nr 4. A large area of high conductivity dominates the western half of the application, with a similar smaller one in the east, close to the border with the Viken nr 3 mineral licence.

Thickening of the Alum Shale is likely, but not evident from the SGU geological map. Only two glacial till samples are located within the application where one of them shows a moderately anomalous value of uranium (4 ppm U), and the other shows highly anomalous vanadium (78 ppm V).

Tåsjö nr 106 to 108 Mineral Licenses

Tåsjö nr 106 is located adjacent southwest of Tåsjö nr 102 and contains the Fetsjön zone. The Fetsjön zone is part of several large historical exploration target estimates for uranium, vanadium, rare earth elements, phosphate and other energy metals and has seen extensive historic drilling. According to published SGU metallogenetic maps, the Fetsjön zone is within one of Sweden's most promising areas to host large Alum Shale deposits.

Tåsjö nr 107 is adjacent to Tåsjö nr 102 and 103, which covers the eastern part of the Alum Shale in the Tåsjö area. The lithology comprises Alum Shale with the overlying carbonate-rich unit and the underlying quartz-rich metasediments.

An airborne radiometric survey covers two thirds of the area, and shows moderate to high uraniferous radiometric values, especially in the center area. The airborne VLF survey only covers less than half of the perimeter, showing moderate to moderate-high conductive values with an enticing high conductivity area in the south of the application.

Some tectonic thickening is likely present as suggested by thrust faults shown in the SGU geological maps. No glacial till samples were available for Tåsjö nr 107.

According to the SGU geological map Tåsjö nr 108 is dominated by Alum Shale.

The SGU airborne radiometric survey shows relatively low uraniferous radiometric values, with some significantly elevated values in the west and south areas. The airborne VLF survey shows that the area is characterized by a strong high conductivity anomaly covering almost the entire area.

No obvious tectonic thickening is suggested by the SGU geological maps, and no glacial till survey data is available for Tåsjö nr 108.

Malgomaj 1001 to 1003 Mineral Licenses

Malgomaj nr 1001 is covered by Alum Shale and quartz-rich meta-sediments.

No airborne radiometric or VLF data was available for Malgomaj nr 1001.

Tectonic thickening of the Alum Shale is strongly suggested by the SGU geological map in the northern half of Malgomaj nr 1001 where a repeating sequence of Alum Shale and quartz-rich meta-sediments is shown.

Only two till samples were collected from the area by SGU, one in the center and one in the south, both showing anomalous U values (8.2 ppm in the center and 6 ppm in the south) as well as one value of 21 ppm Mo in the center.

Six grab rock samples from Malgomaj nr 1001 are reported in the SGU database, confirming the presence of Alum Shale with values up to 33 ppm U, 577 ppm V, 111 ppm Ni and 160 ppm Mo.

Malgomaj nr 1003 is characterized by an extensive presence of Alum Shale at surface.

The historical airborne radiometric survey indicates moderate to high uraniferous radiometric values over most of Malgomaj nr 1003, with the highest values also grouped in the center part of the application. No airborne VLF geophysical data was available for this area.

Significant tectonic thickening within Malgomaj nr 1003 is indicated by the SGU geological maps, with both the Alum Shale and the quartz-rich meta-sediments repeating within a nappe system.

The SGU glacial till survey shows multiple samples with anomalous uranium in the 3.5 to 11.4 ppm U range scattered all over Malgomaj nr 1003. In the central part of the area cover by the license application, several samples show anomalous vanadium up to 43.5 ppm V as well as anomalous phosphate up to 0.34 % P2O5 that is associated with REE of the Early Ordovician phosphatic siltstone in the Tåsjö area. This is further confirmed by the presence of anomalous lanthanum up to 32.7 ppm La in the glacial till samples from the same area. Molybdenum in the glacial till samples generally shows moderate anomalous values that reach up to 56 ppm Mo, while nickel shows values up to 46 ppm Ni.

Alum Shale has been confirmed within Malgomaj nr 1003, and eight grab samples showed values of up to 47 ppm U, 504 ppm V and 175 ppm Mo.

Österkälen nr 101 Mineral License

Österkälen nr 101 is covered by Alum Shales at surface as well as both the overlying carbonate-rich meta-sediments and the lower quartz-rich meta-sediments.

The historical airborne radiometric survey shows moderate uraniferous radiometric values with small but strongly radioactive areas in the south and north. Österkälen nr 101 is almost in its entirety characterized by a strong low-resistivity anomaly, based on the VLF airborne survey.

Tectonic thickening is likely given the presence of mapped overthrust faults.

No SGU glacial till surveys cover the area of this mineral license application or surrounding area.



Figure 1: Viken Property

To view an enhanced version of this graphic, please visit:
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Figure 2: Tåsjö, Malgomaj, Österkälen Properties

To view an enhanced version of this graphic, please visit:
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Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The data disclosed in this news release is related to historical results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than District's Properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on District's Properties.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.

District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers 100% of the uranium-vanadium Viken Deposit, which is an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates in 2010 and 2014. The Viken Deposit is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.

The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district.

For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR+ at www.sedarplus.ca.

On Behalf of the Board of Directors

"Garrett Ainsworth"

President and Chief Executive Officer
(604) 288-4430

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.

Cautionary Statement Regarding "Forward-Looking Information"

This news release contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the Purchase Agreement and closing thereof; the Company's Swedish polymetallic properties; the Company's planned exploration activities, including its drill target strategy and next steps for the Swedish properties; and the Company's interpretations and expectations about the results on the Swedish properties.

These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; and in respect of the intention of the Swedish government to eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; and stability in financial and capital markets.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data on District's properties; the Company's ability to raise sufficient capital to finance planned exploration; that the Swedish government maintains its moratorium on uranium exploration and mining in Sweden for the foreseeable future; the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. For additional information regarding these risks, please see the Company's Annual Information Form dated July 11, 2022, under the heading "Risk Factors", which is available at www.sedarplus.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.

SOURCE: District Metals Corp.

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To: LoneClone who wrote (22552)5/22/2024 12:58:52 PM
From: LoneClone
   of 22780
 
[Lithium]
Q2 Metals Field Crews Mobilize to Begin Spring 2024 Exploration at Cisco Lithium Property, James Bay Territory, Quebec, Canada

newsfilecorp.com

May 22, 2024 3:05 AM EDT | Source: Q2 Metals Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 22, 2024) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce that the Q2 geology team and drilling contractors have mobilized to begin its inaugural exploration program at the Cisco Lithium Property (the "Property" or the "Cisco Property").

The Company will commence a detailed mapping and sampling program at the Cisco Property which 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.

"Our geology team has arrived at our camp and work at the Cisco Property will ramp up this week," said Q2 Metals President and CEO Alicia Milne. "Our team is motivated by the property vendors' 2023 discovery and the massive scale of the project will keep us busy this summer."

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 geology team, the Spring 2024 Drill Campaign may expand outwards.

Youdin-Rouillier Drilling of the Eeyou Istchee Territory, James Bay, Quebec is contracted to complete the diamond drilling with Dahrouge Geological Consulting Ltd. of Edmonton, Alberta managing the drill program and property-wide geological exploration.



Figure 1. Q2 Metals geologist standing on the 2023 discovery area

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

About the Cisco Property

The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. Located less than 10 km east of the Billy Diamond Highway, the Property is approximately 150 km north of Matagami and the closest rail link to much of James Bay. The Property lies within the greater Nemaska traditional territory of the Eeyou Istchee 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.



Figure 2. Cisco Property Location Map

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

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.

Stock Option Grant

Pursuant to its equity incentive plan and subject to the acceptance by the TSX Venture Exchange, the Company has granted 1,500,000 stock options to directors, officers, and consultants of the Company to purchase an aggregate of 1,500,000 common shares in the capital of the Company at an exercise price of $0.31 per share until May 22, 2029.

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, the commencement of a mapping and sampling program at the Cisco Property and inferences made therefrom, closing of the Transaction in short order, , 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 Cisco 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 (22553)5/22/2024 1:04:17 PM
From: LoneClone
1 Recommendation   of 22780
 
[REE/Fluorspar] Commerce Resources Announces Significant Increase in Indicated Mineral Resource for the Ashram Rare Earth & Fluorspar Deposit, Quebec

accesswire.com

Wednesday, 22 May 2024 03:05 AM

Highlights:

  • The updated mineral resource estimate ("MRE") considers 28,783 meters of diamond drilling to increase the Indicated Resource tonnage by 164%:
    • Indicated Resource: 73.2 Mt at 1.89% TREO?and 6.6% CaF2, and
    • Inferred Resource: 131.1 Mt at 1.91% TREO and 4.0% CaF2.
  • Contains a high percentage of the magnet feed rare earth elements neodymium (Nd) & praseodymium (Pr), exceeding that of several active global producers:
    • (Nd2O3 + Pr2O3) / TREO ("NdPr") of 21.2% (indicated) and 21.4% (inferred)
  • The geological model interprets a single, continuous, mineralized carbonatite body outcropping at surface, with a footprint approximately 700 m along strike, over 300 m across, and 600 m deep as defined by the current resource estimate and remains open at depth.
  • The MRE incorporates three monazite-mineralized zones (A-Zone, B-Zone, and Breccia (Classic)). Other rare earth element-bearing lithologies such as the BD-Zone require additional metallurgical studies and were therefore not considered in this MRE but represent potential upside to the project.
  • A forthcoming niobium drill program is set to investigate additional resource potential.
? TREO = sum of all lanthanide oxides + yttrium oxide

VANCOUVER, BC / ACCESSWIRE / May 22, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce an updated mineral resource estimate ("MRE") for the Ashram Rare Earth and Fluorspar Deposit (the "Ashram Deposit" or "Ashram"). The Ashram Deposit, wholly owned by the Company, is located in northeastern Quebec, Canada, approximately 130 kilometres south of the community of Kuujjuaq.

The updated MRE for the Ashram Rare Earth and Fluorspar Deposit firmly establishes it as a globally significant rare earth element ("REE") deposit, and one of the largest monazite-mineralized carbonatite REE deposits in the world: 73.2 Mt at 1.89% TREO and 6.6% CaF2 (indicated), and 131.1 Mt at 1.91% TREO and 4.0% CaF2 (inferred), at a cut-off of $287 Net Metal Return (NMR) per tonne (7).

Ashram also continues to demonstrate very high NdPr distributions (i.e., percent of neodymium plus praseodymium oxide of the TREO) at 21.2% NdPr (indicated) and 21.4% NdPr (inferred), exceeding that of several active global producers. The favourable distribution starts at surface, allowing these high value elements to be targeted early on in a potential open-pit extraction scenario and thereby, enhancing the project's strategic value and operational efficiency. This enrichment in the magnet feed REEs also extends to dysprosium (Dy) and terbium (Tb).

The MRE update underscores the Ashram Deposit's potential as a long-term, sustainable source of critical minerals, vital for the evolving technology and energy sectors. The Company remains committed to advancing the project, with ongoing work to further delineate the deposit's full potential, and a planned niobium drill program poised to unlock additional value.

Chris Grove, President and CEO of Commerce Resources, stated: "We are very excited by this updated mineral resource estimate for the Ashram Deposit, as it positions the Company to become the front-runner in providing a long-term source of magnet-feed REE supply to the North American and European markets. Additionally, the Ashram Deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world. This milestone will be the new basis of future economic and development studies that further de-risk and unlock the development potential of this asset. In addition to the Ashram Deposit, the Eldor carbonatite remains highly prospective for a number of high value commodities, including niobium and phosphate minerals."

Patrik Schmidt, Company Vice President of Exploration, comments: "We are thrilled with this updated resource estimate, which continues to demonstrate the consistency of the magnet-feed REE enrichment throughout the Ashram Deposit. This resource has firmly established Ashram as one of the largest monazite-mineralized carbonatite rare earth deposits globally and remains open at depth."

The primary objective of the mineral resource update was to increase the confidence of resources from the inferred category to the indicated category to support economic and development studies. This conversion was highly successful with an 164% increase in the indicated resource category compared to the prior MRE completed in 2012 (see news release dated March 6, 2012).

The 2024 MRE was completed in accordance with National Instrument 43-101 with an Effective Date of April 4th, 2024, and is based on 117 diamond drill holes totaling 28,783 metres of NQ, HQ and BTW size drill core.

Table 1: NI 43-101 Mineral Resource Statement for Ashram Deposit





Cut-off NMR ($/t)

287

Category

Indicated

Inferred

Tonnes

Mt

73.2

131.1

Total TREO

%

1.89

1.91

NdPr

21.2

21.4

TbDy

0.7

0.5

La2O3

ppm

4,829

4,969

Ce2O3

8,753

8,933

Pr2O3

907

927

Nd2O3

3,112

3,162

Sm2O3

412

385

Eu2O3

98

87

Gd2O3

223

195

Tb2O3

24

19

Dy2O3

102

73

Ho2O3

14

10

Er2O3

31

21

Tm2O3

3

2

Yb2O3

18

13

Lu2O3

2

2

Y2O3

419

280

Fluorspar (CaF2)

%

6.6

4.0



(a) TREO is sum of lanthanides (as oxides) + yttrium oxide
(b) NdPr distribution calculated as (Nd2O3 + Pr2O3) / TREO x 100
(c) CaF2 calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the mineral fluorite ("fluorspar").
(d) Cut-off expressed as NMR ($)/t only considers payable elements La-Nd-Pr-Tb-Dy.
(e) TbDy distribution calculated as (Tb2O3 + Dy2O3) / TREO x 100.
(f) Prices shown are in CAD
(g) Differences may occur in totals due to rounding.

Notes for Resource Table:

  1. Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  2. Resources are presented as undiluted and in-situ for an open-pit scenario and are considered to have reasonable prospects for eventual economic extraction. The constraining pit shell was developed using an overall pit slope of 52 degrees, and the resulting strip ratio is 2.7:1.
  3. 3D modelling was prepared using Leapfrog Geo v.2023.2.1 with a database of 213 surface drill holes, 6 surface channels and 32,962 samples, of which 117 drill holes and a total of 18,495 assays were used to interpolate the block model mineralized zones.
  4. Resources encompass three REE-bearing zones (A-zone, B-Zone, and Breccia (Classic)), each defined by wireframes. A value of zero grade was applied in cases of core not assayed.
  5. High-grade capping was done on the composited assay data and established on a per-zone basis for each element.
  6. Density values were interpolated using Ordinary Kriging for four rock types in the geological model, including the three mineralized rock types (A-Zone, B-Zones and Breccia (Classic)), with density averages of 3.08 g/cm3 for A-Zone, 3.00 g/cm3 for B-Zone, 3.05 g/cm3 for Breccia (Classic) and 2.92 g/cm3 for BD-Zone. Surrounding country rock lithologies were given a fixed density value from their range median values: carbonatites ranging from 2.85 to 2.97 g/cm3, Metavolcanic = 2.84g/cm3 and Lamprophyre = 2.97g/cm3." Grade model resource estimation was interpolated from drill hole data using an Ordinary Kriging interpolation method in a sub-blocked block model using blocks measuring 5 m x 5 m x 5 m in size and sub-blocks down to 1.25 m x 1.25 m x 1.25 m.
  7. The MRE cut-off, expressed as a Net Metal Return (NMR) value, was calculated to be CAD154/tonne, which is based on a 3-year annualized average (2021, 2022, and 2023) for the five payable oxidesa; (USD1.25/kg for La2O3, USD95/kg for Pr2O3, USD95/kg for Nd2O3, USD1,500/kg for Tb2O3, and USD375/kg for Dy2O3), estimated metal recoveries, and operating costs for mining, processing, transportation and G&A. A cut-off of CAD287/tonne is considered as the base case for the MRE and is guided by reasonable prospects of eventual economic extraction over a reasonable timeframe. The cut-off grade considers a CAD:USD exchange rate of 1.30
    (a) Sourced from Adamas Intelligence's Rare Earth Pricing Quarterly Outlook (Q1 2024)
  8. Inferred mineral resources are constrained to areas where drill spacing is less than 200 metres, and where reasonable geological and grade continuity is shown. Indicated mineral resources are constrained to areas where drill spacing is less than 70 metres, and where reasonable geological and grade continuity is displayed
  9. An open-pit mining method was considered for the MRE and a conceptual pit shell to constrain the resources was developed using Hexagon's MinePlan 3D software, Version 16.05.
  10. Calculations used metric units (metre, tonne). Metric tonnages have been rounded, and any discrepancies in total amounts are due to rounding errors.
  11. CIM definitions and guidelines (2019) for Mineral Resource Estimates have been followed.
  12. The QPs are unaware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issues that could materially affect this MRE.
Table 2 and Figure 1 illustrate the sensitivity of the 2024 Ashram Deposit MRE with respect to various Net Metal Return cut-offs for a potential open-pit scenario with reasonable prospects of eventual economic extraction. The figures provided in these tables should not be interpreted as a mineral resource statement. The selected cut-off NMR for the base case is 287 $/tonne with the revenue factor 1 pit shell constraint.

Table 2: Mineral resource sensitivity analysis based on NMR $/t cut-off





Figure 1: Ashram mineral resource sensitivity analysis - grade-tonnage curve with base case NMR $287/t cut-off



Figure 2: Pit shell and mineralized footprint of Ashram's mineral resource estimate in plan, highlighting the deposit scale and drilling post-2012 MRE used to improve the Mineral Resource Estimate



Figure 3: Geological model cross-section of the Ashram Deposit highlighting carbonatite lithological domains considered in the mineral resource estimate (A-Zone, B-Zone, Breccia (Classic)). Note the BD-Zone (not shown) is currently not part of the MRE.



Figure 4: Cross-section showing Ashram indicated and inferred classifications within block model.



Figure 5: Ashram mineral resource block model - cross section displaying NMR ($/t) by block.



Figure 6: Ashram mineral resource block model - cross-section displaying TREO (%) distribution by block.



Figure 7: Cross-section through the Ashram mineral resource block model displaying NdPr distribution.



Figure 8: Cross-section through the Ashram mineral resource block model displaying TbDy distribution.

Figure 2 shows the surface projection of the pit shell and mineralized footprint of the Ashram deposit, with its lithological domains (A-Zone, B-Zone, Breccia (Classic)). It also includes the BD-Zone, another REE-bearing lithology that requires additional metallurgical studies due to their different REE-bearing mineralogy. These were therefore not considered in this MRE but represent potential upside to the project. Figure 3 is a cross-section of the monazite-mineralized lithologies that form the basis of the updated mineral resource estimate. The geological model is supported by drill holes through to the end of the 2022 fall program (hole EC22-207). Multiple cross-sections displaying parameters of the resource block model are presented in Figures 4 - 8. Figure 4 displays the indicated and inferred resource breakout in the block model which is shown in subsequent figures as dashed contour lines. Figure 5 shows the NMR ($/t) distribution within the deposit, with Figure 6 showing the respective TREO (%) distribution within the same block model slice. Figure 7 and Figure 8 are cross-sections of the magnet feed REE-oxide ratios (NdPr and TbDy, respectively) within the block model. Figure 7 shows high NdPr near surface, making it a high-value target which continues to be favourable throughout the deposit. The TbDy distribution shown in Figure 8 is overlapping with the high NdPr near surface but is not as elevated at depth.

Pit Optimization
A pit design was developed which constrains the pit shell to ensure reasonable prospects of eventual economic extraction. The pit geometry considered an overall pit slope of 52 degrees based on previous geotechnical studies. The pit design considered 3-year annualized average pricing (2021, 2022, and 2023) for five payable oxides(USD1.25/kg for La2O3, USD95/kg for Pr2O3, USD95/kg for Nd2O3, USD1,500/kg for Tb2O3, and USD375/kg for Dy2O3), which were converted to Canadian Dollars using an exchange rate of 1.30 CAD:USD. The pricing was sourced from Adamas Intelligence's Rare Earth Pricing Quarterly Outlook (Q1 2024).

The pit optimization considered the following combined metallurgical recoveries for the concentrator and hydromet plant: 60.5% for La2O3, 58.9% for Pr2O3, 59.0% for Nd2O3, 42.7% for Tb2O3, and 38.6% for Dy2O3. A mining cost of CAD8/tonne (plus an incremental mining cost with depth of CAD0.02/tonne for every 10m of depth), variable operating costs of CAD60/tonne milled for the concentrator, CAD3,000/tonne of mixed REO product for the hydromet plant, and CAD7,700/tonne of product for the separation plant, fixed annual operating costs of CAD25M, CAD10M, CAD11M, CAD10M, for G&A, the concentrator, hydromet plant, and separation plant respectively, and transportation costs of CAD200/tonne of mixed REO product. The operating costs have been established using a combination of comparable projects and industry benchmarks and are therefore conceptual in nature.

The aforementioned economic parameters result in a Net Metal Return (NMR) cut-off of CAD154/tonne. An elevated cut-off of CAD287/tonne was considered as the base case for the MRE to ensure reasonable prospects of eventual economic extraction over a reasonable timeframe.

The resulting pit shell has a conical shape with a diameter of approximately 1,200m, a depth of roughly 600m, and has a 2.7:1 ratio of waste to mineralized material.

Metallurgical Methods
The mineral processing and hydrometallurgy assumptions are based on the optimized flowsheet announced in the March 4th, 2024 press release. This was a significant simplification and optimization of the Ashram Deposit's front-end mineral processing flowsheet whereby 30-35+% TREO monazite mineral concentrates at strong recovery are produced using only flotation. In addition, a streamlined hydrometallurgical flowsheet was developed by L3 Process Development ("L3") and demonstrated at bench scale for the downstream processing of the monazite flotation concentrate. The hydrometallurgical flowsheet uses a standard acid bake - water leach process followed by thorium removal and direct rare earth element ("REE") precipitation.

Qualified Persons
The independent qualified persons for the 2024 MRE, as defined by National Instrument ("NI") 43-101 guidelines, are Pierre-Luc Richard, P.Geo., of PLR Resources Inc. (Mineral Resource Estimate), Jeffrey Cassoff, P.Eng., of BBA Inc. (Pitshell optimization and cut-off grade), Jordan Zampini, P.Eng., from DRA Global (Mineral Processing parameters), and Tommee Larochelle, P.Eng., of L3 Process Development (Hydrometallurgical parameters). The effective date of the 2024 MRE is April 4th, 2024. The qualified persons have approved the technical contents of this press release.

Mr. Richard has worked in the mining industry for over 20 years with various commodities over the years, including REE projects. Mr. Richard has acted as QP or lead QP for a considerable number of technical reports, mineral resource estimates, and due diligence reviews as a consultant with different firms, and for PLR Resources since 2022. Mr. Richard has been involved with the Ashram project since 2021 and has visited the property.

About the Ashram Deposit
The Ashram Deposit is central to the Eldor Carbonatite Complex and bordered by an earlier staged calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the Ashram Deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and geology can best be described as a moderate to steeply NE dipping ovoid, with simple rare earth mineralogy (monazite, bastnaesite, xenotime) that has an unusual enrichment in magnet feed elements (i.e. higher Nd+Pr Oxide/TREO). The Deposit is a single mineralized body outcropping at surface and has a drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth.

About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 - 45% TREO) mineral concentrates at high recovery (more than 60 - 75%) in line with active global producers. Additionally, the Ashram Deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

"Chris Grove"
Chris Grove
CEO and President
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

Neither 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.

Forward Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that the updated mineral resource estimate positions the Company to become a frontrunner as a long-term source of magnet-feed REE to the European and North American markets; that the high NdPr distributions can be targeted early on in a potential open-pit extraction scenario; that there is potential upside of the REE-bearing mineralogy of the BD-Zone; the highly conceptual estimates of operating costs and economic parameters with respect to pit optimization to develop a constraining pit shell; that Ashram has the potential to become one of the largest fluorspar sources in the world and a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide. These forward-looking statements are 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. Risks that could change or prevent these events, activities or developments from coming to fruition include: that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

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To: LoneClone who wrote (22554)5/22/2024 1:37:22 PM
From: LoneClone
   of 22780
 
[Lithium] LIFT intersects 35 m at 1.32% Li2O at its Shorty pegmatite, Yellowknife Lithium Project, NWT

ca.finance.yahoo.com

Li-FT Power Ltd.
Wed, May 22, 2024 at 12:05 a.m. PDT·13 min read

LIFFF
+4.83%

VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to report assays from 12 drill holes completed at the Shorty, BIG East, Echo, Fi Main, & Ki pegmatites within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories (Figure 1). Drilling intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

  • YLP-0283: 35 m at 1.32% Li2O, (Shorty)

  • YLP-0274: 11 m at 1.16% Li2O, (Ki)
    including: 6 m at 1.87% Li2O

  • YLP-0263: 12 m at 0.82% Li2O, (Echo)
    Including: 6 m at 1.29% Li2O

Discussion of Results

This news release provides results for 12 drill holes (1,918 m) from Li-FT’s 2024 winter drilling program. Holes are reported from five different pegmatite complexes that include Shorty, Ki, Echo, BIG East, and Fi Main. A table of composite calculations, general comments related to this discussion, and a table of collar headers are provided towards the end of this section.

Dave Smithson, SVP Geology of LIFT comments, “Shorty continues to deliver near-surface high grade spodumene mineralization this week, with YLP-0283 returning an impressive 35 m of 1.32% Li2O only 50 m from surface. The intercept extends strong shallow mineralization drilled 100 m to the southwest in holes YLP091 & YLP097 (17 m of 1.28% Li2O, 16 m of 1.01% Li2O, and 23 m of 1.03% Li2O) from 2023. This new information extends high grade mineralization for a total of 400 m on surface at Shorty emphasising the dyke’s potential to deliver significant high-grade tonnes from surface.”



Li-FT detailed maps yellowknife with roads March 2024

Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling has been thus far mainly focused on the Near Field Group of pegmatites which are located to the east of the city of Yellowknife along a government-maintained paved highway, and advancing to the Echo target, the first drilling in the Further Afield Group.

Shorty Pegmatite

The Shorty pegmatite is formed by several sub-parallel dykes that, together, define a pegmatite-bearing corridor that is at least 1.4 km long, up to 100 m wide, north-northeast striking, and dips 50°-70° to the west. The corridor itself consists of both country rock and pegmatite, with pegmatite occurring as either a single 10-40 m wide dyke or as 2-4 dykes with a similar cumulative width spread over 50-100 m of core length.

YLP-0283 was collared within a few metres of the lease boundary to test the Shorty corridor at approximately 50 to 100 m below the surface and 50 m north of a section with previously released YLP-0089 (1.55% Li2O over 15 m from 2 intervals, 5 m apart). Drilling intersected a 35 m dyke centered at approximately 50 m below the surface that returned a wall-to-wall composite of 1.32% Li2O. This intersection is the northeastern-most hole drilled on Shorty corridor to date with mineralization open at depth and along strike to the north-northeast where it extends off LIFT’s claims (Table 1 & 2, Figures 2 & 3).



Individual Drill plans YK pegmatites NR 32 new shorty

Figure 2 – Plan view showing the surface expression of the Shorty pegmatite with diamond drill holes reported in this press release.





Yellowknife sections NR32 Shorty

Figure 3 – Cross-section illustrating YLP-0283 with results as shown in the Shorty pegmatite dyke with a 35 m interval of 1.32% Li2O.


Ki Pegmatite

The Ki pegmatite complex comprises a north-northwest trending corridor of dykes that extends for at least 1.3 km on surface and dips steeply to the southwest. The southern part of the corridor consists mostly of one large dyke and several narrower flanking dykes that sum to a constant pegmatite width of around 25 m. The northern part consists of two relatively thick dykes that are between 50-150 m apart, with the western dyke comprising the northern extension of the Ki dyke and the more eastern dyke referred to as Perlis.

YLP-0274 was drilled at the northern end of the Ki dyke where it overlaps with the southern end of the Perlis dyke. The hole was designed to test both dykes at depths of approximately 10 and 75 m below the surface. Drilling intersected the Ki dyke, with a width of 11 m, as well four 1 to 4 m wide dykes spread over 86 m of core further down the hole, the deepest of which is possibly Perlis. The Ki dyke returned a wall-to-wall composite of 1.16% Li2O that includes 6 m of 1.87% Li2O and is open at depth and to the north. The other dykes returned negligible grade (Table 1 & 2, Figures 4 & 5).



Individual Drill plans YK pegmatites Ki NR32 GT for May 21

Figure 4 – Plan view showing the surface expression of the Ki pegmatite with diamond drill holes reported in this press release.





Yellowknife sections NR32 Ki

Figure 5 – Cross-section illustrating YLP-0274 with results as shown in the Ki pegmatite dyke with a 11 m interval of 1.16% Li2O.



YLP-0261 was collared 150 m southeast of YLP-0274 to test the Ki corridor from approximately 5 to 75 m below the surface and 50 m north of previously released YLP-0072 (0.79% Li2O over 17 m). New drilling intersected a dyke cluster just below overburden and another centered at 75 m depth, with the shallower cluster returning a composite of 0.56% Li2O over 3 m (Table 1 & 2, Figure 4).

Echo Pegmatite

The Echo pegmatite complex comprises a steeply dipping, northwest-trending, feeder dyke (“Echo feeder”) that splits into a fanning splay of moderate to gently dipping dykes for 0.5 km to the northwest (“Echo splay”). The dyke complex has a total strike length of over 1.0 km. The feeder dyke is 10-15 m wide whereas the gently dipping dykes in the splay are thicker, ranging from 10-25 m. All six of the holes reported here were drilled on the feeder dyke and are described below from northern to southernmost.

YLP-0263 tested the Echo feeder dyke near where it merges with the Echo splay, approximately 75 m below the surface and 50 m downdip of previously released YLP-0226 (1.45% Li2O over 13 m). New drilling intersected 6 and 12 m wide dykes separated by 7 m of country rock, with the thicker dyke returning a wall-to-wall composite of 0.82% Li2O that includes 6 m of 1.29% Li2O. High grade spodumene mineralization is cut out by a mafic dyke but is open at depth and along strike to the north (Table 1 & 2, Figures 6 & 7).



Individual Drill plans YK pegmatites Echo NR32 GT for May 21

Figure 6 – Plan view showing the surface expression of the Echo pegmatite with diamond drill holes reported in this press release.





Yellowknife sections NR32 Echo

Figure 7 – Cross-section illustrating YLP-0263 with results as shown in the Echo pegmatite dyke with a 12 m interval of 0.82% Li2O.


YLP-0253 was drilled on a section 275 m south of the section with YLP-0226/0263 to test the Echo feeder at 125-150 m below the surface and 100 metres downdip of previously released YLP-0248 (0.92% Li2O over 11 m). New drilling intersected a nine-metre-wide feeder dyke that returned a composite of 0.50% Li2O over 6 m (Table 1 & 2, Figure 6).

YLP-0256 was drilled on a section 50 m south of the section with YLP-0248/0253 to test the Echo feeder approximately 25-50 m below the surface. Drilling intersected a 26 m wide corridor with 10 m of pegmatite spread over three dykes, one of which returned a composite of 0.57% Li2O over 3 m (Table 1 & 2, Figure 6).

YLP-0252 was drilled on a section an additional 50 m south to test the Echo feeder at 25-50 m below the surface and 100 m up-dip of YLP-0254 (1.23% Li2O over 6 m). New drilling intersected a 29 m wide corridor with 10 m of pegmatite spread over two dykes, neither of which returned assays over 0.1% Li2O (Table 1 & 2, Figure 6).

YLP-0257 was drilled on a section 100 m south of the previously described hole (YLP-0252) to test the Echo feeder at approximately 100 m below the surface and 75 m downdip of previously released YLP-0236 (0.79% Li2O over 7 m). New drilling intersected several 1 to 3 m wide flanking dykes at shallower depth and then a 7 m wide pegmatite interpreted as the feeder. No significant assays were returned (Table 1 & 2, Figure 6).

YLP-0244 was drilled on a section an additional 100 m south of the previously described hole to test the Echo feeder approximately 100 m from its mapped southern extent, 100 m below the surface, and 75 m downdip of previously released YLP-0245 (0.62% Li2O over 7 m). Drilling intersected a 22 m wide corridor with 11 m of pegmatite spread over two dykes, neither of which returned assays over 0.1% Li2O (Table 1 & 2, Figure 6).

BIG East Pegmatite

The BIG East pegmatite complex comprises a north-northeast trending corridor of parallel-trending dykes that is exposed for at least 1.8 km of strike length, ranges from 10-100 m wide, and dips approximately 55°-75° degrees to the west.

YLP-0267 is the northern-most hole reported from the BIG East complex to date and was drilled to test the corridor at 25-125 m below the surface on a section located 50 m north of previously released hole YLP-0262 (1.22% Li2O over 11 m). Drilling intersected a 25 m wide dyke centered at approximately 100 m below the surface and flanked by one or more 2 to 9 m wide dykes on either side. Assays returned composites of 0.46% Li2O over 3 m and 0.46% Li2O over 8 m from the thick dyke as well as 0.57% Li2O over 1 m from one of the flanking dykes (Table 1 & 2, Figures 8 & 9).



Individual Drill plans YK pegmatites Big E NR32 GT for May 21

Figure 8 – Plan view showing the surface expression of the BIG East pegmatite with diamond drill holes reported in this press release.





Yellowknife sections NR32 Big E

Figure 9 – Cross-section illustrating YLP-0267 with results as shown in the BIG East pegmatite dyke with a 8 m interval of 0.46% Li2O.


Fi Main Pegmatite

The Fi Main pegmatite complex crops out over at least 1.5 km of strike length within a north-south striking corridor that dips between 70°-85° to the west. The central 800-900 m of the complex can be split into a northern part where most pegmatite occurs in a single 25-30 m thick dyke and a southern part where this dyke splits into upper and lower pegmatites that then remerge 450 m further south. The width of the Fi Main corridor ranges from 25-75 m where it is dominated by a single dyke and between 75-150 m where it is split into two or more dykes. The two holes reported here were both drilled at the north end of the complex.

YLP-0250 was drilled to test the Fi Main corridor at approximately 10-125 m below the surface and 100 m due north of previously released YLP-0233 (no significant result). Over a 159 m interval, drilling intersected 11 pegmatite dykes with widths between 1 to 9 m that total to a cumulative pegmatite width of 46 m. Assays all returned =0.3% Li2O (Table 1 & 2, Figure 10).

YLP-0255 was drilled 50 m north of YLP-0250 to provide a similar test of the Fi Main corridor between 10-100 m below the surface. Drilling intersected 35 m of pegmatite spread over eight dykes and 101 m of drill core, with all assays returning =0.2% Li2O (Table 1 & 2, Figure 10).



Individual Drill plans YK pegmatites Fi NR32 GT for May 21

Figure 10 – Plan view showing the surface expression of the Fi Main pegmatite with diamond drill holes reported in this press release.

Table 1 – Assay highlights for drill holes reported in this press release

Hole No.

From (m)

To (m)

Interval (m)

Li2O%

Dyke

YLP-0244

No significant results

Echo

YLP-0250

No significant results

Fi Main

YLP-0252

No significant results

Echo

YLP-0253

169

175

6

0.50

Echo

YLP-0255

No significant results

Fi Main

YLP-0256

59

62

3

0.57

Echo

YLP-0257

No significant results

Echo

YLP-0261

4

7

3

0.56

Ki

YLP-0263

66

78

12

0.82

Echo

incl

69

75

6

1.29

YLP-0267

92

93

1

0.57

BIG East

and

120

123

3

0.46

and

128

136

8

0.46

YLP-0274

7

18

11

1

Ki

incl

8

14

6

1.87

YLP-0283

31

66

35

1.32

Shorty



Drilling Progress Update


Currently, LIFT has reported results from 257 diamond drill holes (44,512 m). The Company concluded its winter drill program at the Yellowknife Lithium Project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs.

General Statements

All 12 holes described in this news release were drilled broadly perpendicular to the dyke orientation so that the true thickness of reported intercepts will range somewhere between 65-100% of the drilled widths. A collar header table is provided below.

Mineralogical characterization for the YLP- pegmatites is in progress through hyperspectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene.

Table 2 - Drill collars table of reported drill holes in this press release

Drill Hole

NAD83

Easting

Northing

Elevation (m)

Depth (m)

Azimuth (°)

Dip (°)

Dyke

YLP-0244

Zone 12N

439,826

6,922,145

286

183

240

49

Echo

YLP-0250

Zone 12N

371,834

6,942,274

252

180

100

45

Fi Main

YLP-0252

Zone 12N

439,641

6,922,268

288

78

240

62

Echo

YLP-0253

Zone 12N

439,717

6,922,426

277

192

240

45

Echo

YLP-0255

Zone 12N

371,837

6,942,320

253

150

100

46

Fi Main

YLP-0256

Zone 12N

439,622

6,922,318

289

78

240

53

Echo

YLP-0257

Zone 12N

439,771

6,922,233

287

165

240

53

Echo

YLP-0261

Zone 12N

373,077

6,942,941

256

120

57

45

Ki

YLP-0263

Zone 12N

439,475

6,922,644

277

246

215

54

Echo

YLP-0267

Zone 12N

346,293

6,933,477

197

167

121

70

BIG East

YLP-0274

Zone 12N

373,011

6,943,076

254

159

60

45

Ki

YLP-0283

Zone 12N

372,957

6,938,377

251

200

124

64

Shorty



QA/QC & Core Sampling Protocols


All drill core samples were collected under the supervision of LIFT employees and contractors. Drill core was transported from the drill platform to the core processing facility where it was logged, photographed, and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Field duplicates consisting of quarter-cut core samples were also included in the sample runs. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from LIFT’s core logging facility to ALS Labs (“ALS”) laboratory in Yellowknife, Northwest Territories.

Sample preparation and analytical work for this drill program were carried out by ALS. Samples were prepared for analysis according to ALS method CRU31: individual samples were crushed to 70% passing through 2 mm (10 mesh) screen; a 1,000-gram sub-sample was riffle split (SPL-21) and then pulverized (PUL-32) such that 85% passed through 75 micron (200 mesh) screen. A 0.2-gram sub-sample of the pulverized material was then dissolved in a sodium peroxide solution and analysed for lithium according to ALS method ME-ICP82b. Another 0.2-gram sub-sample of the pulverized material was analysed for 53 elements according to ALS method ME-MS89L. All results passed the QA/QC screening at the lab, all inserted standards and blanks returned results that were within acceptable limits.

Qualified Person

The disclosure in this news release of scientific and technical information regarding LIFT’s mineral properties has been reviewed and approved by Ron Voordouw, Ph.D., P.Geo., Partner, Director Geoscience, Equity Exploration Consultants Ltd., and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (Geologist Registration number: L5245).

About LIFT

LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company’s flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.

For further information, please contact:

Francis MacDonald



Daniel Gordon

Chief Executive Officer



Investor Relations Manager

Tel: + 1.604.609.6185



Tel: +1.604.609.6185

Email: info@li-ft.com



Email: investors@li-ft.com

Website: www.li-ft.com












Cautionary Statement Regarding Forward-Looking Information

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.

Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 27, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.

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 news release.

Photos accompanying this announcement are available at:

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