Compilation and Review of Historical Data
Completed
ROUYN-NORANDA, QC, March 27,
2024 /CNW/ - Comet Lithium Corporation
(TSXV: CLIC) (FSE: 8QY) ("Comet Lithium" or the "Corporation")
is pleased to announce the successful completion of the Induced
Polarization ("IP") survey on its 100% owned, 92 km² Troilus East
property, situated in the Frotet Evans greenstone belt,
approximately 130 kilometres north of Chibougamau, Québec. Additionally, the
Corporation is thrilled to report that the review and
reinterpretation of historical work programs have identified
multiple lithium and gold priority targets. Building on the
positive IP results and the newly identified targets from the
historical program reviews, the Corporation is planning a
comprehensive property-wide exploration program. This upcoming
program will include mapping, outcrop and/or boulder sampling, and
a glacial till geochemical survey, targeting gold, copper, and
lithium, and is scheduled for early summer.
Highlights:
- The IP survey outlined three significant anomalies
centered around a strong conductor with a northeast
orientation.
- Thorough compilation and review of historical data have
revealed additional lithium and copper-gold prospects.
- A comprehensive summer exploration program is being prepared,
set to feature the property's first extensive mapping and glacial
till geochemical survey.
Vincent Metcalfe, Executive Chair
and CEO of Comet Lithium, commented "Our Troilus East property
holds a significant and strategic land position within a highly
active and established camp. Despite its historical underexplored
land package, it teems with significant discovery potential. Our
recent review has unveiled new, prospective areas that notably
strengthen our exploration strategy. We are excited about these new
targets, which we believe heralds the start of a promising new
phase at Troilus East property, with potential for lithium, gold,
and copper discoveries."
IP Survey Program:
The IP survey, conducted to the southwest of the Troilus East
property, aimed to highlight the presence of structures rich in
copper and gold. This survey utilized a 200-metre line spacing and
covered a total of 15.70 line kilometres across 13 lines of IP
data. It extended over two unique grids from the southwest grid
surveyed in 2021, centered on a strong conductor. This conductor
coincides with a kilometric gold anomaly in humus and soil,
alongside a polymetallic signature of copper, silver, and tungsten
identified during the 2020 fieldwork and partially examined in the
2021 IP survey.
Several anomalies were identified, centered on this strong
conductor, coinciding with the aforementioned gold and polymetallic
signature. Previous exploration efforts yielded Cu-Ag-W values from
various lithologies along a regional mafic to felsic contact. Field
observations noted alterations such as silicification,
calc-silicates, and biotite-rich assemblages, drawing parallels
with the Troilus Gold project located approximately three
kilometres northwest of Comet Lithium's Troilus East property (see
Comet Lithium's press releases dated December 30, 2020 and March 15, 2021 available on the Corporation's
profile on SEDAR+ at www.sedarplus.ca).
The identified anomalies exhibit high chargeability and low
resistivity with complex shapes, spanning apparent widths of 50 to
400 metres. These anomalies, centered on the strong conductor,
extend over 900 metres in some areas along the strike. The grid was
designed to examine the overlapping geochemical and geophysical
anomalies around the 2021 IP survey's extension and vicinity.
Comet Lithium's IP coverage aimed to investigate a favorably
oriented parallel trend, mirroring the northeast-southwest
orientation of the nearby Troilus gold-copper project of Troilus
Gold Corporation, proximal to a regional fault and coinciding with
magnetic anomalies (refer to figure 3 below).
Compilation and Review of
Historical Data on Troilus East
Over the past months, Comet Lithium has recompiled historical
data on its Troilus East property, allowing the team to identify
several highly prospective areas. The review of historical
programs, which included mapping, till sampling in 2017 and 2020,
drilling of eight holes totaling 1,560 metres, IP survey results
from 2021 and 2023, and a high-resolution magnetic survey from
2018, identified multiple new priority target areas. The first
target area is defined by samples with an elevated number of gold
grains, several of which were classified as "Pristine". The second
target area is marked by anomalous and coincident gold values in
till. These targets are located along a northeast-southwest trend
along the contact with the Parker Intrusion (please refer to figure
4 below). A detailed follow-up geochemical survey and prospecting
effort covering both priority areas is planned for this summer.
Additionally, a larger, property-wide survey is planned to fill in
areas where no till sampling was previously conducted.
Lithium Potential at Troilus
East
Comet Lithium has identified five lithium target areas based on
clusters of lithium values. All five targets follow a northeast
alignment along the south-eastern flank of the Parker granite
intrusion over a strike length of about 20 kilometres. Two targets
are located inside the Parker granite, two others are located close
to lenticular granitic intrusion-hosted mafic terrains. Further,
the targets generated from the historical results are based on a
collection of samples that carried lithium values up to 248 ppm
(see Comet Lithium's press release dated October 16, 2023, available on the Corporation's
profile on SEDAR+ at www.sedarplus.ca). The past exploration
programs completed at Troilus East did not take lithium into
consideration, but it succeeded in identifying lithium anomalies. A
work program to be conducted during the summer will target these
prospective areas (please refer to figures 4 & 5 below).
Gold Potential at Troilus
East
The review of historical programs has highlighted that 72 out of
78 till samples tested positive for gold grains (refer to figure
4). The number of gold grains varied from one to 13 per 10 kilogram
sample, totaling 283 gold grains. Remarkably, 71 of these gold
grains were classified as "Pristine", indicating that the till
samples containing these grains are likely located less than 500
meters from their source. These findings stem from the 78 samples
collected during the 2017 till sampling program see Comet Lithium's
press releases dated November 23,
2017 and June 13, 2018
available on the Corporation' s profile on SEDAR+ at
www.sedarplus.ca).
In the summer of 2020, to complement the initial program, five
additional grids with spacings between 100 and 150 meters were
completed to infill the 2017 till sampling effort. Some of these
samples revealed gold anomalies exceeding 0.001 ppm (please refer
to figure 4 below).
These analyses led to the identification of multiple gold
prospects concentrated along a northeast trend, which correlates
with findings from the 2018 magnetic survey. Notably, these
prospects align with the geological contact of the Parker
intrusion, mirroring the configuration observed at the Troilus
gold-copper project of Troilus Gold Corporation which is located on
the site of the former Troilus Gold Mine.
Copper Potential at Troilus
East
Following the 2021 drilling campaign and preliminary survey,
initial explorations at Troilus East property unveiled a new trend
of disseminated copper mineralization situated three kilometres
east of the Troilus gold-copper project of Troilus Gold
Corporation (see Comet Lithium's press release dated
October 19, 2021 available on the
Corporation' s profile on SEDAR+ at www.sedarplus.ca). Several
diamond drill holes from 2021 exhibited copper enrichment ranging
from 0.1% to 0.3% across metric intervals reaching up to seven
meters. Notably, some of these intercepts align with the strong IP
anomaly detected on the southwest grid in 2021. The drilling
campaign in 2021 encompassed eight holes, covering a total of 1,560
metres.
Troilus East property adjacent to
the Troilus Gold-Copper project
The Troilus East property is adjacent to the Troilus gold-copper
project, owned by Troilus Gold Corporation which is located on the
site of the former producing Troilus Gold Mine. This Canadian
mining company, in its feasibility stage, is working towards
bringing the historic Troilus Mine, rich in gold and copper, back
into production. Located within the Frôtet-Evans Greenstone Belt,
this area is not only known for the Troilus Gold-Copper project but
also for the Regnault gold system—a greenfield discovery by
Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020 as
well as the Moblan Lithium project, a joint venture between Sayona
Québec (60%) and SOQUEM (40%), and has recently concluded a
positive Definitive Feasibility Study.
Between 1996 and 2010, the Troilus Mine generated over 2 million
ounces of gold and nearly 70,000 tonnes of copper. Since acquiring
the project in 2017, Troilus Gold Corporation has highlighted the
extensive gold system on the Troilus gold-copper project.
Presently, the Troilus gold-copper project holds 11.21 million
ounces of gold equivalent (AuEq) in the Indicated Mineral Resource
category (508.3 million tonnes at an average grade of 0.69 g/t
AuEq) and 1.80 million ounces of AuEq in the Inferred Mineral
Resource category (80.5 million tonnes at an average grade of 0.69
g/t AuEq), establishing it as Canada's largest undeveloped gold-copper
deposit (the "TGC MRE")
(source: https://troilusgold.com/troilus-gold-project/#overview).
For comprehensive details on the key parameters, assumptions,
risks, and other technical and scientific information regarding
these TGC MRE, please consult the "Technical Report and Mineral
Resource Estimate on the Troilus Gold-Copper Project Quebec, Canada
Mineral Resources," dated October 2,
2023, available on Troilus Gold Corporation's profile on
SEDAR+ www.sedarplus.ca.
Readers are also cautioned that mineral resources are not
economic mineral reserves and that the economic viability of
resources that are not mineral reserves has not been demonstrated.
The estimate of mineral resources may be materially affected by
geology, environmental, permitting, legal, title, socio-political,
marketing or other relevant issues. Under NI 43-101, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies or economic studies except for a
preliminary economic assessment as defined under NI 43-101. Readers
are cautioned not to assume that further work on the stated
resources will lead to mineral reserves on Troilus gold-copper
project that can be mined economically. An inferred mineral
resource has a lower level of confidence than that applying to an
indicated mineral resource and must not be converted to a mineral
reserve.
Documents
Troilus Results Figures – 2024-03-26
Qualified Person
Vincent Cardin-Tremblay, P. Geo
(ogq #1386, PGO #3347), registered in the Provinces of Québec, and
Ontario is Vice President
Exploration to Comet Lithium, is a qualified person under
National Instrument 43–101 – Standards of Disclosure for
Mineral Projects. He has reviewed the technical contents of
this news release and has approved the disclosure of the technical
information contained herein.
About Comet Lithium
Corporation
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina lithium deposit, a growing
high-grade lithium discovery. Comet Lithium is advancing its
Liberty Property to first-ever drilling.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including if any planned
exploration programs on the Troilus East property, including the
follow-up geochemical survey and prospecting works will occur, the
timing of and results of such exploration programs, if it does so,
what benefits Comet Lithium will derive from any such exploration
programs. Forward-looking information is based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Comet Lithium's control. These risks,
uncertainties and assumptions include, but are not limited to the
risks, uncertainties and assumptions described under "Financial
Instruments" and "Risk and Uncertainties" in Comet Lithium's Annual
Report for the fiscal year ended December
31, 2022, a copy of which is available on SEDAR+ at
www.sedarplus.ca, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. Comet Lithium does not intend, nor does it undertake
any obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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 the release.
SOURCE Comet Lithium Corp.