LEADING
EDGE MATERIALS ENLARGES EXTENT
OF NICKEL AND COBALT IN HISTORIC
GALLERIES AND EXECUTES
TRENCHES
- Extensive cobalt and nickel
newly identified in upper level gallery
- Surface trench excavation
commenced ahead of schedule due to mild winter
conditions
Vancouver,
March 1, 2023 – Leading
Edge Materials Corp. (“Leading Edge
Materials” or the “Company”)
(TSXV: LEM) (Nasdaq First North:
LEMSE) (OTCQB: LEMIF)
(FRA: 7FL) is pleased to announce
that it identified extensive Co-Ni-mineralization 50 metres above
the previously reported Gallery 7 at its Bihor Sud project in the
Apuseni Mountains of central-western Romania.
Eric Krafft, Interim CEO of the Company
states: “We are extremely pleased by the ongoing findings of
Co-Ni-mineralization in the two galleries we have re-opened to
date. The lateral and vertical extension of the mineralization
indicates that we are potentially encountering sizeable systems
with good potential. INSEMEX safety inspectors report notes the
very good state of both G4 and G7, and following the installation
of ventilation, our local geology team will be able to map and
sample the mineralized zones.”
Figure 1: License overview map showing the principal
gallery locations; those recently reopened are highlighted in black
(G2, G4, G7). G4 lies topographically 50 m above G7, and the
cross-cut driven towards G7 (shown in green) intersects the
Co-Ni-mineralized system at a 50 m higher level than previously
identified in G7. G4 is developed in base metal mineralization,
featuring zones of Cu-Zn-Pb-Ag, which will also be subject to
investigation.
Following completion of the INSEMEX
gallery safety inspection for G4 (Fig. 1) and a preliminary review
of its geological features, a cross-cut towards G7 was identified.
The cross-cut was developed about 30 years ago to explore the
potential extent of the mineralized system encountered in G7. The
cross-cut and G4 are situated at a 50 meters higher level with
reference to G7, and connected via a raise. G4 is approximately 700
meters laterally from G7. These geological findings demonstrate the
vertical and lateral extent of the Co-Ni zone. G4 was driven into a
Cu-Zn-Pb-Ag mineralized zone featuring high grade-veins, and
initial investigation has supported this (Fig 2).
The Company is currently installing a
ventilation system in order to ensure fresh air flow is
established, so that mapping and channel sampling will be executed
to outline the full extent of exposed Co-Ni mineralization in G7/G4
crosscut and Cu-Zn-Pb-Ag mineralization in G4, and establish an
underground drill program later in the year.
Figure 2: Screenshots of hand-held XRF-measurements from
base metal mineralization on the walls of the Cu-Zn-Pb-Ag
mineralized zone in G4. Grades are in ppm, which translates into
1.25 % Cu, 27.47 % Zn (left), 11.88 % Cu, 0.31 % Zn (middle), and
0.28 % Cu, 9.52 % Zn (right). Mineralization is accompanied by
anomalous cobalt grades of 0.03-0.09 %.
The reader is cautioned that
such measurements cover only the
surface of a rock with an area
on the order of
1 cm2 and
are neither representative, nor do they indicate
reliable mineralization grades. In the
context of the work performed here, these
XRF-readings have the
sole purpose of demonstrating the presence of base
metals in the encountered
mineralization.
Figure 3: Sampling of Co-Ni mineralization exposed on a
G4 wall 50 m above G7.
Figure 4: Typical pinkish cobalt oxides exposed on a
wall of G4.
The Company was able to proceed with its
surface trenching program ahead of schedule due to unusually mild
weather for late February in the Bihor Mts. of Romania. A total of
5 trenches are being excavated in the western part of the license
(shown in Fig. 1) , expected to be ready for mapping and sampling
in early March.
Figure 5: Trench excavation is
carried out manually because the terrain is too steep to apply an
excavator.
Joint Venture Background
In 2018 the Company entered into a share
purchase agreement (the “SPA”) with a local Romanian arm’s length
party, Remat, to acquire an initial 51% interest in LEMR which was
the holder of a prospecting permit covering the License perimeter.
The Company, Remat and LEMR also entered into a shareholder joint
venture agreement (the “JV Agreement”) as announced on August 9,
2018 (see news release). Pursuant to the JV Agreement, Leading Edge
Materials will be transferred an additional 39% ownership interest
in LEMR (for an aggregate 90% ownership) triggered by the filing on
SEDAR of a positive Feasibility Study technical report. Under the
JV Agreement Leading Edge Materials has agreed to issue common
shares in the Company upon achieving certain milestones on the
Project, such as the granting of an exploration license,
exploitation license, documentation of historic mineral resource
estimates meeting certain Ni-Co and/or Ag-base metal resource
tonnage thresholds, the filing of a NI43-101 compliant technical
report, such a report meeting certain Ni-Co and/or Ag-base metal
resource tonnages, and the filing of a positive NI43-101 compliant
Feasibility Study.
Qualified
Person
Martin S. Oczlon, PhD Geol, CEngMIMMM, a consultant to
Leading Edge Material and Qualified Person, as defined in
NI 43-101, has reviewed and verified the technical content in
this press release.
On behalf of the Board of
Directors,Leading Edge Materials
Corp.
Eric Krafft, Interim CEO
For further information, please contact the
Company at:info@leadingedgematerials.com
www.leadingedgematerials.com
Follow usTwitter:
https://twitter.com/LeadingEdgeMtlsLinkedin:
https://www.linkedin.com/company/leading-edge-materials-corp/
About Leading Edge
Materials
Leading Edge Materials is a Canadian
public company focused on developing a portfolio of critical raw
material projects located in the European Union. Critical raw
materials are determined as such by the European Union based on
their economic importance and supply risk. They are directly linked
to high growth technologies such as batteries for electromobility
and energy storage and permanent magnets for electric motors and
wind power that underpin the clean energy transition towards
climate neutrality. The portfolio of projects includes the 100%
owned Woxna Graphite mine (Sweden), Norra Karr HREE project
(Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration
alliance (Romania).
Additional Information
The information was submitted for publication through
the agency of the contact person set out above, on , March 1 2023,
at 7:00 PM Vancouver time.
Leading Edge Materials is listed on the TSXV under the
symbol “LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North
Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is
the Company’s Certified Adviser on Nasdaq First North and may be
contacted via email CA@mangold.se or by phone +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements
which constitute “forward-looking information” under applicable
Canadian securities laws, including statements regarding plans,
intentions, beliefs and current expectations of the Company, its
directors, or its officers with respect to the future business
activities of the Company. The words “may”, “would”, “could”,
“will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“expect” and similar expressions, as they relate to the Company, or
its management, are intended to identify such forward-looking
information. Investors are cautioned that any such forward-looking
information is not a guarantee of future business activities and
involves risks and uncertainties, and that the Company’s future
business activities may differ materially from those in the
forward-looking information as a result of various factors,
including, but not limited to, fluctuations in market prices,
successes of the operations of the Company, continued availability
of capital and financing and general economic, market or business
conditions. There can be no assurances that such information will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. The Company does not assume
any obligation to update any forward-looking information except as
required under the applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
- Figure 1
- Pictures 2-1
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- Figure 5
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