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Electric vehicles aren’t just the hottest trend in Silicon Valley anymore. With wider cultural acceptance of green power alternatives, more accessible technologies and increasingly supportive legislative action, analysts expect this market and the demand for metals that supply it to climb to exponential highs.
In the United States, the government has named lithium a vital component in electric vehicle batteries and a strategic metal of importance. In 2021, President Joe Biden announced a US$2.3 trillion Infrastructure Plan, which outlines the intent to bring electric cars fully to the mainstream with investments of US$174 billion to promote this technology and construct necessary charging stations. This significant spending demonstrates exciting early-mover investment opportunities for lithium production companies and electric industries alike.
In June 2022, Cypress announce positive results from the Direct Lithium Extraction (“DLE”) portion of its Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada. Assays received from samples collected during continuous operating cycles in 2022, revealed an average lithium recovery of 99.5 percent within the DLE portion of the Pilot Plant. These high lithium recoveries were accompanied by high levels of impurity rejection.
Earlier in the month, the company announced that its Pilot Plant reached a milestone in the delivery of concentrated lithium solutions to two laboratories in Canada for further testing in the production of lithium products. “About 4,000 liters of concentrated lithium chloride solution have been delivered from the Pilot Plant to two Canadian laboratories. Each laboratory is now working to further treat the solutions, one to produce lithium carbonate, and the other, lithium hydroxide, as the final end product,” commented Bill Willoughby, President and CEO of Cypress Development. “These results will then be used to determine what additional steps are needed, if any, to attain battery-grade standards and evaluate the alternatives for producing these products in the ongoing Feasibility Study.”
The commencement of a Feasibility Study, on the company’s Project, was announced in February 2022 that is currently being conducted by Wood PLC.. Wood PLC has completed numerous studies for mining projects in Nevada as well as relevant studies for various lithium projects globally, having just been awarded an agreement last month with Green Lithium, the mineral processing company, to be its Owner’s Engineer to build and operate the UK’s first large-scale commercial lithium refinery.
Earlier in the year, Cypress reported a successful Pilot Plant for extraction testing of lithium-bearing claystone from the Company’s Clayton Valley Lithium Project. The first full test was completed within 72 hours of continuous operation. “We have now completed 3, 7 and 14-day tests, achieving improvements in the operation and gaining important knowledge as we develop our unique lithium extraction process” stated Dr. Bill Willoughby, President & CEO of Cypress Development.
The pilot plant is operating at a rate of one tonne per day and is designed for correct interaction and testing of the major components within the extraction process and assessment of the resulting lithium products.
At the end of 2021, Cypress acquired a Water Rights Permit which allows for the appropriation of the public waters of the State of Nevada, in the amount of 1,770 acre-feet of groundwater per year for mining, milling and domestic applications. This amount represents the largest single volume of permitted water available in the Clayton Valley, which is a fully appropriated hydrogeographic basin. “Water resources in Nevada are limited, therefore the acquisition of this Permit by Cypress represents a milestone which will secure a majority of the Project’s future water requirements” stated Dr. Bill Willoughby, President and CEO of Cypress.
The company’s discovery of the massive resource made Clayton Valley a premium American source of lithium that has the potential to impact the supply of lithium for the fast-growing energy storage battery market.
“We’re in Nevada and we’re in a country that badly needs lithium. We would be the most environmentally friendly project, and the lowest acid consumer. We’re able to eliminate sulfuric acid in our process and that would make us an extremely environmentally friendly, large, inexpensive low cost producer in the heart of the United States.” said Cypress Development CEO Dr. Bill Willoughby.
Clayton Valley Lithium Project, Nevada claims map
The company is using environment-friendly mining alternatives through saltwater and hydrochloric acid instead of the traditional fresh water and sulfuric acid method. This significant proposal could mean Cypress will no longer compete for Nevada’s scarce fresh water supply for Nevada’s freshwater resources for project advancement when it comes time for mining.
In August 2020, Cypress released the results of its Pre-Feasibility report (“PFS”), which provided a positive snapshot of Clayton Valley’s prospective production scope using sulfuric acid. The Feasibility Study will use hydrochloric acid – a greener alternative to sulfuric acid). Probable reserves stand at 213 million tonnes at 1,129 ppm lithium, with an average annual production of 27,400 tonnes of lithium carbonate equivalent (LCE) and a mine life of over 40 years. The Net Present Value (NPV 8 percent) was at US$1.03 billion, and the after-tax internal rate of return (IRR) stood at 25.8 percent, using a base case price of lithium carbonate of US$9,500.
“This PFS is a major milestone for Cypress. These positive results take us closer to our goal of developing a potential world-class lithium deposit. Cypress’ land position and resources afford us the opportunity for a long-life project with low operating costs and potential to be a significant source of lithium for the United States,” Dr. Willoughby said.
Lithium enriched claystone on surface at Clayton Valley Project, Nevada
The 100 percent owned Clayton Valley lithium project spans 5,430 acres in southwest Nevada and sits immediately east of the Albemarle’s Silver Peak mine, North America’s only lithium brine operation. The asset hosts tremendous potential with Cypress’ discovery of a world-class resource of lithium-bearing claystone adjacent to the brine field to the east and south of Angel Island.
Lithium mineralization occurs on the property within montmorillonite clays throughout the sediments to a depth of at least 150 meters. Metallurgical testing has indicated low-cost processing possibilities through leaching with low acid consumption of 126 kg/t and high lithium recovery of over 85 percent lithium. This lithium claystone deposit’s unique large flat-lying nature allows for mining with a low strip ratio due to minimal overburden and no interbedded waste, which is hugely economically advantageous for Cypress.
Dr. Willoughby is a mining engineer with 38 years of experience in all aspects of natural resources development. Since 2014, he has been principal and owner of consulting firm Willoughby & Associates. Prior to that, he was president and COO of International Enexco, which was acquired by Denison Mines in 2014. He previously held various positions with Teck. Dr. Willoughby has been a professional engineer since 1985 and received his doctorate in mining engineering and metallurgy from the University of Idaho in 1989.
Abraham Jonker is an accomplished financial leader in the mining industry with almost 30 years of experience. Jonker has played a pivotal role in several business recoveries and restructurings, was a key team member in management, and at the board level, in the strategic growth of a number of public companies. He has participated and overseen the raising of more than C$750 million in the form of equity and debt instruments in the mining industry. Jonker is a registered chartered accountant in British Columbia, England, Wales, and South Africa. He is also a member of the Chartered Institute of Management Accountants in the United Kingdom and holds a master’s degree in South African and international tax from the Rand Afrikaans University, South Africa.
Spiros Cacos has over 20 years of investor relations experience, working with public mining companies, ranging from early-stage exploration and development to production. Most recently, Cacos served as Vice President, Investor Relations for First Mining Gold, a Canadian gold development company listed on the TSX and OTCQX. It focused on the development and permitting of the Springpole Gold Project, one of the largest undeveloped gold projects in Canada. Cacos’ prior roles include serving as vice president, investor relations for Group Eleven Resources, a mineral exploration company focused on advanced-stage zinc exploration in Ireland, and as director of investor relations for Great Panther Mining, a primary silver mining company, listed on the TSX and the NYSE, with two mining operations in Mexico. Cacos holds a master’s degree in international relations and diplomacy, from the Schiller International University in Paris, France, and a Bachelor of Arts degree from Simon Fraser University in British Columbia.
Dr. Anderson is a registered engineer with nearly 40 years of global experience in industrial operations, corporate level management, consulting, engineering design, research, and education. He is an expert in the fields of extractive metallurgy, mineral processing, waste minimization, and recycling. He holds a bachelor’s of science degree in chemical engineering from Montana State University and a master’s of science degree.
Adam Knight is a professional mining engineer, active in the mining industry since 1994. Before joining Cypress, he worked as a consultant and project manager for Practical Mining, located in Elko, Nevada. He was vice president of operations for EMC Metals until 2015. Prior to that, Knight worked in various operational capacities for Teranga Gold, Premier Magnesia, and AngloGold.
Daniel Kalmbach has practiced geology for over 21 years and has held various positions with private and public companies in the field of geology. This experience includes greenfield and generative exploration, development, mining, and environmental science. He has supported and authored multiple technical reports on mineral properties.
Todd Fayram brings over 30 years of metallurgical engineering experience to his role, which includes extensive diversified experience in the consulting and operating fields of various mining and milling operations across the globe. His industrial experience includes project and construction management. Fayram is experienced with planning, design, and engineering precious and base metal heap leach and milling operations, and with industrial mineral development and operations. Fayram has experience with project evaluation for prefeasibility, feasibility, bankable documents, metallurgical testing, and interpretation of numerous mineral deposits. He has also held positions in mine and process development, construction, expansion, start-up, and operation of numerous mines including Minefinders-Dolores, American Bonanza Copperstone, Americas Silver-Cosala, Middle Tennessee Zinc-Gordonsville, and Getty Copper Getty Project. Fayram is a MMSA Qualified Professional in Metallurgy and holds a bachelor’s of science degree in mineral processing engineering and a master of science in metallurgical engineering from Montana Tech of the University of Montana.
Couloir Capital has Published a New Research Note on Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (FSE: C1Z1) ("CYP" or "Company"). The report is titled, "Feasibility Study Commenced, Ongoing Pilot Plant Testing Yields Positive Results."
The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal.
Report excerpt: "CYP continues to make progress with key strategic and operational initiatives discussed in our previous update, with key objectives including:
Pilot Plant Operations: CYP continues to test extraction processes at the pilot-scale to ascertain the viability of commercial-scale processing at Clayton Valley. As CYP continues to progress on pilot testing of lithium extraction, it is also working towards advancing Clayton Valley to the next stage of the development cycle with commencement of a FS. As CYP continues to fine tune the processing methodology at its plant, we expect findings will be incorporated into the FS.
Water Rights: CYP has progressed in securing the necessary water rights needed to support commercial-scale operations, addressing a key development bottleneck.
Expanding Mineralized Footprint: CYP acquired the Clayton Valley Lithium Project of Enertopia Corp., which comprises 17 unpatented mining claims covering 160 acres. The property has a compliant resource, which comprises 82 mt of 1,121 ppm Li (indicated) and 18 mt of 1,131 ppm Li (inferred). The resource is based on four core holes drilled in 2018. By acquiring ENRT's property, CYP has consolidated Clayton Valley into a larger property and increased its mineralized base, growing potential captive feedstock for future operations.
Moving forward, we expect that the key catalysts on the horizon include further progress with the FS, additional pilot plant developments around lithium recovery, and capital structure change events. We expect these catalysts to be material if they imply advancement of CYP's project, with the most likely valuation triggers to be related to the completion of the Clayton Valley FS."
Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing world-class opportunities in the natural resource exploration and development sectors along with real and alternative asset classes and strategies.
For further information, please contact:
Robert Stitt, Managing Director, Couloir Capital Ltd. Email: rstitt@couloircapital.com www.couloircapital.com
Disclosure: A service agreement exists between Couloir Capital and the Company.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129924
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Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") is pleased to announce positive results from the Direct Lithium Extraction ("DLE") portion of its Lithium Extraction Facility ("Pilot Plant") in Amargosa Valley, Nevada . Assays received from samples collected during continuous operating cycles in March, April, and May, 2022, revealed an average lithium recovery of 99.5% within the DLE portion of the Pilot Plant. These high lithium recoveries were accompanied with high levels of impurity rejection.
"We are very pleased with the DLE results from the Pilot Plant" said Bill Willoughby , Cypress President, and CEO. "Thanks to Chemionex, vendors of the DLE process, and the work of our team, the results are consistent over time and sufficient to give Cypress confidence in this part of our overall process. The information gained from the testing along with the license to the technology are important steps for Cypress and the ongoing Feasibility Study."
The DLE area is one part in the Pilot Plant and consists of a proprietary process and equipment acquired from Chemionex, Inc. Overall, lithium extraction begins in the Pilot Plant with acid leaching a slurry of lithium-bearing claystone. The lithium solution obtained from leaching then passes through several steps before entering the DLE process. In continuous 24-hour-per-day tests from the end of March through mid-May 2022 , lithium recoveries in the DLE portion were consistently above 99%. These high lithium recoveries were observed in 76 sets of feed and discharge samples. The samples were collected at 6-hour intervals over the operating periods and were assayed at ALS Global for lithium and other elements. Rejection of major cations, calcium and magnesium, during the period was also above 99%.
Based on these results, Cypress' Board of Directors has authorized the release of one million Cypress shares being held in escrow to Chemionex, thereby satisfying the terms of its July 5, 2021 , Share Purchase and License Agreement. With the completion of the purchase agreement, Cypress acquires full ownership of the equipment and a royalty-free license in perpetuity to use the Chemionex technology at its Pilot Plant and at the Company's Clayton Valley Lithium Project. The shares released are subject to the policies of the TSX Venture Exchange.
Todd Fayram , MMSA-QP, is the qualified persons as defined by National Instrument 43-101 and have approved of the technical information in this release.
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a feasibility study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF Cypress Development Corp. WILLIAM WILLOUGHBY , PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as " expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") is pleased to provide an update on the progress of the ongoing Feasibility Study for the Company's Clayton Valley Lithium Project, in Nevada, USA . The Feasibility Study is under the direction of Wood PLC ("Wood") and Global Resource Engineering ("GRE") and all related work is proceeding well, and it remains on track for completion in late 2022.
Wood personnel conducted on-site visits in supervising the collection of geotechnical data for the foundation design of the Company's processing plant site and tailings storage facility. The samples collected for Wood's geotechnical program were shipped to materials testing laboratories, and additional on-site work is planned in the next month.
GRE personnel conducted site visits in preparation to work on the Project's resources and reserves. GRE personnel supervised the collection of a suite of large-diameter core samples for assay and geotechnical testing, which will provide further information for GRE's work on the mine design.
Testing continues at Cypress' Pilot Plant in Amargosa Valley , 100 miles southeast of the Clayton Valley Lithium Project site. The Pilot Plant is now working in its 12 th cycle of continuous 24-hr per day testing. The tests are ongoing to examine efficiencies in processing, testing various configurations in equipment and operating conditions, and the plant continues to produce concentrated lithium solutions for use in downstream product testing.
Wood's process engineering team is working with Continental Metallurgical Services and the data from the Pilot Plant, to develop mass balance and equipment sizing. Wood's engineers are also working on the overall project infrastructure, including selection and design of access roads, plant equipment, power, and water supplies.
To support continued testing, a 500-tonne sample of claystone was excavated in late April from an engineered test-pit and transported to the Company's operations headquarters at the Tonopah airport, where it will be crushed, screened, and bagged in preparation for treatment at the Company's Pilot Plant. The sample was collected near DCH-1, and in the vicinity of the planned starter-pit for mining in the Feasibility Study.
"We are pleased with the bulk sampling work. The size of the bulk sample may be larger than necessary for the Pilot Plant to provide adequate information for the Feasibility Study" said President and CEO Bill Willoughby . "This sample, however, allows us to examine lithium grade and other properties in the claystone over a larger volume. It also ensures we have material on hand, should we need it, for future tests or continued operations."
Cypress is continuing to log and sample core from a sonic drill program which commenced and was completed in May. The purpose of the drill program was to obtain large-diameter (6-inch) continuous core. Eight locations were selected for metallurgical, geotechnical, lithological purposes. Each hole yielded 1.9 to 2.3 tonnes of claystone which will be used in metallurgical testing at the Company's Pilot Plant to examine if there are any variations in performance due to depth, location, or material type in the deposit.
Four of the holes (CSV-1 through CVS-4) were completed in the central portion of the project in the vicinity of the proposed starter-pit and the 500-tonne bulk sample. Four other holes (CVS-5 through CVS-8) were completed in the northeast portion of the project on and near the parcel of property recently acquired from Enertopia Corporation ("Enertopia"). In addition to providing metallurgical sample material, these latter four holes will provide confirmation of the data from Enertopia's previous drilling.
"The drilling program proceeded better than expected and was very successful in this first application of sonic drilling in Clayton Valley" stated Daniel Kalmbach , Cypress Manager, Geology and QP. "The quality of the large-diameter core samples are excellent and will provide further valuable data for the Feasibility Study."
The recent addition of land acquired from Enertopia (see news release dated May 5, 2022 ) resulted in the addition of five core holes which were drilled by Enertopia in 2018. This property comprises 17 unpatented mining claims totaling 160 contiguous acres immediately adjacent to Cypress's Project. A March 2020 NI 43-101 compliant technical report (published by Enertopia) on the property shows an Indicated resource of 82 million tonnes (mt) of 1,121 parts per million (ppm) Li and an Inferred resource of 18 mt of 1,131 ppm Li using a cutoff grade of 400 ppm Li. Cypress has not independently confirmed the resource indicated in the March 2020 NI 43-101 report.
All data received from the property acquisition has been incorporated into the project database and is expected to be used by GRE to generate the resource and reserve estimates and develop the mine plan for the Feasibility Study
Daniel Kalmbach , CPG, is the qualified persons as defined by National Instrument 43-101 and have approved of the technical information in this release.
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a feasibility study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as " expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Cypress Development Corp. ( TSXV: CYP ) (OTCQX: CYDVF ) (Frankfurt: C1Z1 ) ( " Cypress" or " the Company") is pleased to report that the Company's Lithium Extraction Facility ("Pilot Plant") in Amargosa Valley, Nevada continues to operate successfully, reaching a milestone in the delivery of concentrated lithium solution to two laboratories in Canada for further testing in the production of lithium products.
"The Company is very pleased to have reached this significant milestone. About 4,000 liters of concentrated lithium chloride solution have been delivered from the Pilot Plant to two Canadian laboratories. Each laboratory is now working to further treat the solutions, one to produce lithium carbonate, and the other, lithium hydroxide, as the final end product," commented Bill Willoughby , President and CEO of Cypress Development. "These results will then be used to determine what additional steps are needed, if any, to attain battery-grade standards and evaluate the alternatives for producing these products in the ongoing Feasibility Study."
Cypress' Lithium Extraction Facility in Amargosa Valley, Nevada marked its sixth month of operation with the completion of 11 separate continuous tests conducted on a 24-hour per day basis, over periods ranging from 3 to 14 days. Processing conditions and equipment arrangements in the areas of leaching, filtration, impurity removal, and the Direct Lithium Extraction (DLE) system during the testing periods have been varied to determine the effect of changes. The Pilot Plant will continue to operate during the summer with a work schedule of 7-days on, 5-days off.
"The Pilot Plant operates very well and requires minimal time for start-up," stated Todd Fayram , President of Continental Metallurgical Services and Qualified Person who oversees process engineering and operations at the Pilot Plant. "For the most part we are using standard equipment with well-established methods in mineral processing. This allows us to efficiently examine changes and reconfigure the process as required."
The Company is pleased with the progress and results to-date. Recoveries in the Pilot Plant remain as expected, with lithium extraction from claystone in the 80 to 85% range. Tailings testing has preliminarily identified characteristics that will allow for dry stacking with minimal water entrainment. The Pilot Plant is also focused on minimizing water usage and has operated successfully with an emphasis on 100% recycling of all process water streams within the facility.
Todd Fayram , MMSA-QP is a Qualified Person as defined by National Instrument 43-101 and has approved of the technical information in this release.
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a feasibility study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF Cypress Development Corp. WILLIAM WILLOUGHBY , PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as " expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") is pleased to announce that it has completed its acquisition of Enertopia Corporation's ("Enertopia") Clayton Valley Lithium Claystone Project ("Enertopia Project") located adjacent to the Cypress Clayton Valley Lithium Project in Nevada ("Cypress Project").
"We are pleased with the addition of Enertopia's property," commented Dr. Bill Willoughby , President, and CEO of Cypress. "The property is a continuation of the lithium-bearing units in Cypress' project, with Enertopia's drilling having shown similar values of lithium. With this consolidation, the data will be incorporated into our resource model and has the potential to enhance the project through our Feasibility Study underway. We expect this consolidation of Clayton Valley lithium claystone projects to be of significant value for both Enertopia and Cypress shareholders."
The purchase consideration for the Enertopia Project comprised US$1.1 million in cash and the issuance of 3,000,000 common shares in the capital of Cypress ("Consideration Shares"). The transaction also included Enertopia entering into an Irrevocable Proxy and Voting Agreement and Lock-Up Agreement with Cypress in relation to the Consideration Shares. (See Company's February 24, 2022 new release for further information). In terms of these agreements, Enertopia inter alia agreed to; (i) vote in favor of shareholder resolutions supported by Cypress' Board of Directors (ii) certain limitations to the circumstances under which it could sell the Consideration Shares, and (iii) a 12-month standstill in relation to certain corporate activities pertaining to Cypress shares.
In connection with the transaction, the Company has agreed to pay a finder's fee of US$105,000 to an arm's-length party, subject to TSX Venture Exchange approval.
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
WILLIAM WILLOUGHBY , PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as " expects," "estimates," "projects," "anticipates," "believes," "could," "scheduled," and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Virtual Investor Conferences, the leading proprietary investor conference series, today announced that the presentations from the July 27 th and July 28 th Metals & Mining Growth Virtual Investor Conference are now available for on-demand viewing.
REGISTER NOW OR LOGIN AT: https://bit.ly/3cGK3Om The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Companies are accepting 1x1 management meeting requests through August 2nd.
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
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Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost" or the "Company") (www.foremostlithium.com) is pleased to announce it has received assay results from core samples collected from its previously announced ten-hole 1,509 metre drill program on its 100 percent owned Zoro Lithium Project located near the historic mining district of Snow Lake, Manitoba. As disclosed in Table 1, below, highlight assay results include 1.33% Li2O on the newly discovered Dyke 16. The program tested geological and Mobile Metal Ion ("MMI") soil geochemical targets and assessed previously discovered Dyke 8 at its deeper levels. Multi-element analyses for lithium and related elements and gold assays were undertaken by Activation Laboratories ("Actlabs"; Ancaster, Ontario).
John Gravelle, President and CEO of Foremost Lithium, comments, "The ongoing discovery of the 16th spodumene - bearing pegmatite dyke on our Zoro property has been confirmed by our latest drill program. With the results of a recently completed UAV-assisted magnetic survey and our historic and current exploration database we look forward to defining additional follow-up opportunities for lithium pegmatite diamond drilling exploration on our Zoro property."
Lithium Dyke 16- The newest spodumene-bearing pegmatite dyke to be discovered on the Zoro property. A total of 8.28 metres of spodumene-bearing pegmatite was intersected by two drill holes, DDH FM22-70 and DDHF22-70B in 2022, which intersected spodumene-bearing pegmatites between 32.44m and 35.80m. Assay results vary from 0.04% to 1.33% Li2O in 4 core samples over 3.36m. Hole-DDHFM22-70B, drilled to undercut the first pegmatite intercept, intersected 4.92m of spodumene-bearing pegmatite with lithium contents varying from 0.04% to 1.05% Li2O in 5 core samples (Table 1). Spodumene contents in the dykes vary between 3 and 15%, are light green in colour and occur as individual crystals and crystal aggregates. The host rocks are fine-grained, variably altered foliated basalt.
Related metal concentrations in Dyke 16 for Cs (225-476 ppm), Nb (74.9-116.2 ppm) and Ta (28.3-89.7 ppm) compare favourably with those for Dyke 1.
Dyke 8- High-grade spodumene pegmatite Dyke 8 was discovered on the Zoro property in 2018 by drill testing of a Mobile Metal Ions soil geochemical anomaly. Discovery hole Far18-35 intersected 36.5m of spodumene-bearing pegmatite including individual intercepts of 12.3m of 1.1% Li2O, 4.4 m of 1.2 % Li2O, and 2.2 m of 1.5% Li2O.
Hole-DDHFM22-71 undercut the original 2018 pegmatite discovery and intersected two discrete pegmatites. A spodumene-bearing pegmatite was intersected between 70.45 and 75.89m and a second between 84.4 m and 86.65 m. Host rocks include fine-grained, variably altered, and foliated basalt +/- pyroxene. Assay results from the first pegmatite intersection vary from 0.05%-0.86% Li2O in 5 core samples over 4.71 m and 0.05% Li2O in each of 2 core samples over 2.25 m from the second pegmatite intersection (Table 1).
As demonstrated in Table 1, below, the highest concentrations for related metals Cs (1440 ppm) and Nb (137.9); cf. sample 423028; (Table 1) in Dyke 8 occur in a pegmatite with no visible spodumene. The Li2O content in this sample is 0.21% suggesting the likely but undetected presence of a lithium-bearing mineral. Tantalum analyses from Dyke 8 core samples vary between 30.2 ppm and 88.5 ppm.
Gold Fine-grained disseminated, veinlet and fracture-controlled arsenopyrite, pyrite and lesser chalcopyrite were observed in the core from Hole-DDHFM22-072. Fifty-one drill core samples were collected from silicified and locally quartz-potassium feldspar flooded quartz feldspar porphyry (QFP) and 5 core samples from Hole-DDHFM22-063 in dark green, foliated, chloritic and silicified basalt locally overprinted with pink and red garnet. Mineralized intervals in altered QFP varied from 2 m to 21.8 m and in a single interval of 3.89 m in altered basalt.
Results for the QFP have a range in concentration of below detection of 1part per billion to 4.76 g/t gold with an average of 0.31g/t. The highest gold content of 4.76 g/t occurs in a 0.68 m wide grey, mottled, foliated and boudinage QFP with visibly altered feldspar phenocrysts. Assays from the altered basalt samples vary from below detection of 1part per billion to 0.16 g/t over a core interval of 3.89 m.
All samples were analyzed for gold contents based on a 30-gram fire assay and an Instrumental Neutron Activation Analysis (INAA) finish.
Future Exploration Exploration on the Zoro property will be based on the ground truthing of UAV-assisted magnetic surveys and the integration of any anomalous magnetic signatures with soil and rock chip geochemical survey data. This database will be combined with historic and current exploration data to provide drill targets.
Sample Shipping, Preparation and Analysis After core logging, all samples were sawn in half and one half of the core placed in labelled sample bags and stored in sealed white vinyl pails until securely transported to Activation Laboratories for sample preparation, UT-7 multielement analysis and fire assay. The UT-7procedure is based upon a sodium pyrophosphate total dissolution and analysis by ICP-MS.
All core samples were prepared by crushing to 80% passing 2mm, riffle split (250 gram), and then pulverized using mild steel to 95% passing 105 µm (Actlabs Code RX1). Gold content was determined by fire assay of a 30-gram sample with INAA finish (Actlabs method code 1A1).
QA/QC Statement All samples collected during the 2022 drill program were analyzed for lithium and related metals to be consistent with previous years submissions for UT-7 analysis of pegmatite samples. Rock sample analyses have been independently monitored with a quality assurance/quality control ("QA/QC") protocol which includes the insertion of blind standard reference materials and analytical blanks at regular intervals.
Activation Laboratories is independent of Foremost Lithium and its Ancaster facility is ISO9001:2015 certified. Activation Laboratories also performs internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for both Actlabs internal and Foremost' s external blind quality control samples were acceptable for the samples analyzed. Foremost Lithium is not aware of any sampling, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
QP Statement Core logging and sampling were completed under the supervision of Dr. Mark Fedikow. All samples are collected and maintained in accordance with established QA/QC protocols. The technical content of this news release has been reviewed by Dr. Mark Fedikow, P.Geo. who is a Qualified Person as defined by NI 43-101.
About Foremost Lithium Resource & Technology Ltd. Foremost Lithium is a resource exploration company committed to having a critical role in the production of high-quality battery-grade lithium hydroxide to fuel the electric vehicle and battery storage market. Given the importance and global focus on increasing decarbonization, the company is hyper-focused on continued exploration and growth on its six lithium projects: Jean Lake, Grass River Claims, Zoro, Jol and the Peg North Claims, in Snow Lake Manitoba, and its Hidden Lake Lithium Project in the Northwest Territories. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.
For further information please contact: John Gravelle President and CEO Foremost Lithium Resource &Technology Ltd. Email: info@foremostlithium.com Phone: +1 (604) 330-8067
Follow us or contact us on social media: Twitter: @foremostlithium Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology/mycompany Facebook: https://www.facebook.com/ForemostLithium
Forward-looking statement: This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company's properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the Company's projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases or decreases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, changes in applicable laws or stock exchange policies and receipt of any requires regulatory approvals and political and economic developments in areas in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.
UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
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MONTREAL, QC / ACCESSWIRE / Le 27 juillet 2022/ Corporation Lithium Éléments Critiques (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) (« Critical Elements» ou la « Société ») est heureuse d'annoncer le dépôt sur SEDAR d'un rapport technique conforme au Règlement 43-101 - Information sur les projets miniers (« Règlement 43-101 ») constituant le rapport à l'appui de l'étude de faisabilité annoncée précédemment à l'égard du projet Rose lithium-tantale situé à la Baie-James au Québec. Pour toute information supplémentaire, se référer au communiqué de presse de Critical Éléments émis le 13 juin 2022. Les faits saillants de l'étude de faisabilité sont les suivants:
Une copie du rapport technique, lequel a été déposé sur SEDAR le 27 juillet 2022, sera disponible sur le site web de la Société au https://www.cecorp.ca/en/rose-43-101/.
L'étude de faisabilité a été préparée conformément aux normes du Règlement 43-101 par WSP Canada Inc. (« WSP »), Bumigeme Inc, et InnovExplo Inc.. InnovExplo Inc était responsable de l'estimation des ressources et du plan minier, Bumigeme Inc. était responsable du traitement du minerai, WSP était responsable de l'étude environnementale, des infrastructures du projet, de la modélisation financière et de l'intégration du rapport. Les informations concernant les perspectives du lithium proviennent d'une étude de marché préparée par M. Gerrit Fuelling pour le compte de la Société. M. Fuelling est un consultant indépendant spécialisé dans le marché du lithium.
Les personnes qualifiées pour l'étude sont :
À propos de Critical Elements Lithium Corporation
Critical Elements aspire à devenir un fournisseur responsable de lithium aux industries florissantes des véhicules électriques et des systèmes de stockage d'énergie. À cette fin, Critical Elements fait progresser le projet de lithium de haute pureté Rose situé au Québec et détenu en propriété exclusive par la Société. Rose est le premier projet de lithium de la Société à être avancé dans un portefeuille de terrains de plus de 700 kilomètres carrés. Le 13 juin 2022, la Société a annoncé les résultats d'une étude de faisabilité sur Rose pour la production de concentré de spodumène. Le taux de rendement interne après impôts du Projet est estimé à 82,4 %, avec une valeur actualisée nette après impôts estimée 1,915 milliards US$ à un taux d'actualisation de 8 %. Du point de vue de la Société, le Québec est stratégiquement bien positionné pour les marchés des États-Unis et de l'UE et dispose d'excellentes infrastructures, notamment un réseau électrique à faible coût et à faible émission de carbone contenant 93 % d'hydroélectricité. Le Projet a reçu l'approbation du ministre fédéral de l'Environnement et du Changement climatique sur la recommandation du Comité d'évaluation conjoint, composé de représentants de l'Agence d'évaluation d'impact du Canada et du gouvernement de la Nation Crie; la Société travaille à obtenir une approbation similaire dans le cadre du processus d'évaluation environnementale du Québec. La Société a aussi une bonne relation avec la Nation Crie.
Pour plus d'informations, veuillez contacter :
Patrick Laperrière Directeur des relations aux investisseurs et développement corporatif 514-817-1119 plaperriere@cecorp.ca www.cecorp.ca
Jean-Sébastien Lavallée, P. Géo. Chef de la direction 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est décrit dans les politiques de la Bourse de croissance TSX) n'acceptent la responsabilité de la pertinence ou de l'exactitude de ce communiqué.
Mise en garde concernant les déclarations prospectives
Ce communiqué de presse contient des « informations prospectives » au sens de la législation canadienne sur les valeurs mobilières. En règle générale, les informations prospectives peuvent être identifiées par l'utilisation de termes prospectifs tels que « prévu », « anticipe », « s'attend à » ou « ne s'attend pas à », « est prévu », « prévu », « ciblé », ou « croit », ou des variantes de ces mots et phrases ou déclarations que certaines actions, événements ou résultats « pourraient », ou « seraient », « se produisent » ou « seront atteints ». Les informations prospectives contenues dans les présentes comprennent, sans s'y limiter, les déclarations relatives à l'achèvement du programme d'exploration 2022 et ses objectifs connexes, l'achèvement du processus d'obtention d'autorisation provincial et ses effets positifs potentiels sur la Société et le Projet, la réalisation d'une étude technique pour une usine chimique de production d'hydroxyde de lithium monohydraté de haute qualité, la préparation des travaux de conception technique de l'usine de traitement et des infrastructures connexes, l'annonce le 13 juin 2022 de résultats d'une étude de faisabilité sur Rose pour la production de concentré de spodumène, les contrats d'achat à terme et les acheteurs des produits de la Société, en obtenant un financement suffisant à des conditions et poursuite des discussions positives et relations avec les communautés locales et les parties prenantes. Les informations prospectives sont fondées sur des hypothèses que la direction juge raisonnables au moment où ces déclarations sont faites. Rien ne garantit que ces déclarations se révéleront exactes, car les résultats réels et les événements futurs pourraient différer sensiblement de ceux anticipés dans ces déclarations. Par conséquent, les lecteurs ne devraient pas se fier indûment aux informations prospectives.
Bien que Critical Elements ait tenté d'identifier des facteurs importants qui pourraient faire en sorte que les résultats réels diffèrent sensiblement de ceux contenus dans les informations prospectives, d'autres facteurs peuvent faire en sorte que les résultats ne soient pas ceux anticipés, estimés ou prévus. Les facteurs qui peuvent faire en sorte que les résultats réels diffèrent sensiblement des résultats attendus décrits dans les informations prospectives comprennent, sans s'y limiter : résultats du programme d'exploration de 2022 de la Société et effets sur les objectifs énoncés de la Société, résultats de l'étude d'ingénierie pour une usine chimique de production d'hydroxyde de lithium monohydraté de haute qualité, problèmes rencontrés en lien avec les travaux d'ingénierie préliminaires, impact de l'étude de faisabilité mise à jour sur le Projet, la capacité de Critical Elements à obtenir un financement suffisant pour faire avancer et terminer le Projet, les incertitudes associées aux estimations des ressources et des réserves de la Société, les incertitudes concernant l'offre et la demande mondiales de lithium et de tantale et les prix du marché et de vente, les incertitudes associées à la sécurisation des contrats d'achat à terme et des contrats clients, les incertitudes concernant les aspects sociaux, les impacts sur la communauté et l'environnement, les incertitudes concernant les opportunités d'optimisation du Projet, ainsi que les facteurs de risque énoncés dans le rapport de gestion de fin d'exercice de la Société daté du 31 août 2021 et d'autres documents d'information disponibles sous le profil SEDAR de la Société. Les informations prospectives contenues dans les présentes sont faites à la date de ce communiqué de presse et Critical Elements décline toute obligation de mettre à jour toute information prospective, que ce soit à la suite de nouvelles informations, d'événements ou de résultats futurs ou autrement, sauf si requis par lois sur les valeurs mobilières.
LA SOURCE: Critical Elements Lithium Corporation
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Critical Elements Lithium Corporation (TSX-V:CRE) (US OTCQX:CRECF) (FSE:F12) ("Critical Elements" or the "Corporation")is pleased to announce the filing on SEDAR of a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report representing the qualifying report for the recently-announced Feasibility Study at the Rose Lithium-Tantalum Project located in James Bay, Québec. For more information, please refer to Critical Elements' press release dated June 13, 2022. Highlights of the Feasibility Study are as follows
A copy of the technical report, which was filed on SEDAR on July 27, 2022, will be available on the Critical Elements' website at https://www.cecorp.ca/en/rose-43-101/.
Qualified Persons for NI 43-101 compliant report
The Feasibility Study was prepared in accordance to NI 43-101 standards by WSP Canada Inc ("WSP"), Bumigeme Inc., and InnovExplo Inc. InnovExplo Inc. was responsible for the resource estimate and the mine plan, Bumigeme Inc. was responsible for the mineral processing, and WSP was responsible for the environmental study, project infrastructure, financial modelling, and report integration. Information regarding the outlook for lithium comes from a market study prepared by Mr. Gerrit Fuelling on behalf of the Corporation. Mr. Fuelling is an independent consultant specializing in the lithium market.
The qualified persons for the study are:
About Critical Elements Lithium Corporation
Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Québec. Rose is the Corporation's first lithium project to be advanced within a land portfolio of over 700 square kilometers. On June 13th, 2022, the Corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 82.4%, with an estimated after-tax net present value of US$1.9 B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the Québec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.
Patrick Laperrière Director of Investor Relations and Corporate Development 514-817-1119 plaperriere@cecorp.ca www.cecorp.ca
Jean-Sébastien Lavallée, P. Géo. Chief Executive Officer 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement concerning forward-looking statements
This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, statements relating to the completion of the 2022 exploration program and its related objectives, the completion of the provincial permitting process and its potential positive effects on the Corporation and the Project, the completion of engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate, the preparation of the front-end engineering design work for the process plant and related infrastructure, the announce, on June 13th, 2022, of results of a feasibility study on Rose for the production of spodumene concentrate, off-take agreements and purchasers for the Corporation's products, securing sufficient financing on acceptable terms and continued positive discussions and relationships with local communities and stakeholders. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: results of the Corporation's 2022 exploration program and effects on the Corporation's stated objectives, results of the engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate, issues encountered in connection with the front-end engineering work, impact of the Updated Feasibility Study on the Project, Critical Elements' ability to secure sufficient financing to advance and complete the Project, uncertainties associated with the Corporation's resource and reserve estimates, uncertainties regarding global supply and demand for lithium and tantalum and market and sales prices, uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community and environmental impacts, uncertainties with respect to optimization opportunities for the Project, as well as those risk factors set out in the Corporation's year-end Management Discussion and Analysis dated August 31, 2021 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE: Critical Elements Lithium Corporation
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Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to report that a field crew has been mobilized to the Duhamel Ni-Cu-Co and Ti-V-Cr property (the ‘Property') located 350 kilometres (km) north of Quebec City, QC (Figure 1). Following the interpretation of the TDEM and magnetic airborne survey, Marvel increased its land position in the Saguenay-Lac-Saint-Jean Anorthosite Suite from 42 claims to 102 claims for a total of 5,300 hectares (see press release dated February 15, 2022
Figure 1. Regional location of the Duhamel Property
Late-off time TDEM response anomalies have outlined 7 linear target trends (A through G) that strike northwest-southeast for several kilometres.
Figure 2. Late-off time TDEM response anomalies on the Duhamel Ni-Cu-Co Property.
These Late-off time TDEM responses coincide well with the edges of magnetic highs, making them targets of high merit for massive sulphides (Figure 3).
Figure 3. Late-off time TDEM response anomalies over tilt angle derivative magnetics.
Compilation of historical drilling and mineralized showings reveal remarkable coincidence of these 7 trends with recorded Ni-Cu-Co bearing massive to semi-massive sulphides (Figure 4).
Figure 4. TDEM-magnetic trends coincident with recorded Ni-Cu-Co mineralization and Fe-Ti (V, Cr) mineralization. True widths of mineralization is not yet known.
Crews have been mobilized to the property to confirm historic drill holes that contain highly anomalous Ni-Cu-Co intersections, confirm the nature and significance of Ni-Cu-Co showings, survey those areas of high merit with a Beep Mat and prospect the newly interpreted TDEM trends for new Ni-Cu-Co mineralization. If the historical drill holes can be located, low frequency downhole surveys will be performed to assist with future targeting efforts.
"Exploration crews are now mobilized at the Duhamel Ni-Cu-Co Property, we are extremely pleased with the results of the heliborne survey in generating targets. The Duhamel Property is a fertile host for Ni-Cu-Co massive sulphides and iron Ti-V-Cr mineralization demonstrated by historical exploration. We remain confident that our field crews will not only confirm historical showings, but also find new Ni-Cu-Co-occurrences along these trends. We are very keen to determine if the historic drill collars can be located, and if it is possible to conduct low frequency BHEM downhole surveys on these holes. It is common that the higher conductivity representing Ni-Cu bearing massive sulphides are missed by previous operators and these lenses of mineralization are located just off-hole. The results of the field work will enable us to define and select our best targets for diamond drilling." stated Karim Rayani - President & Chief Executive Officer, Director.
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largestanorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government (Sigeom, Figure 5).
Figure 5. Ni‐Cu‐Co and Fe‐Ti‐P‐V mineral occurrences on the Chute-des-Passes and Pipmuacan Areas (modified from Hébert et Cadieux, 2002)
The Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulphides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V2O5 associated with 20.8% TiO2 and 0.13% Cr203.
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither 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.
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About Argentina Lithium & Energy Corp.: Argentina Lithium & Energy Corp (CVE:LIT) (OTCMKTS:PNXLF) is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and a strong track record of government and community relations.
Source: Argentina Lithium & Energy Corp.
Contact: T: +1-604-687-1828 E: info@argentinalithium.com Sean Perger VP of Corporate Development W: www.argentinalithium.com
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