ACME Lithium Completes Phase 1 Exploration Program at Bailey Lake Lithium Project in Saskatchewan, Canada
- Program consisted of 1166 line-km of geophysical survey and prospecting for additional drill targets.
- Historical sampling shows anomalous lithium grades up to 3950 ppm in the region.
- Saskatchewan government expands investment and innovation incentive programs for eligible lithium projects.
- Final geophysical data pending.
- Verification of lithium values from LIBS testing required.
- No specific financial or stock price impact mentioned.
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2023) - ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to announce that it has completed a summer exploration program at its Bailey Lake pegmatite discovery area in northeastern Saskatchewan. The program consisted of 1166 line-km of helicopter-borne tri-axial gradiometer magnetics, radiometrics, and LiDAR as well as prospecting for additional drill targets which included 336 rock samples collected for geochemical analysis.
(Figure 1: Location of Geophysical Survey Boundary & Rock Samples Collected from the 2023 Geological Prospecting Program)
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The 3-in-1 Airborne Geophysical Survey consisting of Helicopter-borne Tri-axial Gradiometer Magnetics, Radiometrics, and LiDAR was completed over a 7975 hectare area on the Bailey Lake Property consisting of 1166 line km. The purpose of the survey was to help identify regional structural trends and localized controls of pegmatite bodies along trend of the Li-mineralization identified in the 2017 surface sampling. Preliminary data from this survey was used to aid in guiding the subsequent prospecting. Final geophysical data is pending.
The geological prospecting program included 336 rock samples (including a
(Figure 2: 2m wide Pegmatite Dyke in Outcrop)
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Geologists identified two generations of pegmatite dykes in various outcrops which have not been historically sampled. The field crew made use of a handheld Laser-Induced Breakdown Spectroscopy (LIBS) to aid in the identification of lithium bearing minerals in the field. Some samples tested with the LIBS exhibited lithium values. Geochemical lab results will be required to verify these values which are expected in Q4 2023.
(Figure 3: Pegmatite Boulder at Bailey Lake Property)
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Property Highlights:
- The large claim block contains multiple indications of LCT pegmatites with anomalous lithium grades.
- Historical reported sampling by Gem Oil includes up to 3950 ppm Li in the Bailey Lake region.
- Historical reported sampling by the Saskatchewan Geological Survey includes results up to 3470 ppm Li at Misaw Lake region to the east of Bailey Lake.
- Till sampling in the region by the Saskatchewan Geological Survey reported numerous sites with elevated lithium and lithium pegmatite associated elements.
Saskatchewan is a highly prospective region for critical mineral development. The Government of Saskatchewan recently announced an expansion to its existing investment and innovation incentive programs to include eligible lithium projects with the aim to become one of the best resource development jurisdictions in the world.
Qualified Person
Mr. Dane A. Bridge, P.Geol., a "Qualified Person" (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a Senior Consultant to the Company, has reviewed and approved the technical disclosures in this news release.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
On behalf of the Board of Directors
Steve Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com
For Investor Inquiries:
Anthony Simone
Simone Capital
Telephone: (416) 881-5154
asimone@simonecapital.ca
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.
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