CDN Maverick Reports on Successful Investment: NOA Lithium Files Updated NI 43-101 Technical Report and Further Increases Its Mineral Resource Estimate by 24% at Rio Grande Project
CDN Maverick Capital Corp. (CSE: CDN) (OTCQB: AXVEF) reports on its investment in NOA Lithium Brines Inc. (TSXV: NOAL), which has filed an updated NI 43-101 Technical Report for its Rio Grande Project. The report includes results from the fifth drill hole and a CSAMT survey, leading to a 24% increase in the Mineral Resource Estimate to 4,697,000 tonnes of Lithium Carbonate Equivalent (LCE) with an average concentration of 525 mg/l.
Key highlights include:
- 42% increase in Measured resources to 2,094,000 tonnes of LCE
- 38% increase in Measured and Indicated resources to 2,658,000 tonnes of LCE
- Addition of 616,000 tonnes of LCE in Measured resources at 571 mg/l
- 123,000 tonnes of LCE added to Indicated resources at 594 mg/l
- 159,000 tonnes of LCE added to Inferred resources at 468 mg/l
- 24% increase in total Mineral Resource Estimate to 4.7 million tonnes of LCE
- 42% increase in Measured resources to 2,094,000 tonnes of LCE
- 38% increase in Measured and Indicated resources to 2,658,000 tonnes of LCE
- Addition of 616,000 tonnes of LCE in Measured resources with high concentration (571 mg/l)
- None.
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - CDN Maverick Capital Corp. (CSE: CDN) (OTCQB: AXVEF) (FSE: A117RU) ("Maverick" or the "Company") is pleased to update its shareholders on its interest in NOA Lithium Brines Inc. (TSXV: NOAL). On July 10, 2024, Buenos Aires, Argentina, NOAL announced that further to its press release dated May 29, 2024, it has filed an updated NI 43-101 Technical Report ("Technical Report") which includes the results of the fifth drill hole at its Rio Grande project ("Rio Grande Project") and the Controlled Source Audio-Magnetotelluric ("CSAMT") survey that was completed on all properties at the Rio Grande Project.
Based on the previously announced resource estimate, Montgomery and Associates has updated the resource estimate in the Technical Report at the Rio Grande Project by including an additional 616,000 tonnes of Lithium Carbonate Equivalent ("LCE") of measured resource with a concentration estimated at 571 milligrams per litre ("mg/l"), 123,000 metric tonnes ("Mt") of LCE of indicated resource with a concentration estimated at 594 mg/l, and 159,000 Mt of LCE of inferred resource with a concentration estimated at 468 mg/l for an aggregate Measured, Indicated and Inferred Mineral Resource Estimate ("MRE") of 4,697,000 Mt of LCE with an average estimated concentration of 525 mg/l.
Highlights from the updated Technical Report include:
- Significant Measured Resource Expansion
There has been a significant increase in Measured resources to 2,094,000 Mt of LCE, from 1,478,000 Mt of LCE previously estimated, resulting in an increase of42% . - Measured and Indicated Expansion
Associated with the increase above, Measured and Indicated Resource increased to 2,658,000 Mt of LCE, from 1,919,000 Mt of LCE previously estimated, resulting in an increase of38% . - Revised Mineral Resource Estimate (MRE)
The new MRE at the Rio Grande Project contains a total resource of approximately 4.7 million Mt of LCE with concentration estimated at 525 mg/l, resulting in an increase of24% compared to the previously estimated MRE of approximately 3.8 million Mt that was disclosed in NOAL's press release dated May 29, 2024.
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About NOA Lithium Brines Inc.:
NOA is a lithium exploration and development company formed to acquire assets with significant resource potential. All NOA's projects are located in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near a multitude of projects and operations owned by some of the largest players in the lithium industry. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region that is not owned by a producing company, with key positions on three prospective salars, being Rio Grande, Arizaro, Salinas Grandes, and totalling over 140,000 hectares.
Qualified Person
The MRE was completed by Mr. Michael Rosko, M.Sc., C.P.G. of Montgomery and Associates ("M&A"). Mr. Rosko is a Registered Geologist (C.P.G.) in Arizona, California, and Texas, a Registered Member of the Society for Mining, Metallurgy and Exploration, and is a 'qualified person' ("QP") as defined by NI 43-101. Mr. Rosko and hydrogeologists from M&A have been on site multiple times during the various phases of drilling and sampling operations; Mr. Rosko has extensive experience in salar environments and has been a QP on many lithium brine projects. Mr. Rosko and M&A are completely independent of the Company. Mr. Rosko has reviewed and approved the content of this news release, and has verified the data disclosed herein, including sampling, analytical, and test data underlying the information contained herein.
ABOUT CDN MAVERICK CAPITAL CORP.
CDN Maverick Capital Corp. is a diversified exploration company, with a core focus on lithium.
Prospects and Projects:
- James Bay, Quebec: The Poncheville and Chabinoche Properties and Extensions cover 150,000 hectares of prospective ground for Lithium, Base Metals and PGE's targets. They are road accessible and located at about 65 km North of Matagami in Quebec's James Bay.
- Electric Avenue, Ontario: The 7,040 hectares Northwind Lake Lithium Property is located at 10km from the Frontier Lithium's PAK Lithium Project in the "Electric Avenue," an emerging lithium pegmatite exploration camp in the Red Lake area of Ontario.
- Rainbow Canyon, Nevada: In 2017, Maverick drilled a notable high-grade intercept over five feet (1.5m) containing 19.6 g/tn Au in hole RCR-03.
Investments:
- NOA Lithium Brines Inc.: CDN Maverick holds 3,109,135 shares of NOA Lithium Inc. (TSXV: NOAL)
- Noram Lithium Corp.: The company holds over 1.66 million shares in Noram Lithium Corp. (TSXV: NRM)
CDN Maverick Capital Corp. is actively expanding its critical minerals portfolio across the Americas, with a firm commitment to sustainable and ESG-friendly investing and exploration.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder, Chairman, and Director
sandyjmacdougall@gmail.com
C: 778.999.2159
Simon Studer
President, Interim CEO, and Director
simondavidstuder@gmail.com
Phone: +41-44-485-2484
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This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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