Champion Electric Metals Mobilizes Crew for Field Program Following Recent Lithium Discovery at Its Lithium Property in James Bay, Quebec
Champion Electric Metals has initiated preparations for a new field program at its Lithium Property in James Bay, Quebec, following a recent discovery. Significant intervals of spodumene crystals and potential lithium mineralization were found in drill holes EIQ24-007 and EIQ24-008. The company plans further prospecting, mapping, geophysics, excavation, and channel sampling in the area. The field program aims to explore the continuation of the pegmatite mineral system. The team will clear overburden, build roads, and continue till sampling along the pegmatite trend. Permits for the next round of drilling have been secured.
- Discovery of lithium mineralization in initial drilling.
- Significant intervals of coarse spodumene crystals found.
- Follow-up field program designed to target continuation of mineral system.
- Permits received for next round of drilling.
- High-resolution LiDAR imagery aids exploration.
- Extended prospecting and mapping planned.
- Previous field season shortened by fires in 2023.
- Initial drilling may have only cut narrow parts of larger dykes.
Toronto, Ontario--(Newsfile Corp. - June 4, 2024) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to report that it has commenced preparations for the spring field program following discovery of lithium in its maiden drilling program at its Lithium Property in James Bay, Quebec, with the crew on its way to the site.
The maiden field program led to the discovery of the first buried lithium pegmatite on the western portion of the property by following up on the discovery of spodumene in till samples. Drill holes EIQ24-007 and EIQ24-008 passed through shallow glacial cover and encountered significant intervals of coarse spodumene crystals and potentially economic lithium mineralization over two to three metres (see Figure 1). Given that pegmatite dykes occur in clusters and that this initial drilling may have just cut the narrow tail of much larger dykes, the Champion Electric technical team has designed a follow-up field program to target the likely continuation of the pegmatite mineral system.
Champion Electric's field work will commence immediately to the northeast of the recently discovered mineralized pegmatite with prospecting, mapping, geophysics, and excavation and channel sampling. The team will also continue with additional till sampling along the pegmatite trend. Field crews will be clearing overburden and road building to prepare for the next round of drilling, for which permits have been received and drill contracts assigned.
Jonathan Buick, President and CEO, commented: "Our team has previously used prospecting, mapping, and geophysics to identify two parallel corridors of pegmatite stretching for more than 5 km, and the geochemistry along those trends is favourable for more lithium mineralization. The field season in 2023 was dramatically shortened by the fires, and we are armed with new high-resolution LiDAR imagery and a number of pegmatite discovery stories where subtle spodumene-bearing outcrop was identified by tenacious geologists and prospectors. We are determined to test this fertile environment as exploration moves along those corridors. Now that we have seen till sampling successfully lead us to spodumene, we are also continuing our systematic till sampling in the covered areas of this vast property. We can already envision new drill targets kilometres away, but we are initially focused on the continuation of the known targets along trend where they remain open."
Figure 1: Location map of the 2024 drill holes (EIQ24-007/008 highlighted)
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About the Project
The Champion Electric Lithium Property is close to the Trans-Taiga Road and covers the northern extension of the Lac Guyer Greenstone Belt, which hosts neighbouring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec (Figure 2).
Figure 2: Champion Electric Lithium Project location map
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Qualified Person
Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this press release. All aspects of the drilling program were supervised by the Qualified Person.
About Champion Electric Metals Inc.
Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County (optioned to Prestwick Capital Corporation) and the Champagne polymetallic project in Butte County near Arco.
The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder, and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President, and CEO
To learn more, please visit the Company's SEDAR profile at www.sedarplus.ca or the Company's corporate website at www.champem.com.
For further information, please contact:
Investor Relations and Communications
Phone: (+1) 416-567-9087
Email: nkonkin@champem.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including closing of the Transactions and the prospectivity of the Projects for lithium. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.
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FAQ
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