Discovery Lithium Initiates Follow-Up Program on Vaubert Lake Lithium Target

Rhea-AI Summary

Discovery Lithium Inc. announces increased exploration efforts in northern Quebec region following encouraging samples.

Positive

• Discovery Lithium has elected to undertake an immediate 3-day-follow-up program on key Vaubert Lake claim targets of interest after identifying highly prospective lithium data occurrences. The company has initiated a second phase exploratory sampling campaign to further study the target locations and surroundings. All new samples will be sent to SGS Laboratories for analysis.

Negative

• None.

--Company increases exploration efforts following encouraging samples--

VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (the “Company,” or “Discovery Lithium”), a Canadian exploration company focused on advancing domestic energy freedom through regional lithium discovery is pleased to announce that as a result of encouraging preliminary results of its initial late summer sampling and mapping campaign in the northern Quebec region of Nunavik, the Company has elected to undertake an immediate 3-day-follow-up program on key Vaubert Lake claim targets of interest.

During phase one of its growing multi-phase strategic exploration plan, the Discovery field team identified anomalous data occurrences considered highly prospective for lithium. This data is based on extensive cross-referenced mapping, a series of visual inspections of rock and soil sampling, along with field results from handheld LIBS (Laser Induced Breakdown Spectroscopy) analysis.

Based on these encouraging preliminary results, the Company has initiated an immediate second phase exploratory sampling campaign to further study the target locations and surroundings in greater detail prior to the onset of winter conditions. Per the initial sampling, all new samples from the follow-up program will also be sent to SGS Laboratories for analysis. The sample results, including the mapping and related data will be used by the Company to determine the most prospective drill targets on the Vaubert Lake Project.

“Thanks to the work accomplished by our experienced exploration field team, we were able to mobilize a rapid reaction follow-up program as soon as we understood that the preliminary results are pointing us towards some highly intriguing mineralogy,” stated Michael Gheyle, Discovery Lithium’s President, and CEO. “The team’s efforts have allowed us to efficiently cover the entire Vaubert and Serindac Lake Projects in our quest for the next large lithium discovery in Quebec. To initiate successive exploration efforts less than 6 months post acquisition, demonstrates our commitment and ability to position Discovery Lithium as a leading resource exploration operation in Quebec.”

Property Description

Vaubert Lake, Nunavik, Nord-du-Québec Region
Highly recognized, award-winning prospector and project proponent Shawn Ryan has led the way in identifying the mining-friendly Nunavik region through his extensive soil studies and he has advised the Company regarding the use of best practice fieldwork programs. Discovery Lithium’s massive claim holdings are located directly upon some of the highest lake bottom sediment anomalies in the entire province. This data represents 99^th percentile lithium and cesium as identified in the official Quebec government ministry database.

(References to active mines and other mineral projects is for illustrative purposes only. There can be no assurances the Company will achieve comparable results)

Over the summer, Discovery Lithium engaged Ground Truth Exploration to deploy experienced research teams onto the Nunavik properties for an extensive mapping and sampling campaign. Previously determined to be an excellent location for rare-element pegmatites including favourable lithological rock-types and structural interpretation of regional magnetics which are coincident with very high lithium, cesium, and rubidium lake sediment samples. All samples collected over the summer have been shipped to SGS Laboratories with assay results anticipated by the end of November. Based on these results the Company will develop drill targeting and logistics for follow-up campaigns aimed at developing the properties for future valuation purposes.

On behalf of the Board of Directors,

Michael Gheyle
President & Chief Executive Officer

Qualified Person; Historical Estimates
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., (OGQ # 1971) who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

This news release includes market and industry data obtained from publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this news release or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information.

The Company would like to welcome investors to visit our website and join our mailing list at www.discoverylithium.com/news-alerts/. By subscribing you will stay up to date with the latest news releases and advancements within our company.

About Discovery Lithium (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0)
Discovery Lithium Inc. is a Canadian exploration company focused on advancing mineral resource projects in North America. The Company holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (~405,952 acres) located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region. Additionally, the Company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources. Find out more at: www.discoverylithium.com and follow us on X (formerly twitter), Facebook, and LinkedIn.

For further information, please contact:

Discovery Lithium Inc.
1450 - 789 West Pender Street,
Vancouver, BC Canada V6C 1H2
Telephone: +1-778-868-2226
Email: info@discoverylithium.com
Web: www.discoverylithium.com

Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Vaubert and Serindac Lake claims (the “Claims”), including the Company’s plans and expectations regarding the Claims, and other statements regarding the Company’s future business plans and objectives. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of risks and uncertainties inherent in the exploration and development of mineral properties, fluctuations in commodity prices, counterparty risk, market conditions, regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b7ae68f-c4fe-4484-b3c0-c3405c1d0ea8

FAQ

What is Discovery Lithium Inc. announcing?

Discovery Lithium Inc. is announcing increased exploration efforts in the northern Quebec region following encouraging samples.

What are the key details of the announcement?

Discovery Lithium has initiated a 3-day-follow-up program on Vaubert Lake claim targets of interest and a second phase exploratory sampling campaign. All new samples will be sent to SGS Laboratories for analysis.

What is the purpose of the exploration efforts?

The exploration efforts aim to determine the most prospective drill targets on the Vaubert Lake Project and to position Discovery Lithium as a leading resource exploration operation in Quebec.

Who is leading the exploration efforts?

Discovery Lithium's experienced exploration field team is leading the exploration efforts.

Where are the claim holdings located?

The claim holdings are located in the highly recognized and mining-friendly Nunavik region in Quebec.

What is the significance of the soil studies?

The soil studies have identified high lake bottom sediment anomalies, including 99th percentile lithium and cesium, making the properties highly prospective for lithium discovery.

What is the timeline for assay results?

Assay results from the summer sampling campaign are anticipated by the end of November.

Who is the Qualified Person for this news release?

Mike Kilbourne, P. Geo., is the Qualified Person for this news release.

Where can investors get more information?

Investors can visit the company's website and join the mailing list at www.discoverylithium.com/news-alerts to stay up to date with the latest news releases and advancements.