Infinity Stone Announces Camaro Hellcat Spring Work Program in James Bay, QC

Rhea-AI Summary

Infinity Stone Ventures Corp. (CNSX: GEMS, OTC: GEMSF) has announced its Spring Work Program for the Camaro Hellcat Project in James Bay, Quebec, adjacent to Patriot Battery Metals' Corvette Lithium Discovery. This program aims to conduct mapping, surveying, short hole drilling, and trenching to identify clear drill targets. Scheduled mobilization is set for May 2023. The project will leverage a new drilling approach and LIBS technology for field testing. Additionally, the company has terminated its option agreement for the Sugar Loaf and Little Dipper Projects in Brazil to focus resources on Canadian projects, limiting shareholder dilution.

Positive

• Commencement of Spring Work Program at Camaro Hellcat Project to enhance exploration efforts.
• Integration of innovative short hole drilling and LIBS technology for effective field testing.
• Termination of Brazil projects to concentrate resource allocation on high-potential Canadian projects, limiting shareholder dilution.

Negative

• Previous exploration constrained by winter conditions, delaying further development until spring.
• Termination of the Brazilian projects may imply missed opportunities in potentially lucrative markets.

Highlights

• Infinity Stone announces the scope and goals of its Spring Work Program at the Camaro Hellcat Project adjacent to Patriot Battery Metal's Corvette Lithium Discovery in James Bay, QC.
• The Company has been planning an extensive work program for the spring on one of its key projects to build upon the initial prospecting completed in October 2022.
• Scope of the Spring Work Program will include in mapping and surveying for new pegmatites, targeted sampling, shorthole drilling, and trenching, particularly on the rouget-greenstone underlain Hellcat claim block, all with the goal of deriving clear targets for a follow up drill program.

VANCOUVER, BC, March 16, 2023 /PRNewswire/ -- Infinity Stone Ventures Corp. (CSE: GEMS) (OTC: GEMSF) (FSE: B2I) (the "Company" or "Infinity Stone"), is pleased to announce its forthcoming spring work program (the "Spring Work Program") on its Camaro and Hellcat Lithium Project (the "Camaro Hellcat Project") adjacent to Patriot Battery Metals ("PMET" or "Patriot") Corvette Lithium Discovery in the James Bay Lithium District of Quebec. The Spring Work Program will include in mapping and surveying for new pegmatites, targeted sampling, short hole drilling, and trenching, particularly on the rouget-greenstone that underlain the Hellcat claim block, all with the goal of deriving clear targets for a follow up drill program.The Company expects that its exploration team will be able to mobilise early in the month of May, and is closely monitoring the weather conditions.

Infinity Stone intends to leverage short hole drilling with a "backpack" drill on targeted areas across the claim blocks. Beyond this, the Company's exploration team also intends to use a laser induced breakdown spectroscopy surveyor  or "LIBS Gun" with the aim of testing samples for Li in the field, to assist in defining drill targets.

"We are excited to refocus our efforts on the Camaro Hellcat Project given the recent developments on Patriot Battery Metal's Corvette discovery, alongside positive upstream developments, including the recent announcement by VW to build a lithium battery plant in Ontario^[1]", said Zayn Kalyan, CEO of ^[2]Infinity Stone. "We understand that many of our shareholders have wanted us to conduct further exploration on our James Bay project but have been unable to conduct substantial work over the winter due to snow cover. As spring rapidly approaches we are eager to get boots on the ground to conduct a more thorough survey of the claims, particularly the Hellcat where we have identified the most prospective geology. The continued investment by other Companies in the region, including Patriot's recently announced $50m flow-through financing, will enable Infinity Stone to operate more efficiently and economically with more robust infrastructure", furthered Mr. Kalyan.

The Hellcat claims are underlain by 9 km of strike length of underexplored greenstone and metasediments of the Mesoarchean Rouget formation and Neoarchean Marbot formation respectively. The under-explored Rouget formation greenstone belt represents an attractive exploration target which is geologically similar and proximal to the Guyer Group greenstone which hosts the PMET Corvette Pegmatites.

The fall exploration program (the "Fall Program") in October 2022, was successful in confirming historically mapped pegmatites and identified new showings.

One of the significant highlights of the Fall Program was the identification of a cluster of highly prospective pegmatitic dykes and cross cutting structures near the northern margin of the Hellcat claims extending to the north, which resulted in the Company expanding its claim area.

Figure 1.   Hellcat Geology

Infographic - https://mma.prnewswire.com/media/2034622/Infinity_Stone_1_Infographic.jpg

Figure 2.   Property Location

Infographic - https://mma.prnewswire.com/media/2034623/Infinity_Stone_2_Infographic.jpg

Brazil Projects

Infinity Stone announces that it has terminated its option agreement to acquire the 38,441-hectare Sugar Loaf and Little Dipper Lithium Projects (the "Sugar Loaf Project" and "Little Dipper Project", respectively; collectively, the "BraziProjects"), previously announced on February 7, 2023 (the "Option Agreement").

"While we do feel that the Projects in Brazil do have exploration potential, after discussions with shareholders and the general market, we intend to refocus our efforts on our projects in Ontario and Quebec. By choosing not to move forward with the agreement we will be able to limit dilution, and ensure that exploration resources are focused in Canada where we project the most value for shareholders and the Company will be derived", said Mr. Kalyan.

About the Hellcat Camaro Lithium Project

The 5,546-hectare Hellcat Camaro Lithium Project is located adjacent to Patriot Battery Metals' Corvette Property, in the James Bay Region of Quebec, approximately 235 kilometres east of Radisson, Quebec and 245 kilometres northeast of the Cree village municipality of Nemaska. The Project has four property blocks, the Taiga, Hellcat, and Camaro, collectively covering 3,850 hectares adjacent to Patriot Battery Metals' Corvette Lithium discovery in the James Bay Region of Quebec. PMET has recently returned significant high-grade results at the Corvette Lithium Project, including 156.9 m at 2.12% Li2O (176.4 m to 333.4 m), including 25.0 m at 5.04% Li2O (CV22-083).¹

Qualified Person

Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects and a director of the Company.

[1]  https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-steps-up-activities-in-north-america-canada-chosen-as-location-for-first-overseas-gigafactory-of-its-battery-company-powerco-se-15615

[2]  https://www.globenewswire.com/news-release/2023/03/15/2628122/0/en/Patriot-Battery-Metals-Announces-C-50M-Flow-Through-Financing.html

About Infinity Stone Ventures

Infinity Stone's mission is to be a diversified, single source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio. Infinity Stone is meeting the demand from battery and wind turbine manufacturers, nuclear and hydrogen energy producers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.

To register for investor updates please visit https://infinitystone.ventures.

INVESTOR PRESENTATION

Connect with Infinity Stone

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Infinity Stone Contact

Zayn Kalyan
CEO and Director
Direct: 778-938-3367
zayn@altuscapital.ca

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

Forward Looking Statements Disclaimer

This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking 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 may also be affected by risks and uncertainties in the business of the Company, including those described in the Company's public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

 

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SOURCE Infinity Stone Ventures Corp.

FAQ

What are the goals of Infinity Stone's Spring Work Program at the Camaro Hellcat Project?

The Spring Work Program aims to conduct mapping, surveying, short hole drilling, and trenching to define drill targets.

When is Infinity Stone expected to mobilize for the Spring Work Program?

The company expects to mobilize early in May 2023.

What technology will Infinity Stone use in its exploration efforts?

Infinity Stone will use a backpack drill and laser-induced breakdown spectroscopy (LIBS) for field testing.

Why did Infinity Stone terminate its agreement for the Sugar Loaf and Little Dipper Projects?

The decision was made to refocus efforts on Canadian projects, limiting shareholder dilution.

How does the Camaro Hellcat Project relate to Patriot Battery Metals?

The Camaro Hellcat Project is adjacent to Patriot Battery Metals' Corvette Lithium Discovery, enhancing the exploration potential.