Go Metals Announces Results from Airborne EM Survey at KM98 and Stock Option Grant

Rhea-AI Summary

Go Metals Corp. announces the results of a processed airborne geophysical survey from KM98 critical metal project in Côte-Nord, Québec. The survey revealed a large anomaly at KM98, with higher electromagnetic amplitudes compared to HSP and ten times the footprint of Chamber North. The property is accessible by paved road year-round. The President and CEO, Scott Sheldon, commented on the anomalies, expressing excitement for the potential of this target. The survey detected magmatic sulphide mineralization, a rare style of mineralization in anorthosite, using the Time Domaine Electromagnetic Survey method. In addition to the survey results, the Company also issued 2,400,000 stock options to directors, officers, and consultants, exercisable at $0.05 per share for 3 years.

Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Go Metals Corp. (CSE: GOCO) ("Go Metals" and/or the "Company") announces the results of the processed airborne geophysical survey from KM98 critical metal project on the Côte-Nord of Québec.

Figure 1 – Electromagnetic anomaly at KM98 project. Darker green areas correspond to higher amplitude response.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5946/196075_d0d6069ba44ef906_001full.jpg

Highlights

• Large 4100 metre by 1600 metre (3.2km²) anomaly at KM98
• Higher EM amplitudes compared to HSP
• KM98 anomaly is ten times the footprint of Chamber North
• Anomalies are clustered along the southern contact of the anorthosite
• Property is accessible by paved road, year-round

Go Metals President and CEO, Scott Sheldon, commented: "Time domain electromagnetic surveying detects conductive material including certain sulphides and massive oxides. The anomalies at KM98 are on a completely different level to anything we've seen to date. The new kilometre scale anomaly is an order of magnitude larger than our biggest target at HSP. Further geological groundwork to identify the cause of the airborne anomaly will help determine the true potential of this target."

Magmatic Sulphide Mineralization
This style of mineralization is rare in anorthosite and represents a metal-rich phase of magma that cools to form pods and layers of massive sulphides. The connected nature and mineralogy of the metallic minerals allow them to conduct electricity and be detected using electromagnetic techniques.

Time Domaine Electromagnetic Survey
AIRTEM can detect massive sulphide mineralization by transmitting a current pulse through a transmitter loop towed by a helicopter. As the resulting magnetic field moves through the earth it induces an electrical field within any conductive bodies that it passes through. This new electrical field in turn generates a magnetic field which is detected by receiver coils mounted within the transmitter loop. This method can detect conductive minerals to depths of hundreds of metres.

The survey was conducted by Balch Exploration Consulting Inc. and undertaken in October of 2023 at both HSP and KM98. In addition to the large conductor highlighted in this news release, six new strong conductors (based on amplitude and time decay) were detected.

Options
The Company also announces that it has issued an aggregate of 2,400,000 stock options to directors, officers, and consultants of the Company pursuant to its stock options plan. The stock options are exercisable to acquire common shares of the Company at a price of $0.05 for a period of 3 years from grant and will vest on issuance.

All securities issued are subject to a statutory four month and one day hold period which will expire on May 30, 2024.

Qualified Person
Hugues Longuépée, P.Geo., is the qualified person ("QP") for the Company as defined in National Instrument 43-101 and has reviewed and approved the technical information presented within this news release.

About KM98
KM98 was staked by the Company in 2022 and is 100% owned with no underlying royalties. The project is approximately 91 square kilometres in size and is roughly 36 kilometres north of the world class Lac Tio titanium mine and is accessible from a newly paved hydro road between the Romaine 2 and Romaine 3 hydro-electric facilities.

About Go Metals
Go Metals targets Canadian battery metal projects to help power a sustainable future. The Company's HSP, Clyde, and KM98 projects have multiple nickel-copper sulphide targets within a 416.5 square kilometre land package north of Havre-Saint Pierre, Québec in the Nitassinan of the Innu of Ekuanitshit.

For further information, please contact:
Scott Sheldon, President
604.725.1857
Scott@GoMetals.ca

Forward-Looking Information:
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties, future production, reserve potential, and events or developments that the Company expects. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance, they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether because of new information, future events or results, or otherwise) other than as required by applicable securities laws. There are several risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at SedarPlus.ca.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196075

FAQ

What are the highlights of the processed airborne geophysical survey from KM98 critical metal project?

The survey revealed a large anomaly at KM98 with higher electromagnetic amplitudes compared to HSP and ten times the footprint of Chamber North.

What is the significance of the magmatic sulphide mineralization detected in anorthosite?

The style of mineralization is rare and represents a metal-rich phase of magma that cools to form pods and layers of massive sulphides.

Who is the qualified person for the Company as defined in National Instrument 43-101?

Hugues Longuépée, P.Geo., is the qualified person for the Company.

How many stock options were issued by the Company and to whom?

The Company issued an aggregate of 2,400,000 stock options to directors, officers, and consultants.

What is the exercise price and vesting period for the stock options?

The stock options are exercisable at a price of $0.05 for a period of 3 years from grant and will vest on issuance.