Consolidated Lithium Announces Vallée JV Intersects 1.04% Li2O over 7.15 m

Rhea-AI Summary

Consolidated Lithium Metals Inc. announces encouraging assay results from Baillargé Summer Program. Joint venture partner North American Lithium reports final set of assay results from 2023 summer drilling program. Highlights include high-grade lithium intersections and extension of Core Pegmatite. Company plans follow-up drill program on East Vallée project.

Assay Results from Baillargé Summer Program Encouraging

TORONTO, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM” or the “Company“) is pleased to announce that joint venture partner North American Lithium, Sayona Mining Inc.’s majority-owned subsidiary, (“NAL”) has reported to the Company the final set of assay results from the last 40 holes of the 2023 summer drilling program at the Vallée joint venture (the “Vallée JV”) lithium project, located approximately 30 km north of Val-d’Or, Quebec within the heart of the Vallée Lithium Corridor (see Figure 1). The 2023 summer drilling program consisted of 58 holes totaling 15,607 m. CLM released the results of the first 18 holes in its news release dated January 11, 2024, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

The Company is also pleased to announce that analytical results have been received for the 29 drill holes completed and all surface channel samples from the outcrop stripping program, both parts of the 2023 summer exploration program at the Company’s 100% owned Baillargé Lithium Project (“Baillargé”). Baillargé is located in the Abitibi Greenstone Belt approximately 21 km northwest of Val D’Or, Quebec (see Figure 1).

Vallée JV 2023 Drilling Results

The 2023 summer drilling program succeeded at tracing lithium-bearing pegmatite mineralization associated with the adjacent NAL operating lithium mine across the entire width of the Vallée JV property (the “JV Property”) from northwest to southeast (see Figure 2). Thicker high-grade mineralized intersections were located along the northwestern and southeastern sections of the Core Pegmatite Dyke. The 2023 program extended the Core Pegmatite 700 m to the southeast from the area defined by CLM’s 2021 and 2022 drilling programs.

Highlights from the second set of results include a high grade intersection in hole VAL-23-051 that averaged 1.04% Li₂O over 7.15 m from 157.15 to 164.30 m, an interval in VAL-23-051 of 17.60 m that averaged 0.55% Li₂O from 112.50 to 130.10 m that included a higher grade subinterval of 1.25% Li₂O over 3.20 m from 112.50 to 115.70 m, and a wide intersection of 16.02 m from VAL-23-057 that averaged 0.50% Li₂O from 132.73 to 148.75 m that included a subinterval of 1.29% Li₂O over 2.36 m from 140.74 to 143.10 m (see Tables 1 and 4).

Two high-grade intersections were also discovered in VAL-23-042, located north of the Core Pegmatite trend (see Figure 3). The first interval averaged 1.43% Li₂O over 3.60 m from 167.55 to 171.15 m within an interval of 0.60% Li₂O over 17.00 m from 163.00 to 180.00 m. The second interval averaged 0,68% Li₂O over 23.30 m from 215.50 to 238.80 m that included a subinterval of 0.95% Li₂O over 10.20 m from 216.55 to 226.75 m.

The extension of the Core Pegmatite to the eastern property boundary during the drill program is considered to be a very exciting development for CLM. The Company’s East Vallée project is located immediately adjacent to the JV Property (see Figures 2 and 3).   We expect that the Core Pegmatite and adjacent spodumene-bearing dykes likely continue onto CLM’s 100% owned property. The East Vallée project overlies an additional 5 km of the Vallée Lithium Trend that has never been drill-tested for lithium (see Figure 2). The tracing of the Core Pegmatite to the southeast end of the property, and the discovery of numerous additional lithium-bearing pegmatites defined during the 2023 summer Vallée JV drilling program immediately south of the Core Pegmatite in the same area has defined high-priority drill targets for the Vallée East project (see Figure 3).   The Company is currently in the process of planning and permitting a drill program to follow-up these results on the East Vallée project in the coming months.

Table 1 – Highlights of the 2023 Vallée JV Drilling Program

CLM also intends to review and interpret the 2023 results in collaboration with the 2021-2022 CLM drill results in the northwest end of the Core Pegmatite Trend immediately adjacent to the NAL lithium mine. The objective of the review will be to determine if sufficient drilling has been completed to establish a mineral resource in that area.

“The 2023 drilling helped support CLM’s work over the previous two years to further refine the extension of the NAL Mine Pegmatites where they crossed onto the JV Property. We are eager to work with our partner NAL to dig into these results to determine the potential to develop extensions or satellite lenses along the west boundary adjacent to their current mining operation.   However, the Company is also very excited about the possibilities on our 100% owned East Vallée project. Now that the spodumene-bearing pegmatites have been extended right to the property boundary, the Company is focused on continuing to trace the Core Pegmatite along strike to look for what we hope will be the next big pegmatite blow-out somewhere along the 5 km trend that has yet to see any lithium drilling.” - Richard Quesnel, Executive Chair, Consolidated Lithium Metals Inc.

Baillargé 2023 Exploration Program Results

In addition, the Company is pleased to announce that analytical results have been received for the 29 drill holes completed and all surface channel samples from the outcrop stripping program, both parts of the 2023 summer exploration program at the Company’s 100% owned Baillargé Lithium Project (“Baillargé”). Baillargé is located in the Abitibi Greenstone Belt approximately 21 km northwest of Val D’Or, Quebec (see Figure 1).

The summer exploration program consisted of three key but separate components:

• a 29 hole, 4747 m drilling program;
• an outcrop stripping and channel sampling program; and
• a soil sampling program covering the area between the Baillargé Est Showing (see Figure 1) and the Chubb Showing, which is located 1.1 km southeast and along strike of the area that was the subject of the summer drilling program.
  

The completed summer drill program totaled 4,747 m of drilling in 29 holes which targeted the extensions of outcropping pegmatites at the Baillargé Est Showing, located just south of Lac Baillargé. Lithium mineralization was first found at Baillargé Est in 1955 by Amos Lithium Corporation Limited (see Government of Quebec, Ressources Naturelles et Forets, SIGÉOM files GM 3404 and GM 4109-B at:
https://sigeom.mines.gouv.qc.ca/signet/classes/I1103_index?format=COMPLET&type_reqt=U&mode=NOUVELLE&l=A&entt=GM&alias_table_crit=F4E02&mnen_crit=NUMR_INTER&oper_crit=EGAL&valr_crit=5454.)

The drill program was successful at extending the three known spodumene-bearing pegmatites at depth and along strike to the southeast. The program also discovered seven additional lithium-bearing pegmatites between and adjacent to the previously known dykes (see Figure 4) all within an area measuring 500 m by 450 m. All ten dykes remain open for expansion along strike in both directions and at depth.

Seven holes intersected lithium mineralization exceeding 0.20% Li₂O (see Table 2). Six anomalous intersections were obtained from the D7 pegmatite, and one each from the D1, D2, D3, D5 and D7 pegmatites. Assay results from the D7 pegmatite are closely spaced to areas proximal to higher lithium concentrations from the channel sampling program and to the historical drill results.

Table 2 – Assay Results from 2023 Summer Drilling – Baillargé Project

Hole	Dyke	From (m)	To (m)	Length (m)	Li (ppm)	Converted to Li20 (wt%)
B23-01	D7	41.70	42.70	1.00	1467	0.32
B23-02	D7	49.20	50.20	1.00	1076	0.23
B23-05	D7	37.40	38.40	1.00	1010	0.22
B23-06	D7	41.00	42.00	1.00	1015	0.22
B23-16	D3	83.70	84.70	1.00	1258	0.27
	D5	127.40	128.40	1.00	1849	0.40
B23-18	D2	71.40	72.40	1.00	1834	0.39
	D1	94.00	94.50	0.50	1044	0.22
B23-28	D6	28.25	29.65	1.40	1521	0.33
	D7	145.60	146.65	1.05	1029	0.22

 Core lengths are estimated to be approximately 90-95% of true width

The 2022 outcrop stripping campaign was expanded in 2023 to extend the stripped areas north of Dykes 3 and 7. Stripping was also done under the BE Lithium Soil Anomaly (see CLM News Release dated July 10, 2023) which led to the discovery of Dyke 5. Channel samples were collected along lines spaced at 5 m to 10 m intervals along the new dyke discoveries and along the extended stripped areas at D3 and D7.

Four different lines containing significant channel sample anomalies were discovered at the north end of the D3 stripping area, immediately overlying and within 10 m of the up-dip projection of the D3 intersection of hole B23-16 (see Figure 4).

Channel R5 returned 0.83% Li₂O over 8.16 m and had a peak sample of 2.15% Li₂O over 1.02 m. Channel R7, located 5 m south of R5, averaged 0.86% Li₂O over 5.37 m including a single sample of 2.10% Li₂O over 1.00 m. The highlights of the results of the channel sampling program are included in Table 3 below.

Table 3 – Assay Results from 2023 Summer Channel Sampling – Baillargé Project

Channel R23 was located on the newly discovered Dyke 5 immediately under the BE Lithium Anomaly that averaged 0.38% Li₂O over 1.96 m (see Figure 2).

Figure 1 – CLM Regional Projects Map [property boundaries from Company resources and historical drill hole, geology and showing information from the Government of Quebec website https://sigeom.mines.gouv.qc.ca/signet/classes/I1108_afchCarteIntr

Figure 2 – Location of drilling and the Core Pegmatite Trend from the NAL Mine to East Vallée Project.

Figure 3 – Close-up of the 2023 Vallee JV Drilling Program

Figure 4 – Final Assay Results – 2023 Baillargé Program

About the Vallée JV

The JV Property is located immediately adjacent to, and along strike of NAL’s operations, the largest lithium operation in North America (see Figure 1). The JV Property is majority-owned by CLM, with NAL having an option to earn up to a 51% interest therein (see the Company’s news releases dated November 14, 2022, December 19, 2022, and January 11, 2024, each of which are also available under the Company’s SEDAR+ profile at www.sedarplus.ca). NAL earned its initial 25% interest in the JV Property pursuant to its first option in late 2023. NAL has a second option to spend an additional C$6 million by November 14, 2024 to earn a cumulative 50% interest.

Analytical Procedures – Vallée JV Project

Sayona Mining Inc., as the project operator, selected samples from the drill core using visual identification of lithium-bearing minerals in the drill core with the assistance of a Laser Induced Breakdown Spectrometer (“LIBS”) handheld analyser. Core samples were sawn into two halves, with one half being submitted for analysis and the other half retained and returned to the core tray and stored for future reference.

All samples were analysed at ALS Laboratories, Vancouver, an independent accredited laboratory. The samples were crushed and pulverized. Excess crushed and pulverized material not used in the analysis have been retained for future reference. All samples were analysed by ME-MS589L Sodium Peroxide Fusion and ICP-MS finish using a 0.2 g aliquot of pulverised material.

Assay sample of Certified Reference Material (“CRM”), half core duplicate sampling and insertion of blanks into the sample sequence has been undertaken to ensure QA/QC. Protocols include systematic insertion of CRM standards at approximately 1 in every 25 samples and alternating blank samples of quartz and core duplicate samples for every 1 in 25 samples. The CRM material used for monitoring lithium values are OREAS 750, OREAS 752 and OREAS 753. Occasionally, a CRM for Zn (OREAS 630B) has been used to validate other metals. These standards have been selected to reflect the target mineralisation. Assays of quality control samples were compared with reference samples in database and verified as acceptable prior to use of data from analysed batches.

The Company believes that the sampling, assaying and laboratory procedures are representative of the drilled material and appropriate for the project.

Analytical Procedures – Baillargé Project

CLM geologists selected samples from the drill core using visual identification of lithium-bearing minerals in the drill core. Core samples were sawn into two halves, with one half being submitted for analysis and the other half retained and returned to the core tray and stored for future reference.

All samples were analysed at SGS Laboratories (“SGS”), Burnaby, an independent accredited laboratory. The samples were crushed and pulverized at the SGS preparatory facility in Val-d’Or, Quebec. Excess crushed and pulverized material not used in the analysis have been retained for future reference. All samples were analysed by GE-ICP91A50 Sodium Peroxide Fusion and ICP-OES finish using an aliquot of pulverised material.

Assay sample of CRM, half core duplicate sampling and insertion of blanks into the sample sequence has been undertaken to ensure QA/QC. Protocols include systematic insertion of CRM standards at approximately 1 in every 20 samples and alternating blank samples of quartz and core duplicate samples for every 1 in 20 samples. The CRM material used for monitoring lithium values are OREAS 47, OREAS 147, OREAS 553, OREAS 750 and OREAS 753. Assays of quality control samples were compared with reference samples in database and verified as acceptable prior to use of data from analysed batches.

It is believed the sampling, assaying and laboratory procedures are representative of the drilled material and appropriate for the project. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data presented herein.

Qualified Person

The scientific and technical information contained herein has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., the Company’s Senior Vice President & Head of Mining who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Consolidated Lithium Metals Inc.
Consolidated Lithium Metals Inc. (formerly known as Jourdan Resources Inc.) is a Canadian junior mining exploration company trading under the symbol “CLM” on the TSX Venture Exchange and “Z36” on the Frankfurt Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s Quebec lithium mine.

For more information:
Rene Bharti, Chief Executive Officer and President
Email | info@consolidatedlithium.com
Phone | (416) 861-5800
Website | www.consolidatedlithium.com

Cautionary Statements

The content and grades of any mineral deposits at the Company’s properties are conceptual in nature. There has been insufficient exploration to define a mineral resource on its properties and it is uncertain if further exploration will result in any target being delineated as a mineral resource. In addition, sample results at or around, and information applicable to, the Chubb Showing, the New Athona Showing, or the North American Lithium or Molybdenite Corporation mines are not indications of results that could be obtained at, or information applicable to, any of CLM’s properties.

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future exploration plans and anticipated results, particularly respecting the Core Pegmatite and adjacent dykes as they relate to the Vallée East project potential; the ability of the Company to establish a mineral resource at its properties and, together with NAL, develop extensions or satellite lenses; the results of the Company’s summer 2023 exploration program, including the potential to expand all ten dykes existing at Baillargé; and the Company’s ability to execute its business plan. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CLM to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and shortages and other risks of the mining industry. Although CLM has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. CLM does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Images accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/20bcf10f-43df-4ec5-853c-04b5b7b65974

https://www.globenewswire.com/NewsRoom/AttachmentNg/40fe033e-1800-48f7-a5e7-bccf7f94eed6

https://www.globenewswire.com/NewsRoom/AttachmentNg/83709145-62d8-4048-a26a-1969dda38917

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e5f7f99-3f76-48c2-9e6a-3bfda3800464

https://www.globenewswire.com/NewsRoom/AttachmentNg/37d9241d-c6b0-4764-aee5-aa42c85431b7

https://www.globenewswire.com/NewsRoom/AttachmentNg/99d74c7d-beda-41e6-b55f-a1279ce9e96b

https://www.globenewswire.com/NewsRoom/AttachmentNg/82c7ca69-cb9e-4274-8c6c-79d2e3b0b8ba

https://www.globenewswire.com/NewsRoom/AttachmentNg/32bc9662-57fe-4b39-8af5-3f7fc785c384

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d40bd12-c0f9-47c0-8dfe-372c1c8b1f57

https://www.globenewswire.com/NewsRoom/AttachmentNg/398a6d98-f05e-4b79-a57f-f660749813d5

FAQ

What are the highlights of the 2023 Vallée JV drilling program?

The highlights include high-grade lithium intersections such as 1.04% Li2O over 7.15 m in hole VAL-23-051 and 1.43% Li2O over 3.60 m in VAL-23-042.

Where is the Baillargé Lithium Project located?

The Baillargé Lithium Project is located in the Abitibi Greenstone Belt approximately 21 km northwest of Val D’Or, Quebec.

What is the Company's East Vallée project adjacent to?

The Company's East Vallée project is adjacent to the JV Property where the Core Pegmatite and spodumene-bearing dykes likely continue.

What is the Company planning for the East Vallée project?

The Company is planning and permitting a drill program to follow-up on the high-priority drill targets defined during the 2023 summer Vallée JV drilling program.