Spod Lithium Extends to 1.6 km Block C Pegmatite on Property Adjacent to Patriot Battery Metals Corvette Project
SPOD Lithium Corp. (CSE: SPOD; OTCQB: SPODF) has completed a second phase field program on its MegaLi and Lithium Grande 4 properties adjacent to Patriot Battery Metals' Corvette project in Quebec, Canada. Key highlights include:
1. The Block 'C' pegmatite has been traced for at least 1.6 km of strike length, located about 5 km south of the Corvette lithium deposit.
2. 443 soil samples were collected and sent for analysis from various blocks.
3. The geology of blocks 'A', 'B', and 'D' is similar to the Corvette trend, with pegmatites hosted in amphibolite.
4. Future exploration, including mechanical stripping and drilling, will be planned once soil and channel sample results are received.
5. The company has issued 300,000 stock options to a consultant at $0.05 per option for a five-year period.
SPOD Lithium Corp. (CSE: SPOD; OTCQB: SPODF) ha completato un secondo programma di esplorazione sul campo nelle sue proprietà MegaLi e Lithium Grande 4, adiacenti al progetto Corvette di Patriot Battery Metals in Quebec, Canada. I punti salienti includono:
1. Il pegmatite 'C' è stato tracciato per almeno 1,6 km di lunghezza, situato a circa 5 km a sud del deposito di litio Corvette.
2. Sono stati raccolti e inviati per analisi 443 campioni di suolo da vari blocchi.
3. La geologia dei blocchi 'A', 'B' e 'D' è simile a quella della tendenza Corvette, con pegmatiti ospitati nell'amfibolite.
4. L'esplorazione futura, inclusi stripping meccanici e perforazioni, sarà pianificata non appena si ricevono i risultati dei campioni di suolo e canale.
5. La società ha emesso 300.000 opzioni su azioni a un consulente a $0,05 per opzione per un periodo di cinque anni.
SPOD Lithium Corp. (CSE: SPOD; OTCQB: SPODF) ha completado un segundo programa de campo en sus propiedades MegaLi y Lithium Grande 4, adyacentes al proyecto Corvette de Patriot Battery Metals en Quebec, Canadá. Los puntos clave incluyen:
1. El pegmatito 'C' se ha rastreado por al menos 1,6 km de longitud, ubicado a unos 5 km al sur del depósito de litio Corvette.
2. Se recogieron y enviaron para análisis 443 muestras de suelo de varios bloques.
3. La geología de los bloques 'A', 'B' y 'D' es similar a la tendencia Corvette, con pegmatitos presentes en anfibolitas.
4. La futura exploración, que incluye despojo mecánico y perforación, se planea una vez que se reciban los resultados de las muestras de suelo y de canales.
5. La empresa ha emitido 300.000 opciones sobre acciones a un consultor a $0,05 por opción durante un período de cinco años.
SPOD 리튬Corp. (CSE: SPOD; OTCQB: SPODF)는 캐나다 퀘벡에서 Patriot Battery Metals의 Corvette 프로젝트 인근에 있는 MegaLi 및 Lithium Grande 4 속성에 대해 두 번째 현장 프로그램을 완료했습니다. 주요 내용은 다음과 같습니다:
1. 블록 'C' 페그마타이트는 최소 1.6km의 스트라이크 길이를 추적했습니다, Corvette 리튬 매장소에서 약 5km 남쪽에 위치합니다.
2. 여러 블록에서 443개의 토양 샘플이 수집되어 분석을 위해 보내졌습니다.
3. 'A', 'B', 'D' 블록의 지질은 페그마타이트가 암필롤라이트에 존재하는 Corvette 경향과 유사합니다.
4. 토양 및 채널 샘플 결과를 수신한 후 기계적 제거 및 시추를 포함한 향후 탐사가 계획될 것입니다.
5. 이 회사는 컨설턴트에게 5년 동안 주당 $0.05로 300,000개의 스톡 옵션을 발행했습니다.
SPOD Lithium Corp. (CSE: SPOD; OTCQB: SPODF) a terminé un deuxième programme de terrain sur ses propriétés MegaLi et Lithium Grande 4, adjacentes au projet Corvette de Patriot Battery Metals au Québec, Canada. Les points forts incluent :
1. Le pegmatite 'C' a été suivi sur au moins 1,6 km de longueur de traçage, situé à environ 5 km au sud du dépôt de lithium Corvette.
2. 443 échantillons de sol ont été collectés et envoyés pour analyse provenant de divers blocs.
3. La géologie des blocs 'A', 'B' et 'D' est similaire à celle de la tendance Corvette, avec des pegmatites hébergées dans l'amphibolite.
4. Les futures explorations, y compris le déblaiement mécanique et le forage, seront planifiées dès que les résultats des échantillons de sol et des canaux seront reçus.
5. L'entreprise a émis 300 000 options sur actions à un consultant à 0,05 $ par option pour une période de cinq ans.
SPOD Lithium Corp. (CSE: SPOD; OTCQB: SPODF) hat ein zweites Feldprogramm abgeschlossen auf ihren MegaLi- und Lithium Grande 4-Standorten, die angrenzend an das Corvette-Projekt von Patriot Battery Metals in Quebec, Kanada, liegen. Zu den wichtigsten Ergebnissen gehören:
1. Der Pegmatit 'C' wurde über mindestens 1,6 km Länge verfolgt und befindet sich etwa 5 km südlich des Corvette-Lithiumvorkommens.
2. 443 Bodenproben wurden gesammelt und zur Analyse aus verschiedenen Blöcken versendet.
3. Die Geologie der Blöcke 'A', 'B' und 'D' ähnelt dem Corvette-Trend, wobei Pegmatite in Amphibolit vorkommen.
4. Künftige Erkundungen, einschließlich mechanischem Abtragen und Bohren, werden geplant, sobald die Ergebnisse der Boden- und Kanalsamples vorliegen.
5. Das Unternehmen hat 300.000 Aktienoptionen an einen Berater zum Preis von 0,05 $ pro Option für einen Zeitraum von fünf Jahren ausgegeben.
- Block 'C' pegmatite traced for 1.6 km, indicating significant potential
- Proximity to Patriot Battery Metals' Corvette project, a world-class lithium deposit
- Geology of blocks 'A', 'B', and 'D' similar to the Corvette trend, suggesting promising lithium potential
- Extensive soil sampling program completed (443 samples) to identify spodumene-bearing pegmatites
- Results from soil and channel samples not yet received, delaying future exploration planning
- Issuance of 300,000 stock options at $0.05 may lead to potential dilution for existing shareholders
- Block “C” pegmatite has now been traced for at least 1.6 km of strike length, which is located about 5 km to the south of the world class Corvette lithium deposit
- 443 soil samples were collected and sent to the lab for analysis on the MegaLi Block “C”, Lithium Grande 4 Block “A”, Block “D” and Block “E”
VANCOUVER, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- SPOD LITHIUM CORP. (CSE: SPOD; OTCQB: SPODF), (the “Company” or “SPOD”) is pleased to announce the completion of a second phase field program on its MegaLi and Lithium Grande 4 properties composed of six claim blocks adjacent to the Patriot Battery Metals Inc.’s (“Patriot”) Corvette project located in the James Bay area, Quebec, Canada. Along with its Quebec projects, SPOD is also exploring its promising projects in the province of Ontario.
Mathieu Couillard, SPOD’s CEO commented, “We are delighted with the outcome of our 2024 program. We have proven the presence of multiple pegmatites on our property package as well as the continuity of our 2023 lithium results. We also now know that the geology of blocks “A”, “B” and “D” is similar to the Corvette trend where pegmatites are hosted in amphibolite. Additionally, the northern contact of Block “C”, where we have identified a large pegmatite hosting lithium anomaly, is an area of particular interest given its proximity with Patriot’s CV5 deposit. Future exploration including mechanical stripping and drilling will be planned once results from soils samples and channel samples have been received.”
Summer program over the pegmatites
A total of 443 soil samples have been collected by the ExploLogik team, which provides exploration services to the Company, aimed at three objectives: identification of spodumene bearing phase inside the known MegaLi project Block “C” pegmatite, testing the ground about 3km along strike from the initial target, and evaluating the lithium potential of Block “A”, Block “D”, Block “E” on the Lithium Grande 4 project.
On Block “C” (MegaLi project), 316 soil samples were collected over the pegmatite trend, covering a surface of about 1.7 km by 4.8 km.
For reference, Patriot’s CV5 spodumene deposit is located about 5 km north of the Block “C” pegmatite, following a parallel structural trend. Observations done so far on Block “C” have indicated that the crystallization texture and structural relations can be compared to other spodumene bearing pegmatite events observed in the James Bay area. CV5 mineral resource estimate (MRE) has firmly established it as the largest lithium pegmatite mineral resource in the Americas and eighth largest globally, containing a maiden mineral resource estimate of 109.2 million tons at
The remaining 127 soil samples were distributed between Lithium Grande 4 Block “A”, Block “D” and Block “E” located respectively 7 km north, 12 km east and 15 km east of Patriot’s CV5. Block “A”, returned a series of rocks showing a strong Rb enrichment and low K/Rb below 30. The objective for the soil sampling program is to locate spodumene-bearing pegmatite covered by overburden. In the case of Block “D”, the unique claim hosts a strong density of pegmatites dikes limited by the density of outcrops.
Figure 1- Property location (satellite and regional geology) map with soil sampling
QA/QC
Soil sampling was completed at 100 m spacing at a depth of 20 to 50 cm to reach the “C” horizon of the soil profile. Samples were described in terms of color and textures. The sampling line includes duplicates, blanks and standards. Samples were submitted to ALS Chemex in Val-d’Or, Quebec and will be methodically assayed to detect a proximal or distal spodumene source.
Corporate Update
The Company has entered into a consulting agreement on June 25, 2024 with Jadeite Capital Corp. (the “Consultant”) to provide certain strategic and administrative services to the Company, effective April 1, 2024. The Company has also issued 300,000 stock options to the Consultant at a price of
Qualified Person
Julien Davy, P.Geo., M.Sc, MBA, consultant geologist of SPOD, and Martin Demers, P.Geo, independent senior geologist, are qualified persons under National Instrument 43-101 on standards of disclosure for mineral projects, and have prepared, supervised and approved the technical information in this news release.
About Spod Lithium Corp.
Spod Lithium Corp. is a leading exploration and development company focused on unlocking the vast potential of lithium resources. With a strategic approach to resource management and a commitment to sustainable practices, SPOD is dedicated to driving innovation and delivering value for its stakeholders. Founded in 2020, its primary lithium properties are strategically located in Quebec and Ontario, Canada, regions renowned for their rich deposits of these valuable resources. For further information, please refer to the Company’s disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company through its website at www.spodlithiumcorp.com.
On Behalf of the Board of Directors
Mathieu Couillard
President and CEO
+1 (647) 567-6757
mathieu.couillard@SPODlithiumcorp.com
Stay connected with SPOD
Website: www.spodlithiumcorp.com
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Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/865db834-8bfc-4256-8a28-f890922c0470
FAQ
What is the significance of SPOD Lithium's Block 'C' pegmatite discovery?
How many soil samples did SPOD Lithium (SPODF) collect in their recent field program?
What is the geological similarity between SPOD Lithium's properties and Patriot Battery Metals' Corvette project?
When will SPOD Lithium (SPODF) plan future exploration activities on their Quebec properties?
