Xplore Receives Drill Program Permit for Surge Lithium Project; Drilling to Commence in June

Rhea-AI Summary

Xplore Resources has received an Early Exploration Permit for its Surge Lithium Project in northwest Ontario's Root lithium district. The project is adjacent to Green Technology Metals' Root Bay project, which has reported significant lithium deposits. Xplore's drill program will commence in June 2024, targeting prospective zones within 10 km of the Root Bay lithium trend. Green Technology Metals' recent drilling near Xplore's boundary has reported positive lithium concentrations, suggesting high potential for Xplore's project. The Surge property spans approximately 10 km of prospective geology.

Positive

• Early Exploration Permit received for Surge Lithium Project.
• Drill program to commence in June 2024.
• Surge property located within 10 km of the prospective Root Bay lithium trend.
• Adjacent to Green Technology Metals' Root Bay project with significant lithium deposits.
• Recent drill results from Green Technology Metals near Xplore's boundary show high lithium concentrations.

Negative

• No specific financial details or immediate revenue projections provided in the announcement.
• The press release lacks a concrete timeline for completing the drilling program.
• No detailed risk assessment or potential challenges mentioned for the Surge Lithium Project.

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2024) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company") is pleased to announce it has received an Early Exploration Permit for drilling at its Surge Lithium Project, located in the emerging Root lithium district in northwest Ontario. The Surge Project is adjacent to and on trend with Green Technology Metals' Root Bay project (Figure 1) - host to a new lithium deposit with a 10 Mt at 1.29% Li₂O JORC Resource¹ as well as a recent discovery at Root Bay East that includes drill results just 25 m from Xplore's Surge project (Figure 2). Program planning and drill targeting are underway and the company will provide further details of its exploration program in the coming weeks. The Surge drill program is expected to commence in June, 2024.

News Highlights

• Surge Project Located Along 10 km of the Root Bay Lithium Trend. The Surge property is positioned within 10 km of prospective geology along the Root Bay lithium trend. Drilling results reported by Green Technology Metals for five holes within 50 m of the Surge property boundary include 23.3 m of 1.16% Li₂O (RBE-23-007), 10.5 m of 1.08% Li₂O (RBE-23-008), 11.7 m of 1.12% Li₂O (RBE-23-009),¹ and 11.6 m of 1.18% Li₂O (RBE-23-30)² (Figure 2).

• Rapid Growth Along the Root Bay Trend. The Root lithium area has experienced rapid growth since 2023 with a new lithium discovery at the Root Bay deposit. The deposit now boasts a 10 Mt at 1.29% Li₂O JORC Resource,¹ spanning approximately 1.5 km of the Root Bay trend. Recent exploration drilling by Green Technology Metals has identified a potential new stacked system of pegmatites at Root Bay East, with drill results located 25 to 50 m from Xplore's Surge property boundary. The Surge property is situated along the eastern extension of the trend, covering approximately 10 km of prospective geology.

Figure 1. Xplore Resource's Surge Lithium Project area showing drill targets, nearby deposits and prospects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7519/209225_804eabd1c4a039c7_001full.jpg

Figure 2. Annotated drone photo taken near Xplore's Surge Project boundary with Green Technology Metals Root Project (looking east). Annotations show the location of recent drilling by Green Technology Metals with lithium drill results as close as 25 m from the Surge property boundary.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7519/209225_804eabd1c4a039c7_002full.jpg

The technical content of this news release has been reviewed and approved by Karly Oliver, P.Geo., director of the Company and a Qualified Person pursuant to National Instrument 43-101.

About Xplore Resources

Xplore Resources is a North American lithium exploration company listed on the TSX Venture Exchange under symbol XPLR. The company has a prospective land package in the emerging Root Bay lithium district located in northwest Ontario. Xplore's flagship property is the Surge lithium project, on trend and near two lithium deposits and just 25 m from a new lithium discovery. The Company is led by a highly experienced management team with a strong track record of growing shareholder value.

ON BEHALF OF THE BOARD OF DIRECTORS,

Dominic Verdejo, CEO
Xplore Resources Corp.

For further information on Xplore, contact:
Telephone: 604-678-5308
Email: info@xploreresources.comWebsite: www.xploreresources.com

________________________
¹ Green Technology Metals news release dated November 22, 2023
² Green Technology Metals news release dated March 26, 2024

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209225

FAQ

What permit did Xplore Resources receive for the Surge Lithium Project?

Xplore Resources received an Early Exploration Permit for the Surge Lithium Project.

When will drilling commence at the Surge Lithium Project?

Drilling at the Surge Lithium Project is expected to commence in June 2024.

Where is the Surge Lithium Project located?

The Surge Lithium Project is located in the Root lithium district in northwest Ontario.

How close is the Surge Project to Green Technology Metals' Root Bay project?

The Surge Project is adjacent to and on trend with Green Technology Metals' Root Bay project.

What recent drilling results have been reported near Xplore's Surge project?

Green Technology Metals reported drilling results near the Surge project boundary, including concentrations like 23.3 m of 1.16% Li2O and 11.7 m of 1.12% Li2O.