ROUYN-NORANDA, QC, Sept. 20,
2023 /CNW/ - Comet Lithium Corporation (TSXV: CLIC)
("Comet Lithium" or the "Company"), is pleased to
announce that it has initiated the planning and permitting process
of its first drill program on its 100%-owned Liberty property
located in James Bay, Québec,
adjacent to Winsome Resources' Adina project.
On August 28, 2023, the Company
announced the identification of numerous pegmatite outcrops and
glacial boulders on the Liberty property. Following phase one of
the ground exploration program, the extension of the Adina trend
was also covered with a soil survey (C-horizon). A total of 272
samples were taken with an average spacing of ~100 metres between
samples, to mitigate the challenges posed by the scarcity of
outcrops and the presence of lakes.
The Company has been evaluating the inaugural drill program
based not only on the structural lineament pattern connecting the
Adina trend with the Liberty property, but also using its most
recent field data. The recently acquired data has allowed the
Company to observe favorable pegmatite and structural features
grouped around east-west, north to north-east and north-east
orientation.
At this stage, multiple drill holes collars have been planned
inside a carefully established corridor about one kilometre wide
inside the Trieste volcanic formation. This environment, which is
composed mainly of amphibolite injected by different granitic and
pegmatitic phases, hosts spodumene bearing pegmatite forming the
Adina trend.
It is expected that each hole, will be drilled following a
north-west orientation with a 45-degree dip and has been
strategically positioned to intersect a magnetic contrast which
could correspond to pegmatite swarms. As the Company gains more
in-depth knowledge with sampling results, incoming LiDAR data and a
geophysics program, holes will be prioritized and drilled
accordingly. It is also important to note that there is no
historical drilling that has taken place on the Company's Liberty
property.
Mr. Mansoor Jan, Comet Lithium's
new Interim CEO and President, stated: "We strongly believe it
is necessary to initiate this early-stage drill program on the
Liberty property considering that Winsome Resources, our neighbor,
has successfully extended the spodumene bearing pegmatite intrusion
less than one kilometre west of the property boundary. We are
confident that the interpretation work completed so far will allow
us to identify the continuity of pegmatites of the same type inside
the Liberty property."
Comet Lithium's technical team will optimize and potentially
expand the drill program by incorporating output from LiDAR survey
and insight generated from additional geophysical work.
Qualified
Person
Martin Demers, P. Geo (ogq #770,
APEGNB L5980, PGO #3785), registered in the Provinces of Québec,
New-Brunswick, and Ontario a consultant to Comet Lithium, is a
qualified person under National Instrument 43‑101 -
Standards of Disclosure for Mineral Projects. He has reviewed
the technical contents of this news release and has approved the
disclosure of the technical information contained herein.
About Comet Lithium
Corporation
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina deposit, a growing
high-grade discovery. Comet Lithium is advancing Liberty to
first-ever drilling.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the exploration
programs, the results therefor and development (including results
from the ground samples collected on the Liberty property, results
for the LIDAR survey or geophysics program, the drill program and
any future exploration programs on he Liberty property, or if
it does so, what benefits Comet Lithium will derive from the
Liberty property and any such exploration programs. Forward-looking
information is based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond Comet
Lithium's control. These risks, uncertainties and assumptions
include, but are not limited to the risks relating to the capital
market conditions, risk that the Company might not be able to
obtain the capital resources necessary to complete a drill program
or any exploration program on the Liberty property, as well those
risks, uncertainties and assumptions described under "Financial
Instruments" and "Risk and Uncertainties in Comet Lithium's Annual
Report for the fiscal year ended December
31, 2022, a copy of which is available on SEDAR+ at
www.sedarplus.ca, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. Comet Lithium does not intend, nor does it undertake
any obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
Neither the 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 the release.
Website: CometLithium.com
SOURCE Comet Lithium Corp.