ROUYN-NORANDA, QC, Dec. 4, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY) ("Comet
Lithium" or the "Corporation") is pleased to announce the
completion of Phase 1 of the ground geophysical gravity
survey. Following completion of Phase 1, the Corporation has
decided on completing Phase 2 and Phase 3 of the gravity survey at
its 100%-owned Liberty Property in James
Bay, Québec, Canada. The
survey crew expects to complete these two additional phases of the
gravity survey by mid December. Phase 1 of the gravity survey has
increased the confidence to move forward with Phase 2 and 3 in
2023. Comprehensive gravity survey will assist the upcoming drill
program by generating multiple exploration targets. The gravity
survey will assist in optimizing pegmatite drill targets across the
Liberty Property for the anticipated inaugural drill program. This
ground geophysical gravity survey will complement the recently
completed field and soil sample program.
GRAVITY SURVEY APPROACH:
The Phase 2 and 3 of the ground gravity survey will be
carried out by Val-d'Or, Québec
based Géophysique TMC using a Scintrex CG-6 and will cover
approximately 3.5 km2 following a 20m x 100m grid
pattern for approximately 2,100 stations. This expanded
gravity survey is built upon the insights generated from Phase 1
and aims to delimit the extents of the Winsome Resources Adina
pegmatite trend to the east inside the Liberty Property. Comet
Lithium is using bespoke data generated from Phase 1 to better
interpret the subsurface geology and structures of the Liberty
Property, and detect potential pegmatite contacts in amphibolitized
basalt.
Mr. Vincent Metcalfe, Comet
Lithium Executive Chairman, commented: "Preliminary work from
gravity data Phase 1 assisted the technical team in expanding the
survey to Phase 2 and 3. Comet Lithium's technical team is
impressed by the ground crew in safely executing the
day-to-day survey and maintaining robust QA/QC of the gravity
survey. Early insights are work in progress and we believe the
gravity survey may provide encouraging insights into
validating the Adina trend at Liberty Property. In addition,
the expanded gravity survey covering approximately 2,100 stations
will add a robust building block to generate multiple drill
targets and assist in validating the evidence that the Liberty
Property and Adina together may potentially be part of a
similar corridor".
Comet Lithium technical team is working in close collaboration
with Perth-based consultancy to
assist in the interpretation of data from the gravity survey and
drill target generation, as well as providing on-going technical
guidance.
The Corporation also wishes to draw attention to Winsome
Resource Limited recent update regarding "Adina strike extension to
1,340 meters"(1). This update brings the reported
significant spodumene pegmatites located at approximately ~660
meters from Comet's Liberty Property.
Winsome Resource Limited reported the following in its press
release dated November 27, 2023 that:
"Intersections reported in this announcement confirm the continuity
of lithium mineralisation in spodumene-bearing pegmatites to the
east of Adina Main, with drilling
completed on 100m centres up to 300
metres east of drilling previously reported"(1).
Additional, high-grade mineralisation also continues to be
intersected north of Adina Main,
with further results from the near surface up-dip extensions of the
Main and Footwall Zones.
(1) Source:
https://wcsecure.weblink.com.au/pdf/WR1/02745666.pdf
Qualified Person
Vincent Cardin-Tremblay, P. Geo
(ogq #1386, PGO #3347), registered in the Provinces of Québec, and
Ontario is Vice President
Exploration 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, in particular the completion of the Phase 2 and 3 of the
gravity survey, the results therefor,, the identification of drill
targets and future drill program and other exploration programs on
the 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 Corporation 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.
SOURCE Comet Lithium Corp.