ROUYN-NORANDA, QC, Oct. 23,
2024 /CNW/ - Comet Lithium Corporation (TSXV: CLIC)
(FSE: 8QY) ("Comet Lithium" or the "Corporation") is
pleased to announce the results of the maiden reconnaissance
exploration program conducted during the summer at the
Corporation's Mercator property ("Mercator Property"),
located in the James Bay region of
Québec.
Mercator Fieldwork and Results
Dahrouge Geological Consulting ("DGC") was commissioned
to carry out fieldwork at the Mercator Property, accompanied by
Comet Lithium's VP of Exploration, Vincent
Cardin-Tremblay. The fieldwork, conducted over two days in
June 2024, involved helicopter
reconnaissance and ground traverses.
During this maiden exploration program, three field teams
completed reconnaissance traverses, covering a total of 18
kilometres. The program targeted three distinct areas identified
via helicopter. Numerous white pegmatite outcrops hosted in
paragneisses were observed, several of which contained black
tourmaline and muscovite. In total, 15 outcrops and 26 boulders
were sampled. Of these, five pegmatite samples (one outcrop and
four boulders) returned a K/Rb ratio of ≤ 155 (see Figure 1 and
Table 1). The four angular to sub-rounded boulders and one outcrop
with anomalous ratios displayed the appropriate mineral assemblage
of tourmaline and muscovite. All these prospective samples came
from three areas: the west, center, and north of the Mercator
Property. Based on these initial findings, additional fieldwork
will be carried out, during the next round of exploration.
"We are pleased with the results from our initial reconnaissance
program on the Mercator Property. Although it was a quick program,
it confirmed the potential of the area. Several outcrops displayed
a fertile environment for lithium discovery, and we are encouraged
by the presence of the appropriate mineral assemblage in the
samples collected. While this was just a first pass, the results
warrant further exploration, and we are optimistic about the
property's potential," commented Vincent
Metcalfe, President & CEO.
This table provides the most significant information from the
samples collected during fieldwork program conducted in
June 2024 at the Mercator Property.
The information relating to the other samples is not presented.
Grant of Incentive Securities to New Directors
The Board of Directors has approved today a grant of an
aggregate of 165,000 deferred share units ("DSUs") and stock
options in respect of an aggregate of 45,000 common shares (the
"Options") to the newly elected and appointed non-management
directors of the Corporation. Each DSU entitles the recipient to
receive one common share of the Corporation upon settlement of the
DSU. The DSUs awarded will fully vest on the first anniversary of
the date of grant and will settle on the termination of service.
Each Option entitles the recipient to purchase one common share of
the Corporation at a price of $0.35
per share, which is higher to the closing price of the
Corporation's common shares on the TSX Venture Exchange on
October 22, 2024. The Options vest
immediately and will expire in five years. All the forgoing DSUs
and Options are subject to the terms of the Corporation's Omnibus
Equity Incentive Plan and the requirements of the TSX Venture
Exchange.
Marketing Activities:
We invite investors to visit our website to keep up to date with
Comet Lithium's marketing activities, including conferences that
our team will be attending and/or exhibiting.
- Xplor 2024 | Montreal, Canada
| October 28-31, 2024
- 121 London | London, United Kingdom | November 14-15, 2024
- Swiss Mining Institute | Zurich,
Switzerland | March 18-19,
2025
Documents & Figures
Mercator Maps, Images and Figures
Cautionary statements
Grab samples are selective by nature and may not be
representative of mineralized zones.
QAQC
A Quality Assurance / Quality Control protocol following
industry best practices was incorporated into the sampling
program.
Samples were analyzed by SGS Natural Resources laboratories
using a Sodium Peroxide Fusion / Combined ICP-AES and ICP-MS
package for 57 elements (GE_ICP91A50 & GE_IMS91A50
methods).
In this batch of 168 primary samples, of which 43 primary
samples are from Mercator, Comet Lithium Corporation included four
quartz blanks and five commercial CRMS (OREAS 750 and OREAS 752).
SGS included 3 in-lab duplicate analyses, 14 additional CRMS and 6
blanks.
Qualified Person
Vincent Cardin-Tremblay, P. Geo
(ogq #1386, PGO #3347), registered in the Provinces of Québec, and
Ontario is Vice President
Exploration for 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 Dahrouge Geological Consulting Ltd.
Dahrouge Geological Consulting Ltd. Is a global mining and
mineral exploration consulting group providing expertise in
professional geological, logistical, and project management
services through all stages of the mining value chain.
Based in Edmonton, AB, CAN,
Montreal, QC, CAN, and
Denver, CO, USA, Dahrouge and its
predecessor, Halferdahl and Associates, have advised and assisted
clients in identifying, exploring, developing, and optimizing
mineral projects and resources since 1971
About Comet Lithium Corporation
Comet Lithium is a dynamic 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 lithium deposit, a growing high-grade lithium
discovery. The second prospective asset within Comet Lithium's
portfolio of asset is the large Troilus East Property contiguous to
Troilus Gold's Troilus deposit, a large multi million-ounce
gold-copper deposit, which recently reached feasibility stage.
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 if any additional
fieldwork or exploration programs recommended on the Mercator
Property will occur, an, the extent and the timing to
conduct of such fieldwork or exploration program and the results of
such fieldwork or exploration programs, and if it does so, what
benefits Comet Lithium will derive from any such fieldwork or
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, uncertainties and assumptions described under
"Financial Instruments" and "Risk and Uncertainties" in Comet
Lithium's Annual Report for the fiscal year ended December 31, 2023, 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 Corporation