Cancun zone exploration results with additional Anticline Lake zone data
2024 CANCUN ZONE RESULTS, ANTICLINE LAKE ZONE DATA UPDATE
Toronto, Ontario – November 27, 2024
IC Capitalight Corp. ("Capitalight" or the “Company”) (Canadian Securities Exchange: IC)
reports its second tranche of 2024 exploration results, as data compilation continues.
For several years the company has consolidated claims in northern Quebec centered on a regional copper
anomaly found by government sources in 2015. LINKED HERE is further information about the regional
copper anomaly. The property is now 1010 claims covering 496 square kilometres. Figure 1 depicts the
claims package.
In late summer 2024 the company conducted a 6-week prospecting and sampling program by 4 field
teams assisted by helicopter to cover most of the priority targets, including the middle ultramafic sill that
contains the historical deposits and all significant historical showings. LINKED HERE is further
information about the historical deposits. A total of 631 grab samples were collected during the program.
All samples were sent for preparation and analysis to ALS Global in Lachine, Montréal.
Anticline Lake zone 2024 data update
As data compilation continues, the copper equivalent percentage has been calculated with all results to
standardize presentation and demonstrate copper correlation with nickel and PGEs. A table of the best
grab samples from Anticline Lake zone is presented below with an updated map showing results in
copper equivalent percentage, including nickel and PGEs. The results in copper equivalent further shows
the continuous mineralization and the strong correlation between Cu and Ni-PGEs. Boulder samples
listed in the table below were angular meter scale boulders located on large outcropping ridges and are
believed to be close to bedrock source and or subcrop since they lay directly over the ultramafic intrusion
and concordant electromagnetic anomalies. LINKED HERE is the prior Anticline Lake zone results.
Zone Sample Type Easting
(Nad83 zone19)
Northing
(Nad83 zone19) Cu (%) Ni (%) Pt (g/t) Pd (g/t) Cu-Equi. (%)1
Anticline
Lake
G160393 Boulder 672520 6127900 0.413 0.308 0.077 0.343 1.11
G160337 Boulder 671549 6125983 0.289 0.295 0.111 0.412 1.00
G160338 Boulder 671542 6125978 0.333 0.268 0.109 0.387 0.98
G160392 Boulder 672532 6127868 0.305 0.245 0.029 0.249 0.84
G160125 Outcrop 676141 6127523 0.169 0.255 0.073 0.246 0.74
G160457 Outcrop 672461 6128128 0.285 0.169 0.063 0.214 0.68
G160137 Boulder 673433 6129378 0.175 0.215 0.051 0.158 0.63
G160124 Boulder 676413 6127365 0.213 0.180 0.048 0.187 0.62
G160335 Outcrop 671562 6126251 0.143 0.203 0.051 0.188 0.59
G160398 Boulder 672253 6127559 0.188 0.180 0.037 0.164 0.58
G160374 Outcrop 672059 6129262 0.089 0.244 0.040 0.114 0.58
G160371 Outcrop 672032 6129295 0.116 0.219 0.042 0.124 0.57
G160380 Outcrop 672254 6128912 0.094 0.196 0.059 0.176 0.52
G160453 Outcrop 670982 6128354 0.462 0.033 <0.005 <0.001 0.52
G160460 Outcrop 672228 6128976 0.105 0.200 0.046 0.126 0.52
G160370 Outcrop 671998 6129361 0.074 0.224 0.041 0.096 0.52
G160461 Outcrop 672183 6129052 0.103 0.198 0.034 0.101 0.50
G160419 Outcrop 673586 6119413 0.104 0.205 0.027 0.036 0.49
(1) Estimates were made using USD for the copper equivalent calculation with metal prices as of November 25th, 2024, of
$4.09/lb Cu, $7.35/lb Ni, $934.80/oz Pt, $979.50/oz Pd and recovery is assumed to be 100% as no metallurgical data is available.
Equation used: Copper Equivalent = Cu (%) + (Ni (%) x 1.79) + (Pt (g/t) x 0.33) + (Pd (g/t) x 0.35).
Cancun zone 2024 results
Figure 3 depicts the Cancun zone 2024 grab samples expressed in copper equivalent whose showings are
about 20 kilometres southeast of the historical deposits found at Blue Lake zone. The mineralized units in
Cancun zone are mostly hidden under soil and vegetation cover of generally one foot. BeepMat devices
were an important tool. Local small manmade trenches were dug to expose and sample the bedrock
mineralization. Rusty bedrock and copper mineralization in massive to semi-massive sulphides units
were observed and traced for over more than 9 kilometres following folded electromagnetic anomalies on
southern fold hinge. Our team’s interpretation of geological, geochemical and geophysical data has
quickly proven successful in finding a new zone of impressive mineralization. Like observed on the other
zones, the mineralization is mainly composed of magnetic pyrrhotite and chalcopyrite that are associated
with argillaceous sediments and or siltstones at the contact with the mafic/ultramafic intrusion. Additional
work is needed to better understand the geology of the area and to delineate the extent of the mineralized
units.
Several Cancun zone grab samples yielded values between 0.1 and 0.6% Cu-Equi., with one sample up to
1%. Additionally, a grab sample taken on the eastern limb of the fold returned a gold value of 1.93 g/t Au.
Such gold grades have also been observed elsewhere on the property, in particular 18 km NW at the
Berry-East showings where a channel sample returned 1.88 g/t Au over 12 m. Further exploration of gold
anomalies is planned for 2025.
Zone Sample Type Easting
(Nad83 zone19)
Northing
(Nad83 zone19) Cu (%) Ni (%) Pt (g/t) Pd (g/t) Cu-Equi. (%)1
Cancun
G160249 Outcrop 697227 6110966 0.904 0.051 <0.005 0.003 1.00
G160506 Outcrop 699503 6110104 0.557 0.021 0.006 0.001 0.60
G160655 Trench 699437 6110358 0.443 0.013 <0.005 0.002 0.47
G160524 Outcrop 696341 6110552 0.352 0.021 <0.005 <0.001 0.39
G160248 Outcrop 697247 6110915 0.324 0.030 0.005 0.006 0.38
G160501 Outcrop 696660 6110140 0.302 0.023 <0.005 <0.001 0.34
G160658 Outcrop 698673 6112244 0.266 0.032 <0.005 0.002 0.33
G160509 Outcrop 699542 6109328 0.214 0.025 <0.005 0.001 0.26
G160247 Outcrop 699542 6109324 0.212 0.025 <0.005 0.002 0.26
G160525 Outcrop 696275 6110618 0.207 0.015 0.006 0.017 0.24
(1) Estimates were made using USD for the copper equivalent calculation with metal prices as of November 25th, 2024, of
$4.09/lb Cu, $7.35/lb Ni, $934.80/oz Pt, $979.50/oz Pd and recovery is assumed to be 100% as no metallurgical data is available.
Equation used: Copper Equivalent = Cu (%) + (Ni (%) x 1.79) + (Pt (g/t) x 0.33) + (Pd (g/t) x 0.35).
Prior to late September 2024 the mineralization at Cancun zone was unknown and never reported in the
Quebec database. Anglo American conducted airborne electromagnetic surveys more than a decade ago
but followed up only those targets associated with the mapped ultramafic intrusions. Our exploration
teams in 2024 mapped the mineralization for only one week in late September before the fieldwork
season ended. It will be a top priority target in 2025. Location of the Cancun zone matches the highest
copper concentrations, namely 558 ppm copper, in lakebed sediment taken by government over the Blue
Lake property, LINKED HERE is their report.
Also at surface, in the middle of the fold hinge at the juncture of the fold axis and a regional NE fault,
additional mineralization was identified along a 150 metre length, of which one bedrock sample yielded
the highest copper value of the 2024 program, namely 0.9% Cu. That find lays upon one of several
electromagnetic signatures of which several more remain uninvestigated, all of which are within this very
favorable geophysical and structural environment.
Current data suggests that surface grab samples are underestimating the metal content of bedrock values
probably due to weathering of the rock at surface. A metal value comparison was made back in 2001 on
the Berry Lake showings between surface chip samples and deeper channel samples. The results
demonstrated the higher concentration of metals in fresher rock, particularly for nickel.
A 2025 program to obtain fresh channel samples of all significant grab samples highlighted in the 2024
program is being planned. 2024 results highlight again the weathering of the bedrock causing leaching of
the metals at surface and the high potential of finding new copper bearing massive sulfides lenses in this
new zone below surface. Additional work at prospecting, trenching, geological mapping and ground
geophysics over this poorly explored area would help geological interpretation of the area and generate
drill targets.
Management commentary
CEO Brian Bosse provided the following quote “We are scratching the surface so far, but
Cancun Zone looks fantastic for the company. I see no reason the surface grade versus
underground grade ratio at Blue Lake zone would not also exist at Cancun zone. This implies
higher grades could be found once Cancun is drilled. The copper is there, now we must find the
enriched massive sulphide lenses! Douglas and I remain excited about what Cancun zone will
become.”
About Capitalight
IC Capitalight Corp. provides shareholders with long-term capital growth exposure by investing in mineral
exploration properties. The Company is listed on the CSE under the symbol “IC". To learn more about the Company
please visit http://www.capitalight.co
Scientific and technical information contained in this news release has been reviewed and approved by Pierre -Luc
Lalonde who is a "qualified person" under NI 43-101 for Blue Lake project in Québec (OGQ permit 01920).
Brian Bosse
Director and Chief Executive Officer
IC Capitalight Corp.
+14168445712
Forward-Looking Information
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