Idaho Champion Completes Work Program at Its Lithium Projects in Pegmatite-Rich James Bay District, Quebec
Idaho Champion Completes Work Program at Its
Lithium Projects in Pegmatite-Rich James Bay District, Quebec
Technical Team Sampled Exposed Pegmatites and Completed Airborne Surveys
Toronto, ON – January 19, 2023 – Idaho Champion (CSE: ITKO; OTCQB: GLDRF; FSE: 1QB1)
(“Idaho Champion” or the “Company”) is pleased to announce that it has completed the work
program that was previously announced on November 10, 2022 on the Company’s two 100%-
owned lithium pegmatite projects (the “IQ Projects”) in the Eeyou Istchee James Bay territory
of Quebec.
The completed exploration program on Idaho Champion’s prospective lithium pegmatite
projects included high-resolution magnetic, VLF -electromagnetic, radiometric and
LiDAR/imagery airborne surveys covering approximately 2,188 line-kilometres. Additionally, the
Company’s geology team completed a sampling program on the known exposed pegmatites on
both the Blanches and Charles Projects. On Charles, the team encountered varied rock units,
including amphibolite, metasediment, banded iron formation, ultramafic rocks, and pegmatite
dykes (See Figures 1, 2, and 3). Whereas the pegmatite encountered on the Blanche project was
mainly near or within metamorphosed intrusive rocks. The team delivered twenty-one (21) rock
samples to ALS in Val D’Or for multielement analyses.
“Our maiden exploration program was focused on the Blanche West, Blanche Central, and
Charles East blocks of the property. The 2,188 line-kilometre airborne survey was flown at a 50-
metre nominal elevation and 100-metre line spacing. We were also able to fly the LiDAR and 4-
band multispectral imagery at approximately 40 points per square metre to create orthomosaics
with 5-centimeter resolution.
Interpretation and analysis are now underway on the data sets from the completed program. Our
technical team is pleased with how the data has come together and the quality of the samples
that have been submitted for assay. We have advanced our understanding of the regional
geology and structural interpretation of both projects and have begun formulating a second
phase program,” stated Jonathan Buick, President and CEO.
About the IQ Lithium Projects (Blanche and Charles)
Blanche is comprised of 256 claims totalling approximately 131 km2 (See Figure 4). The project
lies within a volcano-sedimentary belt striking ENE. The bedrock geology at the Blanche project
that is mainly composed of a broad east-northeast trending mafic band, interpreted as a
metamorphosed basalt, hosted within large xenoliths of silvers of host rock within the tonalite
and interbedded with narrow sections of magnesian basalt, komatiite, iron formation (silicate
and/or oxide facies) and metasedimentary rocks.
Figure 1- Blue-green feldspar in pegmatite
Figure 2 - Banded iron formation Figure 3 - Ultramafic rocks
Figure 4: IQ Lithium Projects Location Map
Exploration Results Source: Patriot Battery Metals Drilling
https://patriotbatterymetals.com/portfolio/corvette/
Three units of felsic intrusive rocks have been observed at Blanche: hornblende tonalite, granite
and pegmatite dykes. Tonalite consists of feldspar, quartz, and biotite rich intrusive rocks. In the
northwestern part of the project, the rocks are relatively homogenous and medium grained,
containing 20 to 30% hornblende, with locally weak foliation. The granite is comprised of medium
to coarse grained feldspar, plagioclase, quartz, and biotite. It is massive, homogeneous, and
mostly non-magnetic. A few pegmatite dykes have also been identified as cross cutting felsic
units. The dykes observed to date are typically less than two-meters wide and are often parallel
to the schistosity in the mafic rocks. These pegmatites have a similar composition as the granites
but show a texture ranging from coarse grained to pegmatitic with the presence of 5 to 7%
muscovite.
The Charles project is comprised of 61 claims covering approximately 31 km2. Less is known
about this project, but the area exhibits variable topography with low rolling hills to very steep
hills. The more prominent hills trend in an ENE-WSW direction and are defined by outcrops of
felsic intrusives and iron formations within the northern and central parts of this project, there is
thick cover of glacial sediment containing boulders of granite and pegmatite.
Idaho Champion also announces that the Company has approved the grant of stock options (the
"Options") exercisable for a total of 4,200,000 common shares ("Common Shares") to
consultants of the Company. The Options are exercisable for a period of 5 years at an exercise
price of $0.08 per Common Share and vest on the date of grant.
All Options were granted pursuant to the Company's stock option plan and are subject to the
terms of the applicable grant agreements and the requirements of the Canadian Securities
Exchange ("CSE").
Qualified Person
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the
Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has
helped prepare, reviewed, and approved the technical information in this news release.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its
highly prospective cobalt properties located in Idaho, United States and lithium properties in
Quebec, Canada. In addition, the Company owns the Baner gold project in Idaho County and
the Champagne polymetallic project in Butte County near Arco.
The Company’s shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under
the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”.
Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing
citizen to the local communities where it operates, taking its social license seriously, employing
local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF IDAHO CHAMPION
“Jonathan Buick”
Jonathan Buick, President, and CEO
For further information, please visit the Company’s SEDAR profile at www.sedar.com or the
Company’s corporate website at www.idahochamp.com.
For further information, please contact:
Nicholas Konkin, Marketing and Communications, Idaho Champion
Phone: (416) 567- 9087
Email: [email protected]
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY
STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements for Idaho Champion
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the
adequacy or accuracy of this press release. This press release may include forward-looking information concerning the business of
the Company within the meaning of Canadian securities legislation, including with respect to the completion of the transactions
contemplated by the Agreement, the prospectivity of the Projects for lithium, the ability of the Company to successfully shift focus to
exploration for battery-related metals, and with respect to the completion of a private placement of the size and at the price
contemplated. Forward-looking information is based on certain key expectations and assumptions made by the management of the
Company, including being able to satisfy any conditions related to the acquisition, sufficient investor interest to complete the private
placement financing necessary to fund the cash portion of the acquisition of the Project, having the necessary technical expertise to
explore for lithium in pegmatite, and that reported lithium resources in the district of the Projects is indicative of mineralized pegmatite
prospectivity on the Projects. Although the Company believes that the expectations and assumptions on which such forward-looking
1information is based on are reasonable, undue reliance should not be placed on the forward-looking information and the Company
can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of
the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information,
whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.