Champion Electric Announces Completion of Maiden Exploration Drilling at Its Lithium Property in James Bay, Quebec
Champion Electric Announces Completion of
Maiden Exploration Drilling at Its Lithium
Property in James Bay, Quebec
Toronto, Ontario--(Newsfile Corp. - April 18, 2024) - Champion Electric Metals Inc. (CSE: LTHM)
(OTCQB: CHELF) (FSE: 1QB0) ("
Champion Electric
" or the "
Company
") is pleased to report that it
has completed its
maiden exploration drill program
at the Lithium Property in James Bay, Quebec (the
"Property").
Champion Electric's drill program successfully completed 10 diamond drill holes totalling 2,263 metres.
Drill hole EIQ24-007 intersected a span of approximately 18.8 m of spodumene-rich pegmatite,
stretching from 7.30 m to 26.10 m downhole. This mineralized zone was found underneath 6 m of
overburden (see Figure 1)*. Drill hole EIQ24-008 also intersected spodumene-rich pegmatite over 5.90
m from 16.15 m to 22.05 m downhole. The mineralization consists of light green coloured spodumene.
The presence of spodumene was confirmed by LIBS readings
**
.
Figure 1: Core boxes containing spodumene-bearing pegmatite in hole EIQ24-007
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8681/205874_c2e9fd404474eb8f_001full.jpg
2024 Maiden Exploration Drilling Highlights:
Drilling concentrated on the Western Prospect following encouraging results from initial
prospecting, various geophysical surveys, and till sampling.
Integrated targeting based on multiple data sets identified a high-priority pegmatite target directly
up-ice from the
previously reported spodumene grains in till discovery
.
The Western Prospect lies close to the Trans-Taiga Road and relatively close to neighbouring
advanced projects run by Patriot Battery Metals and Winsome Resources (see Figure 3).
Two drill holes EIQ24-007 and EIQ24-008 encountered spodumene-bearing pegmatite near
surface.
All the drill holes intersected a combination of mafic volcanic rocks, magnetite-rich iron formations,
gabbro dikes and minor felsic porphyry dykes and tonalite. These rock types show a range in
rheology contrast which is favourable for the development of dilational zones during deformation
which create preferred sites for pegmatite dikes and sills.
Drilling reached an average vertical depth of 173 metres from surface.
Jonathan Buick, President and CEO, commented
: "The discovery of spodumene-bearing
pegmatites near the surface in our very first drilling campaign is a clear indication that our drill site
selection was spot-on. These were coincident geophysical and till sampling anomalies conforming with
the northeast trending host geology. The potential scale of the system is significant, as we noted
pegmatites over a large part of the property, and this new blind discovery really opens up the potential
targets for our next round of drilling. The drill core is being sent for processing and multielement analysis
to further validate these findings. Our teams are eagerly anticipating the commencement of the next
phase of drilling following the pause for the spring goose hunt later this month."
*Disclaimer: The Company cautions that visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor
of principal economic interest. Visual estimates also potentially provide no information regarding
impurities or deleterious physical properties relevant to valuations. The presence of spodumene-
bearing pegmatite rock does not necessarily indicate the presence of economic concentrations of
lithium, nor other constituents such as caesium, tantalum (LCT) mineralisation. Laboratory chemical
analyses are required to determine the grade of mineralisation.
**
Disclaimer: LIBS (Laser Induced Breakdown Spectroscopy) readings are not the same as
accredited laboratory results, they are generally only used as qualitative determinations. The values
obtained are not representative of the rock itself. They represent a spot sample, which may only
represent a single crystal, or more specifically, a small fraction of one crystal if the rock is coarse
grained. It is helpful to have recorded high lithium values in the minerals already identified as
spodumene.
Figure 2: Maiden exploration drilling and latest spodumene pegmatite discovery
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8681/205874_c2e9fd404474eb8f_002full.jpg
About the Project
The Company's lithium properties cover the northern extension of the Lac Guyer Greenstone Belt which
hosts neighbouring Patriot Battery Metals' Corvette and
Winsome Resources' Cancet advanced project
s
in the prolific James Bay region of Quebec (Figure 3).
Figure 3: Champion Electric Lithium Project location map
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8681/205874_c2e9fd404474eb8f_003full.jpg
Qualified Person
Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues
du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101 and has
reviewed and approved the technical information contained in this press release.
About Champion Electric Metals Inc.
Champion Electric is a discovery-focused exploration company that is committed to advancing its highly
prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. 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 "LTHM", on the OTCQB under the
trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion
Electric 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 CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President and CEO
To learn more, please visit the Company's SEDAR profile at
www.sedarplus.ca
or the Company's
corporate website at
www.champem.com
.
For further information, please contact:
Investor Relations and Communications
Phone: (905) 688-9115
Email:
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
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 within the meaning of Canadian securities legislation, concerning
the business of the Company. Forward-looking information is based on certain key expectations and
assumptions made by management of the Company, including closing of the Transactions and the
prospectivity of the Projects for lithium. Although the Company believes that the expectations and
assumptions on which such forward-looking information is based on are reasonable, undue reliance
should not be placed on the forward-looking information because 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.
The Projects are at an early stage of exploration, and the Company cautions that the qualified
persons who have reviewed and approved this news release have not verified scientific or technical
information produced by third parties.
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