Idaho Champion Enters into Binding Letters of Intent to Acquire Additional Land Contiguous to Blanche and Charles Projects in the Lithium-Rich James Bay Region, Quebec
Idaho Champion Enters into Binding Letters of Intent to
Acquire Additional Land Contiguous to Blanche and Charles
Projects in the Lithium-Rich James Bay Region, Quebec
Toronto, ON – January 25, 2023 - Idaho Champion (CSE: ITKO; OTCQB: GLDRF;
FSE: 1QB1) (“Idaho Champion” or the "Company") is pleased to announce that the Company
signed Binding Letters of Intent (the “LOIs” or “Acquisition”) to acquire prospective properties in
the pegmatite-rich Eeyou Istchee James Bay territory of Quebec. The prospective properties are
adjacent to the previously acquired Blanche and Charles Projects and are comprised of 235
claims (See Figure 1).
Idaho Champion now controls 522 contiguous claims covering 283.13 km2 (See Figure 2) in the
La Grande Greenstone Belt, rich in lithium pegmatite and including Patriot Battery Metals’
(“Patriot”) Corvette Project which recently intersected 156.9 m at 2.12% Li2O (176.4 m to
333.4 m), including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22-083)*. All Idaho
Champion properties have good infrastructure, including power and road access.
“We have received valuable feedback from the recently completed desktop study of Blanche
and Charles, which prompted our pursuit to increase our land package in the area. The new
properties include prospective exploration targets which will be worked into our exploration
plans for 2023. Armed with a contiguous large position along the La Grande Greenstone belt,
rich in lithium pegmatites, we believe we now have an immediate opportunity for a discovery of
magnitude,” commented Jonathan Buick, President and CEO.
Figure 1: Quebec Lithium Pegmatite Property Location Map
Figure 2: Quebec Lithium Pegmatite Properties Area Map
As part of the LOIs, Idaho Champion will acquire 235 claims for cash consideration of $70,000,
7,500,000 common shares of the Company, and 250,000 warrants priced at CAD$0.15 for two
years from the date of signing of the Definitive Purchase and Sale Agreement and claims transfer.
The Vendors will retain a 2% net smelter royalty (“NSR”). The Company has the option to
repurchase 1% of the NSR from the Vendors for $1 million. Subject to closing, the Company will
issue 445,000 common shares of the Company in connection with Finder’s Fees. Closing of the
acquisition is subject to all the required regulations, including a 45-day due diligence period and
regulatory and stock exchange approval.
* 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, and proximity to projects containing lithium
resources offers no assurance that the rock types or lithium resources reported by Patriot and
others extend onto the Projects and such proximity is not necessarily indica tive of the
mineralization reported by third parties with projects in the district.
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
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
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 the management of the Company, including suggested strike extension. 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.