Comet Identifies New Large IP Anomalies at Troilus East Compilation and Review of Historical Data Completed
Comet Identifies New Large IP Anomalies at
Troilus East
Compilation and Review of Historical Data Completed
ROUYN-NORANDA, QC
,
March 27, 2024
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:
8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the successful completion of the
Induced Polarization ("IP") survey on its 100% owned, 92 km² Troilus East property, situated in the
Frotet Evans greenstone belt, approximately 130 kilometres north of
Chibougamau
, Québec.
Additionally, the Corporation is thrilled to report that the review and reinterpretation of historical work
programs have identified multiple lithium and gold priority targets. Building on the positive IP results
and the newly identified targets from the historical program reviews, the Corporation is planning a
comprehensive property-wide exploration program. This upcoming program will include mapping,
outcrop and/or boulder sampling, and a glacial till geochemical survey, targeting gold, copper, and
lithium, and is scheduled for early summer.
Highlights:
The IP survey outlined three significant anomalies centered around a strong conductor with a
northeast orientation.
Thorough compilation and review of historical data have revealed additional lithium and copper-
gold prospects.
A comprehensive summer exploration program is being prepared, set to feature the property's
first extensive mapping and glacial till geochemical survey.
Vincent Metcalfe
, Executive Chair and CEO of Comet Lithium, commented "Our Troilus East
property holds a significant and strategic land position within a highly active and established camp.
Despite its historical underexplored land package, it teems with significant discovery potential. Our
recent review has unveiled new, prospective areas that notably strengthen our exploration strategy.
We are excited about these new targets, which we believe heralds the start of a promising new
phase at Troilus East property, with potential for lithium, gold, and copper discoveries."
IP Survey Program:
The IP survey, conducted to the southwest of the Troilus East property, aimed to highlight the
presence of structures rich in copper and gold. This survey utilized a 200-metre line spacing and
covered a total of 15.70 line kilometres across 13 lines of IP data. It extended over two unique grids
from the southwest grid surveyed in 2021, centered on a strong conductor. This conductor coincides
with a kilometric gold anomaly in humus and soil, alongside a polymetallic signature of copper, silver,
and tungsten identified during the 2020 fieldwork and partially examined in the 2021 IP survey.
Several anomalies were identified, centered on this strong conductor, coinciding with the
aforementioned gold and polymetallic signature. Previous exploration efforts yielded Cu-Ag-W values
from various lithologies along a regional mafic to felsic contact. Field observations noted alterations
such as silicification, calc-silicates, and biotite-rich assemblages, drawing parallels with the Troilus
Gold project located approximately three kilometres northwest of Comet Lithium's Troilus East
property (see Comet Lithium's press releases dated
December 30, 2020
and
March 15, 2021
available on the Corporation's profile on SEDAR+ at
www.sedarplus.ca
).
The identified anomalies exhibit high chargeability and low resistivity with complex shapes, spanning
apparent widths of 50 to 400 metres. These anomalies, centered on the strong conductor, extend
over 900 metres in some areas along the strike. The grid was designed to examine the overlapping
geochemical and geophysical anomalies around the 2021 IP survey's extension and vicinity.
Comet Lithium's IP coverage aimed to investigate a favorably oriented parallel trend, mirroring the
northeast-southwest orientation of the nearby Troilus gold-copper project of Troilus Gold
Corporation, proximal to a regional fault and coinciding with magnetic anomalies (refer to figure 3
below).
Compilation and Review of Historical Data on Troilus East
Over the past months, Comet Lithium has recompiled historical data on its Troilus East property,
allowing the team to identify several highly prospective areas. The review of historical programs,
which included mapping, till sampling in 2017 and 2020, drilling of eight holes totaling 1,560 metres,
IP survey results from 2021 and 2023, and a high-resolution magnetic survey from 2018, identified
multiple new priority target areas. The first target area is defined by samples with an elevated
number of gold grains, several of which were classified as "Pristine". The second target area is
marked by anomalous and coincident gold values in till. These targets are located along a northeast-
southwest trend along the contact with the Parker Intrusion (please refer to figure 4 below). A
detailed follow-up geochemical survey and prospecting effort covering both priority areas is planned
for this summer. Additionally, a larger, property-wide survey is planned to fill in areas where no till
sampling was previously conducted.
Lithium Potential at Troilus East
Comet Lithium has identified five lithium target areas based on clusters of lithium values. All five
targets follow a northeast alignment along the south-eastern flank of the Parker granite intrusion
over a strike length of about 20 kilometres. Two targets are located inside the Parker granite, two
others are located close to lenticular granitic intrusion-hosted mafic terrains. Further, the targets
generated from the historical results are based on a collection of samples that carried lithium values
up to 248 ppm (see Comet Lithium's press release dated
October 16, 2023
, available on the
Corporation's profile on SEDAR+ at
www.sedarplus.ca
). The past exploration programs completed
at Troilus East did not take lithium into consideration, but it succeeded in identifying lithium
anomalies. A work program to be conducted during the summer will target these prospective areas
(please refer to figures 4 & 5 below).
Gold Potential at Troilus East
The review of historical programs has highlighted that 72 out of 78 till samples tested positive for
gold grains (refer to figure 4). The number of gold grains varied from one to 13 per 10 kilogram
sample, totaling 283 gold grains. Remarkably, 71 of these gold grains were classified as "Pristine",
indicating that the till samples containing these grains are likely located less than 500 meters from
their source. These findings stem from the 78 samples collected during the 2017 till sampling
program see Comet Lithium's press releases dated
November 23, 2017
and
June 13, 2018
available
on the Corporation' s profile on SEDAR+ at
www.sedarplus.ca
).
In the summer of 2020, to complement the initial program, five additional grids with spacings
between 100 and 150 meters were completed to infill the 2017 till sampling effort. Some of these
samples revealed gold anomalies exceeding 0.001 ppm (please refer to figure 4 below).
These analyses led to the identification of multiple gold prospects concentrated along a northeast
trend, which correlates with findings from the 2018 magnetic survey. Notably, these prospects align
with the geological contact of the Parker intrusion, mirroring the configuration observed at the Troilus
gold-copper project of Troilus Gold Corporation which is located on the site of the former Troilus
Gold Mine.
Copper Potential at Troilus East
Following the 2021 drilling campaign and preliminary survey, initial explorations at Troilus East
property unveiled a new trend of disseminated copper mineralization situated three kilometres east
of the Troilus gold-copper project of Troilus Gold Corporation (see Comet Lithium's press release
dated
October 19, 2021
available on the Corporation' s profile on SEDAR+ at
www.sedarplus.ca
).
Several diamond drill holes from 2021 exhibited copper enrichment ranging from 0.1% to 0.3%
across metric intervals reaching up to seven meters. Notably, some of these intercepts align with the
strong IP anomaly detected on the southwest grid in 2021. The drilling campaign in 2021
encompassed eight holes, covering a total of 1,560 metres.
Troilus East property adjacent to the Troilus Gold-Copper project
The Troilus East property is adjacent to the Troilus gold-copper project, owned by Troilus Gold
Corporation which is located on the site of the former producing Troilus Gold Mine. This Canadian
mining company, in its feasibility stage, is working towards bringing the historic Troilus Mine, rich in
gold and copper, back into production. Located within the Frôtet-Evans Greenstone Belt, this area is
not only known for the Troilus Gold-Copper project but also for the Regnault gold system—a
greenfield discovery by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020 as well as the
Moblan Lithium project, a joint venture between Sayona Québec (60%) and SOQUEM (40%), and
has recently concluded a positive Definitive Feasibility Study.
Between 1996 and 2010, the Troilus Mine generated over 2 million ounces of gold and nearly 70,000
tonnes of copper. Since acquiring the project in 2017, Troilus Gold Corporation has highlighted the
extensive gold system on the Troilus gold-copper project. Presently, the Troilus gold-copper project
holds 11.21 million ounces of gold equivalent (AuEq) in the Indicated Mineral Resource category
(508.3 million tonnes at an average grade of 0.69 g/t AuEq) and 1.80 million ounces of AuEq in the
Inferred Mineral Resource category (80.5 million tonnes at an average grade of 0.69 g/t AuEq),
establishing it as
Canada's
largest undeveloped gold-copper deposit (the "TGC MRE") (source:
https://troilusgold.com/troilus-gold-project/#overview
).
For comprehensive details on the key parameters, assumptions, risks, and other technical and
scientific information regarding these TGC MRE, please consult the "Technical Report and Mineral
Resource Estimate on the Troilus Gold-Copper Project Quebec, Canada Mineral Resources," dated
October 2, 2023
, available on Troilus Gold Corporation's profile on SEDAR+
www.sedarplus.ca
.
Readers are also cautioned that mineral resources are not economic mineral reserves and that the
economic viability of resources that are not mineral reserves has not been demonstrated. The
estimate of mineral resources may be materially affected by geology, environmental, permitting,
legal, title, socio-political, marketing or other relevant issues. Under NI 43-101, estimates of inferred
mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies
except for a preliminary economic assessment as defined under NI 43-101. Readers are cautioned
not to assume that further work on the stated resources will lead to mineral reserves on Troilus gold-
copper project that can be mined economically. An inferred mineral resource has a lower level of
confidence than that applying to an indicated mineral resource and must not be converted to a
mineral reserve.
Documents
Troilus Results Figures – 2024-03-26
Qualified Person
Vincent Cardin-Tremblay
, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec,
and
Ontario
is Vice President Exploration to 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.
Figure 1 : Troilus East Property – Multiple major deposits in vicinity of Troilus East (CNW
Group/Comet Lithium Corp.)
Figure 2 : 2023 IP Survey Area – Targeted southwest area of the Troilus East Property (CNW
Group/Comet Lithium Corp.)
Figure 3 : 2023 IP Survey Area (CNW Group/Comet Lithium Corp.)
Figure 4 : Compilation and Review of Historical Data – Newly identified Gold targets based on
historical glacial-till results (CNW Group/Comet Lithium Corp.)
Figure 5 : Compilation and Review of Historical Data – Lithium and Gold targets based on new
interpretation from historical magnetic survey (CNW Group/Comet Lithium Corp.)
About Comet Lithium Corporation
Comet Lithium is a dynamic lithium-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. Comet Lithium is
advancing its Liberty Property to first-ever drilling.
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 planned exploration programs on
the Troilus East property, including the follow-up geochemical survey and prospecting works will
occur, the timing of and results of such exploration programs, if it does so, what benefits Comet
Lithium will derive from any such 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, 2022
, 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 Corp.
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For further information:
Comet Lithium Corporation, Vincent Metcalfe, Chairman and CEO,
[email protected], +1.514.249.9960; 147 Québec Avenue (back door) Rouyn-Noranda,
Québec J9X 6M8, Email: [email protected], Website: CometLithium.com
CO: Comet Lithium Corp.
CNW 07:00e 27-MAR-24