Comet Lithium Completes Phase 1 Gravity Survey at Liberty and Expands to Phase 2 and 3
COMET LITHIUM COMPLETES PHASE 1
GRAVITY SURVEY AT LIBERTY AND
EXPANDS TO PHASE 2 AND 3
ROUYN-NORANDA, QC
,
Dec. 4, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:
8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the completion of Phase 1 of
the ground geophysical gravity survey. Following completion of Phase 1, the Corporation has
decided on completing Phase 2 and Phase 3 of the gravity survey at its 100%-owned Liberty
Property in
James Bay
, Québec,
Canada
. The survey crew expects to complete these two
additional phases of the gravity survey by mid December. Phase 1 of the gravity survey has
increased the confidence to move forward with Phase 2 and 3 in 2023. Comprehensive gravity
survey will assist the upcoming drill program by generating multiple exploration targets. The gravity
survey will assist in optimizing pegmatite drill targets across the Liberty Property for the anticipated
inaugural drill program. This ground geophysical gravity survey will complement the recently
completed field and soil sample program.
GRAVITY SURVEY APPROACH:
The Phase 2 and 3 of the ground gravity survey will be carried out by
Val-d'Or
, Québec based
Géophysique TMC using a Scintrex CG-6 and will cover approximately 3.5 km
2
following a
20m
x
100m
grid pattern for approximately 2,100 stations. This expanded gravity survey is built upon the
insights generated from Phase 1 and aims to delimit the extents of the Winsome Resources Adina
pegmatite trend to the east inside the Liberty Property. Comet Lithium is using bespoke data
generated from Phase 1 to better interpret the subsurface geology and structures of the Liberty
Property, and detect potential pegmatite contacts in amphibolitized basalt.
Mr.
Vincent Metcalfe
, Comet Lithium Executive Chairman, commented: "Preliminary work from
gravity data Phase 1 assisted the technical team in expanding the survey to Phase 2 and 3. Comet
Lithium's technical team is impressed by the ground crew in safely executing the day-to-day survey
and maintaining robust QA/QC of the gravity survey. Early insights are work in progress and we
believe the gravity survey may provide encouraging insights into validating the Adina trend at Liberty
Property. In addition, the expanded gravity survey covering approximately 2,100 stations will add a
robust building block to generate multiple drill targets and assist in validating the evidence that the
Liberty Property and Adina together may potentially be part of a similar corridor".
Comet Lithium technical team is working in close collaboration with
Perth
-based consultancy to
assist in the interpretation of data from the gravity survey and drill target generation, as well as
providing on-going technical guidance.
Figure 1: Planned 2023 Phase 2 & 3 Liberty ground gravity survey (CNW Group/Comet Lithium
Corp.)
Figure 2: Planned 2023 Phase 2 & 3 Liberty ground gravity survey and interpreted prospective
corridor over government regional airborne magnetic map (reduced to pole tilt angle filter image).
(CNW Group/Comet Lithium Corp.)
The Corporation also wishes to draw attention to Winsome Resource Limited recent update
regarding "Adina strike extension to 1,340 meters"
(1)
. This update brings the reported significant
spodumene pegmatites located at approximately ~660 meters from Comet's Liberty Property.
Winsome Resource Limited reported the following in its press release dated
November 27, 2023
that: "Intersections reported in this announcement confirm the continuity of lithium mineralisation in
spodumene-bearing pegmatites to the east of
Adina Main
, with drilling completed on
100m
centres
up to 300 metres east of drilling previously reported"
(1)
. Additional, high-grade mineralisation also
continues to be intersected north of
Adina Main
, with further results from the near surface up-dip
extensions of the Main and Footwall Zones
.
(1) Source:
https://wcsecure.weblink.com.au/pdf/WR1/02745666.pdf
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.
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 deposit, a growing high-grade discovery. Comet Lithium is advancing
Liberty 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 the exploration programs, in particular
the completion of the Phase 2 and 3 of the gravity survey, the results therefor,, the identification of
drill targets and future drill program and other exploration programs on the Liberty Property, or if it
does so, what benefits Comet Lithium will derive from the Liberty Property and 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
relating to the capital market conditions, risk that the Corporation might not be able to obtain the
capital resources necessary to complete a drill program or any exploration program on the Liberty
Property, as well those 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, Executive Chairman,
[email protected]; Mansoor Jan, Interim President & CEO, [email protected];
147
Québec Avenue, Rouyn-Noranda, Québec, J9X 6M8, Email: [email protected], Website:
CometLithium.com
CO: Comet Lithium Corp.
CNW 16:15e 04-DEC-23