Comet Reports Results from Mercator Summer Exploration Program and Corporate Update
Comet Reports Results from Mercator
Summer Exploration Program and Corporate
Update
ROUYN-NORANDA, QC
,
Oct. 23, 2024
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:
8QY) ("
Comet Lithium
" or the "
Corporation
") is pleased to announce the results of the maiden
reconnaissance exploration program conducted during the summer at the Corporation's Mercator
property ("
Mercator Property
"), located in the
James Bay
region of Québec.
Mercator Fieldwork and Results
Dahrouge Geological Consulting ("
DGC
") was commissioned to carry out fieldwork at the Mercator
Property, accompanied by Comet Lithium's VP of Exploration,
Vincent Cardin-Tremblay
. The
fieldwork, conducted over two days in
June 2024
, involved helicopter reconnaissance and ground
traverses.
During this maiden exploration program, three field teams completed reconnaissance traverses,
covering a total of 18 kilometres. The program targeted three distinct areas identified via helicopter.
Numerous white pegmatite outcrops hosted in paragneisses were observed, several of which
contained black tourmaline and muscovite. In total, 15 outcrops and 26 boulders were sampled. Of
these, five pegmatite samples (one outcrop and four boulders) returned a K/Rb ratio of ≤ 155 (see
Figure 1 and Table 1). The four angular to sub-rounded boulders and one outcrop with anomalous
ratios displayed the appropriate mineral assemblage of tourmaline and muscovite. All these
prospective samples came from three areas: the west, center, and north of the Mercator Property.
Based on these initial findings, additional fieldwork will be carried out, during the next round of
exploration.
"We are pleased with the results from our initial reconnaissance program on the Mercator Property.
Although it was a quick program, it confirmed the potential of the area. Several outcrops displayed a
fertile environment for lithium discovery, and we are encouraged by the presence of the appropriate
mineral assemblage in the samples collected. While this was just a first pass, the results warrant
further exploration, and we are optimistic about the property's potential," commented
Vincent
Metcalfe
, President & CEO.
This table provides the most significant information from the samples collected during fieldwork
program conducted in
June 2024
at the Mercator Property. The information relating to the other
samples is not presented.
Grant of Incentive Securities to New Directors
The Board of Directors has approved today a grant of an aggregate of 165,000 deferred share units
("DSUs") and stock options in respect of an aggregate of 45,000 common shares (the "Options") to
the newly elected and appointed non-management directors of the Corporation. Each DSU entitles
the recipient to receive one common share of the Corporation upon settlement of the DSU. The
DSUs awarded will fully vest on the first anniversary of the date of grant and will settle on the
termination of service. Each Option entitles the recipient to purchase one common share of the
Corporation at a price of
$0.35
per share, which is higher to the closing price of the Corporation's
common shares on the TSX Venture Exchange on
October 22, 2024
. The Options vest immediately
and will expire in five years. All the forgoing DSUs and Options are subject to the terms of the
Corporation's Omnibus Equity Incentive Plan and the requirements of the TSX Venture Exchange.
Marketing Activities:
We invite investors to visit our website to keep up to date with Comet Lithium's marketing activities,
including conferences that our team will be attending and/or exhibiting.
Xplor 2024
|
Montreal, Canada
|
October 28-31, 2024
121
London
|
London, United Kingdom
|
November 14-15, 2024
Swiss Mining Institute
|
Zurich, Switzerland
|
March 18-19, 2025
Documents & Figures
Mercator Maps, Images and Figures
Cautionary statements
Grab samples are selective by nature and may not be representative of mineralized zones.
QAQC
A Quality Assurance / Quality Control protocol following industry best practices was incorporated
into the sampling program.
Samples were analyzed by SGS Natural Resources laboratories using a Sodium Peroxide Fusion /
Combined ICP-AES and ICP-MS package for 57 elements (GE_ICP91A50 & GE_IMS91A50
methods).
In this batch of 168 primary samples, of which 43 primary samples are from Mercator, Comet
Lithium Corporation included four quartz blanks and five commercial CRMS (OREAS 750 and
OREAS 752). SGS included 3 in-lab duplicate analyses, 14 additional CRMS and 6 blanks.
Qualified Person
Vincent Cardin-Tremblay
, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec,
and
Ontario
is Vice President Exploration for 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 Dahrouge Geological Consulting Ltd.
Dahrouge Geological Consulting Ltd. Is a global mining and mineral exploration consulting group
providing expertise in professional geological, logistical, and project management services through all
stages of the mining value chain.
Based in
Edmonton, AB
, CAN,
Montreal, QC
, CAN, and
Denver, CO
, USA, Dahrouge and its
predecessor, Halferdahl and Associates, have advised and assisted clients in identifying, exploring,
developing, and optimizing mineral projects and resources since 1971
About Comet Lithium Corporation
Comet Lithium is a dynamic 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. The second prospective
asset within Comet Lithium's portfolio of asset is the large Troilus East Property contiguous to
Troilus Gold's Troilus deposit, a large multi million-ounce gold-copper deposit, which recently
reached feasibility stage.
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 additional fieldwork or exploration
programs recommended on the Mercator Property will occur, an, the extent and the timing to
conduct of such fieldwork or exploration program and the results of such fieldwork or exploration
programs, and if it does so, what benefits Comet Lithium will derive from any such fieldwork or
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, 2023
, 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 Corporation
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For further information:
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 Corporation
CNW 16:45e 23-OCT-24