Gravity Survey Identifies Large Lithium Targets at Comet Lithium's Liberty Property

Gravity Survey Identifies Large Lithium

Targets at Comet Lithium's Liberty Property

ROUYN-NORANDA, QC

,

Feb. 21, 2024

/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:

8QY) ("Comet Lithium" or the "Corporation") is pleased to report and provide results from the gravity

field survey completed in 2023 on its 100% owned flagship lithium Liberty property (the "Liberty

Property"). Comet Lithium has identified multiple high-priority drill targets in the southwestern corner

of the Liberty Property.

Vincent Metcalfe

, Executive Chair and CEO of Comet Lithium, commented "Our 2023 gravity survey

yielded monumental results, revealing a target akin to the Jamar pegmatite, and setting the stage for

our 2024 drill program. We are extremely pleased with this milestone, especially since several high-

priority areas remain to be surveyed in the near-term and could yield further positive results."

Data acquisition and interpretation was completed under the supervision of Géophysique TMC and

NewGen Geo which both specialize in the application of geophysics to pegmatite exploration. The

survey covered areas on trend with the neighbouring Adina lithium deposit (the "Adina Property")

owned by Winsome Resources Limited, where pegmatites have been identified and tested, and

where several identified and untested pegmatite targets are adjacent to the Liberty Property border.

The outcome of the survey suggests that new pegmatite dykes could extend well beyond those

structures, onto the Liberty Property.

The gravity processing delineates pegmatites and suggests the main Adina Property – Far East

pegmatite corridor could extend beyond the existing drilling to the east. A significant 900-meter-long

target analogous to the main Jamar pegmatite lies approximately 50 metres east of the

southwestern border and likely under shallow cover. A second target 500-metre-long has been

identified along the same trend further to the east.

Gravity geophysics has proven to be an effective tool in delineating these structures which remain

open along strike to the east and to the north of the existing and completed survey. Planning is

underway to potentially extend survey areas to the east and north of the Liberty Property.

Highlights from Gravity Survey Results:

Two significant, high-priority drill ready lithium targets identified (see Figure 1).

Largest target spans 900-meter-long and adjacent to the Adina Property– Far East pegmatite

corridor.

Secondary target 500-meter-long has been identified along the same trend.

A total of 21 low-density anomalous structures have been interpreted which are mostly included

within the confines of weakly magnetic horizons/beds and in the probable eastern continuity of

the Adina Property's prospective pegmatite corridor (see Figure 2).

2023 Gravity Survey Program Outline

The ground gravity survey covered an area of approximately 2.5 km

2

for a total of about

1,217 stations, which followed a 20 metre x 100 metre grid pattern. The fieldwork took place

between November 18 and December 16, 2023

. The gravity survey was completed to the southwest

of the Liberty Property in the interpreted eastern continuity of Winsome Resources Adina Property's

pegmatite corridor. The maiden program was not fully completed due to multiple weather delays.

Multiple survey stations to the east and north of the completed grid remain to be surveyed.

The gravity method measures spatial variations in the Earth's gravity field caused by contrasts in

rock density. The intrusion of an elongated mineralised pegmatite swarm into mafic and ultramafic

basement rocks at the Liberty Property is anticipated to be expressed as a detectable, subdued

gravity response.

The Corporation will be using the collected and processed data to better interpret the subsurface

geology and structures of the Liberty Property and detect potential pegmatite contacts in

amphibolitized basalt. The gravity survey data will help direct the 2024 planned field work program

and will enable drill target generation and assist validating the possibility that the Liberty Property

and Adina Property together may potentially be part of a similar corridor. Overall, 21 low-density

anomalous structures have been interpreted which are mostly included within the confines of weakly

magnetic horizons/beds and in the probable eastern continuity of the Adina Property prospective

pegmatite corridor. The recommended follow-up works on the Property Liberty include ground

controls/trenching and/or drilling to ascertain the geological origin of seven distinct anomalies.

Sourcing of Raw Lithium Becoming Highly Strategic

Sourcing raw lithium material is becoming highly strategic, especially as the demand for electric

vehicles ("EVs") and renewable energy storage solutions continues to rise globally. The Province of

Quebec

in particular is emerging as a significant player in the North American lithium market, thanks

to its abundant lithium resources and strategic initiatives to capitalize on this demand.

Québec will become a primary source of lithium for the North American market. This development is

crucial for supporting the clean energy transition and the growing EV market, aligning with global

efforts to reduce carbon emissions and reliance on fossil fuels.

Comet Lithium looks to play a larger role in the movement towards establishing Québec as a primary

source of lithium, catering to the growing demand for this critical battery metal in

North America

and

beyond. The Corporation's activities and investments in the region reflect the global shift towards

electrification and the need for sustainable, locally sourced raw materials for battery production.

Shareholder Information

Comet Lithium's Investor Presentation is available by clicking

here

Documents

Gravity Results Figures – 2024-02-21

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 : (CNW Group/Comet Lithium Corp.)

Figure 2 : (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 the additional interpretation of the 2023

gravity survey; the timing to apply for the drill permits for the newly identified targets and to obtain

such permits, if obtained; if any of the planned exploration programs, including the recommended

follow-up works and drill program on the Liberty Property 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, the market and global demand as well as the

North America's

demand for

lithium; and that Québec will become a primary source of lithium for the North American market.

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 06:00e 21-FEB-24