Discovery Lithium Provides Corporate Update
Company Has Commenced Phase I Fieldwork in Nunavik
Vancouver, British Columbia, Canada, September 12, 2023 – Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (the “Company,” or “Discovery Lithium”), formerly “ISM Resources Corp.” advises that subsequent to its recent name change, the Company is pleased to announce the launch of its corporate website at www.discoveryenergymetals.com and provides the following corporate update.
Highlights
- Lithium prospects developed by globally recognized prospector, Shawn Ryan.
- Shawn Ryan serves Discovery Lithium as regional advisor and project proponent.
- Massive land holdings (approximately totalling 406,000 acres) in underexplored region.
- Provincial lake sediment database shows consistent high levels of cesium and lithium.
- Phase 1 fieldwork commenced mid-summer and currently underway.
- Provincial Société du Plan Nord mandates energy & mineral resource investment.
Company President & CEO Michael Gheyle states, “We are thrilled to be working with Shawn Ryan and have further engaged the professional services of Ground Truth Exploration who have been in the field for several weeks traversing, mapping, and sampling our holdings using state-of-the-art portable technologies. This initial assessment is focused on generating future drill targets which we anticipate commencing during the early fall season. This is an exciting region with some extraordinary data pointing us forward. While we have a lot of ground to cover and work to undertake, the plan Shawn has helped us formulate allows us to move in a timely and efficient manner. We anticipate some interesting updates in the very near future and we are fully committed to developing investor interest and shareholder value in this exciting region.”
The Company is currently focused on executing exploration activities at two claim areas of northern Quebec that have not previously been explored for lithium. The properties consist of the Serindac Lake claims group in the Leaf River project area comprising 1,649 mineral claims covering approximately 75,256 hectares of land, and the Vaubert Lake claims group in the Raglan South project area comprising 2,114 mineral claims across nearly 89,027 hectares. Both claim group areas are located in the Nunavik region of northern Quebec. The Nunavik region has seen very little exploration for lithium and rare-element pegmatites to-date.
World renowned Canadian prospector Shawn Ryan serves Discovery Lithium as a forcefully credible proponent for the region and its potential. His efforts encompass extensive research using a combination of sources including Quebec Ministère des Resources naturelles et des Forêts province-wide lake sediment sample data sets and associated regional geochemical and geological sampling and mapping. His studies led him to conclude the region offers excellent district-scale lithium prospects.
Discovery Lithium’s extensive claim holdings are located directly upon some of the highest lake bottom sediment anomalies in the entire province. The data represents 99th percentile lithium and cesium as identified in the official Quebec government ministry database (Figure 1).
Figure 1. Lithium lake sediment samples of the Nunavik region.
Source: Ministere des Ressources naturelles et des Forets.
The Quebec governments’ previous geological and geochemical work identified numerous pegmatites in the area. However, the focus of this work was reconnaissance geological mapping with no focus on sampling for rare elements. Using the historic data and known locations of unsampled pegmatites, Discovery Lithium can expedite its search for lithium-bearing pegmatites.
Early-stage assessments of available historic regional data posit geological parameters that reinforce the region as an excellent location for rare-element pegmatites including favourable lithological rock-types and structural interpretation of regional magnetics which are coincident with very high lithium, cesium, and rubidium lake sediment samples. Additionally, nickel mining activities in the region demonstrate the region is “mining-friendly” and capable of sustaining successful and profitable large-scale production of minerals and metals. Furthermore, the Quebec government’s Société du Plan Nord is mandated to promote investment in northern development which includes energy and mineral resources coupled with transportation infrastructure.
As announced recently, the Company’s common shares trade on the Canadian Securities Exchange under the symbol “DCLI” and on the OTC under the symbol “DCLIF”. The Company’s symbol is “OJ5” (WKN: A3EFKA) on the Frankfurt Stock Exchange in Germany. The CUSIP number for the common shares is 25472M107 and the ISIN is CA25472M1077.
Qualified Person; Historical Estimates
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., (OGQ # 1971) who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.