GCOM.V · 2024-01-09 12:00:00

Green Shift Completes Initial Sampling Program at the Armstrong Lithium Project in Ontario

Exploration Programs

Green Shift Completes Initial Sampling Program at the

Armstrong Lithium Project in Ontario

Toronto, Ontario – January 9 , 202 4 – Green Shift Commodities Ltd. (TSXV: GCOM and OTCQB:

GRCMF), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that initial exploration work

on its Armstrong Lithium Project (the “Armstrong Project” or the “Project”) is now complete. The sampling

program consisted of reconnaissance prospecting and geological mapping along the 90 contiguous claims

totaling ~1,800 ha, located in the Seymour -Crescent-Falcon lithium belt, ~55 km northeast of the town of

Armstrong and ~245 km from Thunder Bay in Ontario, Canada.

Highlights

• Given the potential of the region, the purpose of the program was to identify lithium bearing

structures resembling the adjacent properties held by G reen Technology Metals Limited (“ GT1”)

and Antler Gold Inc. (“Antler”).

• Mapping and sampling done which indicate several positive mineral occurrences leading to further

planned exploration.

• 2023 prospecting program yielded several highly anomalous results in both lithium (Li) and

tantalum (Ta), with notable samples including:

o Sample 1290089 223 ppm Li

o Sample 1290018 175 ppm Li

o Sample 1290064 98 ppm Ta

o Sample 1290066 greater than 100 ppm Ta

All results of the samples are listed in Table 1 below.

• The results of the samples were above the crustal average for all four elements tested, supporting

GCOM’s thesis that the Project’s pegmatites are sourced from a peraluminous granite melt and, in

a region, prospective for Li bearing pegmatites.

• The results are currently being used to plan further exploration work in 2024.

Peter Mullens, Executive Chairman of GCOM commented, “We are excited to advance t he Armstrong

Project with initial exploration. Sampling has shown the presence of potential lithium bearing pegmatites

with a peraluminous granite source, which resembles closely the highly prospective neighbouring properties

held by GT1 and Antler. With these findings, we can now start planning our 2024 work program. Ontario is

an exciting place to be, in particular for lithium, with the province seeing ~$25B in government subsidies for

EV battery plants in 2023 alone, and this being a very low -cost entry into the most prospective lithium

exploration belt in the province.”

Figure 1 – 2023 Sampling Program at the Armstrong Project in Northern Ontario

2023 Sampling Program

The 2023 sampling program consisted of reconnaissance prospecting and geological mapping conducted

by Fladgate Exploration Consulting Corporation, a full-service mineral exploration consulting group.

A total of 287 mapped features and 89 samples were collected on the Project with results from rock chip

sampling and prospecting showing above average crustal levels for 17 out of 89 samples for the following

four elements: Li (20 ppm), Cs (4 ppm), Rb (112 ppm) and Ta (2 ppm). In addition, the mean for all of the

samples is above the crustal averages for all four elements supporting the model that the Armstrong Project

pegmatites are sourced from a peraluminous granite melt and, in a region, prospective for Li bearing

pegmatites. While the overall grade of these samples is low , it is indicative of the potenti al presence of

spodumene bearing pegmatites, related to a peraluminous granite melt. Relevant analytical results of the

samples are listed in Table 1 and include lithium, cesium (Cs), rubidium (Rb) and tantalum.

The primary focus of the 2023 exploration program was to define and better understand the lithium bearing

pegmatite placement on the Project in order to develop targets for future exploration programs. Samples

were chosen based on visual observations of pe gmatites with favourable Li-bearing mineralization, beryl,

muscovite, tourmaline. The collection sites of the prospecting samples and lithology mapping are illustrated

in Figure 1.

Additionally, geochemical analysis of the samples shows a positive A/CNK ratio. The A/CNK molecular ratio

[Al2O3/(CaO + Na2O + K2O)] which is commonly used to indicate whether a sample or a stock/pluton is

mildly peraluminous (A/CNK = 1.0 to 1.1) or strongly peraluminou s (A/CNK > 1.2). The A/CNK ratio, the

higher the aluminum content and the greater the abundance of aluminum-rich minerals, such as garnet and

muscovite which are the more common minerals in a fertile pluton. In short, barren granites will have a low

A/CNK ratio, fertile granites will have a moderate A/CNK ratio and rare-element pegmatites will have a high

A/CNK (F. W. Breaks, 2006). In this case, a 1.71 average A/CNK for all the samples is considered in the

vicinity of a strongly peraluminous fertile pluton.

Table 1 – Relevant analytical results of samples are listed below and include lithium, cesium,

rubidium and tantalum.

Sample

Easting

NAD83

Easting

NAD83

(ppm)

(ppm) A/CNK

1290001 411164 5587355 5 6 283 9 1.66

1290002 411158 5587368 14 5 544 28 1.41

1290003 411263 5588072 6 5 124 0 1.45

*1290004* 411184 5588531 10 25 498 5 1.73

1290005 411624 5588578 119 17 690 2 1.55

1290006 411637 5588572 54 10 475 4 1.49

*1290007* 411569 5588296 21 53 725 2 2.40

1290008 411573 5588302 2 50 69 1 1.79

*1290009* 411532 5588269 14 37 488 6 1.87

*1290010* 411465 5588235 6 27 174 37 1.87

1290011 411871 5588878 1 17 13 0 0.84

1290012 411877 5588589 1 11 7 40 1.52

1290013 411879 5588591 1 4 3 6 1.55

1290014 411862 5588601 17 14 200 87 1.67

1290015 412047 5588405 3 12 72 0 1.93

1290016 411562 5588233 2 43 58 1 1.53

1290017 411373 5588147 1 6 63 0 1.49

*1290018* 411355 5588099 43 175 771 8 2.15

*1290019* 411340 5588109 17 58 537 5 1.81

*1290020* 411346 5588104 11 25 254 17 1.50

1290021 411353 5588102 10 96 169 2 1.44

*1290022* 411338 5588116 26 22 514 3 1.50

1290023 411311 5588137 18 9 251 1 1.83

1290024 411249 5587981 4 8 63 0 1.60

1290025 411254 5587991 3 10 46 0 1.57

1290026 411263 5587990 3 23 44 1 1.57

1290027 411334 5587968 3 7 70 0 1.67

1290028 411373 5588033 1 5 34 4 1.59

1290029 411372 5588025 8 2 158 3 1.66

1290030 411381 5588045 2 4 49 8 1.51

*1290031* 412012 5588075 22 21 297 34 1.69

1290032 411493 5587940 1 4 41 6 1.67

1290033 411492 5587953 2 3 54 0 1.68

1290034 411447 5587983 4 6 100 3 1.52

1290035 411417 5587940 1 5 53 0 1.44

1290036 411378 5587909 2 6 54 0 1.88

1290037 411260 5587934 15 5 269 1 2.04

Sample

Easting

NAD83

Easting

NAD83

(ppm)

(ppm) A/CNK

*1290038* 411219 5588090 21 36 371 4 1.94

1290039 411153 5588193 4 9 64 1 1.59

1290040 411083 5588153 2 7 37 0 1.57

1290041 411116 5588132 8 11 108 3 1.43

1290042 411072 5588121 3 9 52 1 1.41

1290043 410971 5588064 5 11 59 0 1.62

1290044 410533 5587911 8 12 50 0 1.89

1290045 410476 5587873 6 17 80 4 1.98

*1290046* 410413 5587915 14 26 159 12 1.71

1290047 410410 5587922 5 22 43 1 2.22

1290048 410477 5587945 12 74 74 0 1.71

1290049 410477 5587940 12 47 93 0 1.65

1290050 410572 5588060 3 23 18 0 1.65

1290051 410589 5588082 12 8 197 16 1.52

1290052 410582 5588092 4 31 56 0 1.71

1290053 410604 5588052 11 4 449 2 1.56

1290054 410604 5588058 3 24 55 0 1.76

1290055 410694 5588121 6 16 52 0 1.75

1290056 410691 5588135 7 9 47 0 2.00

1290057 410985 5588325 3 23 27 1 1.66

1290058 411020 5588340 6 11 86 1 1.77

*1290059* 411347 5587807 32 21 232 2 1.77

1290060 411366 5587807 6 21 45 0 1.65

1290061 411386 5587847 20 8 49 1 2.10

1290062 411370 5587859 12 12 61 1 2.17

1290063 411387 5587848 5 8 84 0 2.07

1290064 411251 5588502 41 18 1000 98 1.84

1290065 411259 5588501 33 24 943 37 2.36

1290066 411274 5588460 39 5 1640 >100 1.62

1290067 411261 5588195 48 18 424 20 1.91

*1290068* 411238 5588169 23 24 435 13 1.66

*1290069* 411237 5588170 40 26 517 16 1.76

1290070 411094 5588039 3 11 60 1 1.68

1290071 411522 5587721 3 6 67 1 1.75

1290072 411505 5587581 6 13 68 0 2.09

1290073 411418 5587479 2 7 54 0 1.92

1290074 411356 5587429 6 11 70 0 1.58

1290075 412481 5587212 2 8 62 0 1.54

1290076 412605 5587237 4 10 109 1 1.26

1290077 412570 5587466 1 6 64 5 1.24

1290078 412946 5587194 1 6 45 3 1.59

1290079 412952 5587153 2 5 91 4 1.67

1290080 412974 5587134 1 4 30 2 1.60

1290081 413001 5587105 3 6 97 2 1.69

1290082 412948 5587102 4 9 84 1 1.52

1290083 412909 5587092 5 2 94 0 1.89

1290084 411716 5587300 4 7 95 0 1.45

1290085 411776 5587344 3 6 79 0 1.70

1290086 411809 5587227 1 5 76 0 1.92

1290087 411881 5587152 4 4 94 0 2.07

Sample

Easting

NAD83

Easting

NAD83

(ppm)

(ppm) A/CNK

1290088 411904 5587149 4 7 69 0 1.66

*1290089* 411189 5588532 141 223 511 17 1.67

1290090 411163 5588545 3 17 32 2 0.88

*1290091* 411186 5588530 21 142 1240 4 2.98

Annotated samples indicate samples with above average crustal levels for Cs, Li, Rb, and Ta.

Note the above samples are selected rock chip samples. They do necessarily reflect the average g rade of

the outcrop. There are no known factors that are expected to materially affect the accuracy or reliability of

the data referred to above.

Quality Assurance/Quality Control

All samples were submitted to Activation Laboratories in Thunder Bay, Ontario, Canada for whole rock

geochemical analysis. This lab is independent of GCOM. The analytical codes used include Ultratrace 6

(ICP-OES – ICP-MS) and 8-peroxide-all elements (Na2O2 digest/ICP-OES).

Mapping station and UTM coordinates (NAD83 UTM 16N) were recorded using a handheld GPS and data

such as lithology, texture, mineral content, alteration, and a general rock description for each rock sample

taken. Each representative grab sample was taken fr om an outcrop using a hammer. From there, the

sample was placed into a poly sample bag along with a sample tag labeled with a corresponding sample

number from a sample tag booklet. Flagging tape was used to mark the sample location on the ground as

well as on a nearby tree. Access was derived from North Road along with various historic logging roads.

Filing of Technical Report

The Company has filed an initial technical report (the “ Technical Report”) on the Armstrong Project in

compliance with NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) entitled “National

Instrument 43 -301 Independent Technical Report, Armstrong Lithium Property, Thunder Bay Mining

Division, Ontario Canada” dated December 78, 2023. The Technical Report was completed following the

initial exploration program and accordingly includes particulars with respect thereto. A copy of the Technical

Report is available under the Company’s profile on SEDAR+ available at www.sedarplus.ca.

Options Granted

The Company is also announcing that it has granted a total of 4,250,000 stock options (“Options”) to

various directors, officers, employees and consultants of the Company.

Each Option is exercisable to acquire one common share of the Company (a “ Common Share”) for a period of

five years at a price of $0.10 per Common Share, with 25% of the Options vesting immediately and 25% vesting

every six months following the date of grant over an 18 month period.

Technical Disclosure and Qualified Person

The scientific and technical information contained in this news release was reviewed and approved by Peter

Mullens (FAusIMM), Executive Chairman of the Company, who is a “Qualified Person” in accordance with

NI 43-101.

Please note that the QP did not review the samples in the field that were included in this report. The rock chip

samples were collected by contract prospectors.

About Green Shift Commodities Ltd.

Green Shift Commodities Ltd. is focused on the exploration and development of commodities needed to

help decarbonize and meet net -zero goals. The Company is advancing several projects including the

Armstrong project in Ontario. Armstrong is adjacent to GT1’s Seymour project which holds a lithium

resource. Green Shift is also advancing the Rio Negro Project in Argentina, a district -scale project in an

area known to contain hard rock lithium pegmatite occurrences that were first discovered in the 1960s with

little exploration since.

For further information, please contact:

Green Shift Commodities Ltd.

Trumbull Fisher

Director and CEO

Email: [email protected]

Tel: (416) 917-5847

Website: www.greenshiftcommodities.com

Twitter: @greenshiftcom

LinkedIn: https://www.linkedin.com/company/greenshiftcommodities/

Forward-Looking Statements

This news release includes certain “forward looking statements”. Forward-looking statements consist of

statements that are not purely historical, including statements regarding beliefs, plans, expectations or

intensions for the future, and include, but not limited to, statements with respect to: the completion of future

exploration work and the potential results of such test work; the future direction of the Company’s strategy;

and other activities, events or developments that are expected, anticipated or may occur in the future. These

statements are based on assumptions, including that: (i) the ability to achieve positive outcomes from test

work; (ii) actual results of exploration, resource goals, metallurgical testing, economic studies and

development activities will continue to be positive and proceed as planned, (iii) requisite regulatory and

governmental approvals will be received on a timely basis on terms acceptable to Green Shift (iv) economic,

political and industry market conditions will be favorable, and (v) financial markets and the market for

uranium, battery commodities and rare earth elements will continue to strengthen. Such statements are

subject to risks and uncertainties that may cause actual results, performance or developments to differ

materially from those contained in such statements, including, but not limited to: (1) changes in general

economic and financial market conditions, (2) changes in demand and prices for minerals, (3) the

Company’s ability to source commercially viable reactiva tion transactions and / or establish appropriate

joint venture partnerships, (4) litigation, regulatory, and legislative developments, dependence on regulatory

approvals, and changes in environmental compliance requirements, community support and the polit ical

and economic climate, (5) the inherent uncertainties and speculative nature associated with exploration

results, resource estimates, potential resource growth, future metallurgical test results, changes in project

parameters as plans evolve, (6) competitive developments, (7) availability of future financing, (8) the effects

of COVID-19 on the business of the Company, including, without limitation, effects of COVID-19 on capital

markets, commodity prices, labor regulations, supply chain disruptions and domestic and international

travel restrictions, (9) exploration risks, and other factors beyond the control of Green Shift including those

factors set out in the “Risk Factors” in our Management Discussion and Analysis dated May 1, 2023 for the

fiscal year ended December 31, 2022 and other public documents available under the Company’s profile

on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the assumptions used in the preparation of

such information, although considered reasonable at the time of preparation, may prove to be imprecise

and, as such, undue reliance should not be placed on forward-looking statements. Green Shift assumes no

obligation to update such information, except as may be required by law.

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

this press release.

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