Lodestar Battery Metals Announces Exploration Budget and Start to Its 2023 Work Program at Its Peny Project IN the Snow Lake District, Manitoba
LODESTAR BATTERY METALS ANNOUNCES EXPLORATION BUDGET AND START
TO ITS 2023 WORK PROGRAM AT ITS PENY PROJECT IN THE SNOW LAKE
DISTRICT, MANITOBA
VANCOUVER, BRITISH COLUMBIA – May 23, 2023 – Lodestar Battery Metals (“Lodestar” or the
“Company”) (TSX-V: LSTR, OTCQB: SVTNF) Is pleased to announce it has approved an exploration
budget and has commenced work at its Peny Property in Snow Lake Manitoba. The staged project
development will be completed with its partners at Longford Exploration to complete propriety
remote sensing analysis and targeting, a focused magnetics and radiometric survey over select
targets, concurrent with fieldwork. Fieldwork includes a preliminary reconnaissance of initially
identified targets and verification of reported pegmatite intersections in 86 historic drill holes on
the property. Additionally, there will be focused ground truthing and systematic mapping and
sampling program, which will be completed in the late summer to coincide with conceptual
winter drilling plans.
“We have planned a comprehensive development program, and we’re thrilled to have Longford
guide us as we further our exploration initiatives at our flagship Peny Property in Snow Lake
Manitoba,” said Lowell Kamin, President, CEO & Chairman of the Board of Lodestar. “Longford,
with their embedded partnerships, offers a diverse array of technical services that will help us
understand the potential at the property, bringing expertise in exploration, geophysics,
geomatics, ESG and energy services. Lodestar is looking forward to sharing our highlights for this
campaign in the coming months.”
2023 Work Program
The 2023 field program will be advanced in stage s during the coming months. The project
development will focus on interpreting the results of the geochemical sampling, remote sensing,
and magnetic, radiometric and structural interpretations before delineating targets for channel
sampling and potential drilling in the fall of 2023.
• A review of historical data on the project has been completed, and ongoing regional
geophysics and structural evaluation are being conducted to determine controls on
pegmatite emplacement in the district.
• Remote Sensing has been commissioned across the district to determine prospectivity
and define priority targets. As a result, the Company has accepted a proposal for the
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acquisition, processing, and analysis of Synthetic Aperture Radar (SAR) and Sentinel &
Aster Multispectral data.
o Combining modern remote sensing techniques using multispectral imaging and
synthetic aperture radar to analyze vegetation, structure, alteration, and ground
movement, complex anomalies can be quickly and effectively identified.
o This multivariate exploration approach combines existing geological, geochemical,
and geophysical data with multiple satellite analyses to identify new potential
mineral targets.
• Initial site reconnaissance, ground-truthing of initial targets, and review and sampling of
historical core from 83 drill holes completed on the property are contemplated in June;
numerous pegmatite intersections are reported from historical information.
• An Airborne Tri-Axial Gradiometer magnetics, radiometric, and lidar survey will be
completed over selected target areas identified from the previous high-value systematic
targeting studies.
o A manned helicopter equipped with specially designed GEM Systems GSMP 35A
Airborne Potassium Vapour high-resolution magnetometers mounted on a non-
magnetic stinger in a tri-axial array will be utilized.
• The combination of techniques outlined above and existing data (knowledge of known
mineral occurrences, soil and stream sampling, geophysics, regional geology, etc.) can be
applied to mineral exploration using a weight-of-evidence approach in an area of interest
to outline targets for advanced mineral exploration.
• A focused field exploration program, including systematic channel sampling, is to be
completed in the Summer–Fall of 2023 and is intended to understand better local
pegmatite zonation, geochemical fractionation vectoring, and mineral speciation to
assess the tenor and conceptualize a potential volume prior to future drilling.
• An initial budget of CAD$400,000 has been approved for the property.
Initial reports from the property in 2022 describe numerous previously unsampled pegmatites
across the property.
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Figure 1: Location of the Peny property and surrounding claims holders within the Greater Snow Lake district.
In order to preserve capital for its prospective Penny Property, Lodestar is in the process of
carrying out a comprehensive review of its financial commitments for the silver-focused Peñasco
Quemado and La Frazada properties, in Mexico. The objective will be to reduce required
expenditures for non-core areas of the projects.
About the Peny Property
The Peny Property is located approximately 25 kilometres northeast of the town of Snow Lake,
Manitoba. The Peny Property is prospective for Lithium Pegmatite and Volcanic Massive Sulphide
(VMS) style mineralization which is known to occur in the local area.
The Property encompasses rocks belonging to the Churchill Province and comprises metamorphic
and metasedimentary rocks, predominantly Felsic and Arkosic Gniess’s, including arkose, arenite,
and quartzite-derived gneiss and migmatite belonging to the Missi Group , and Burntwood
groups, and encompasses parts of the Crowduck pluton. The Property is located along the
Crowduck Bay Fault, which is interpreted as a regional controlling structure associated with
pegmatite occurrences and lithium mineralization to the south at the Zorro and Jean Lake
prospective areas. The property is also adjacent to the formally producing Osborne Lake VMS
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Mine, previously operated by the Hudson Bay Mining and Smelting Co. Historical worker's reports
covering the property describe local host rocks intruded by coarse-grained, sheared pegmatites.
The Company intends to refocus the asset on lithium exploration, which has proven successful at
neighbouring sites.
Qualified Person
Luke van der Meer (P.Geo) is a consultant to the Company and is a Qualified Person (“QP”) as
defined by National Instrument 43-101 guidelines – Standards of Disclosure for Mineral Projects
(“NI 43-101”) and has reviewed the technical information of this news release. Historical
information contained in this news release is derived from previous workers’ Assessment
Reports and has not been field verified.
References
1. A mineral resource estimate from 43-101 technical report titled “NI 43-101 Technical Report on the Zoro
Lithium Project, Snow Lake, Manitoba,” dated July 6th, 2018, was authored by Fedikow et al. The resource
quoted is within Table 1.1 – Base Case Inferred Resource estimate: Inferred –1,074,567 tons at 0.91% Li2O
(Cut-off grade of 0.30% Li2O).
2. Mineral Resources in S-K 1300 technical report titled “Technical Report Summary and Resource Estimate,
Thompson Brothers Lithium Project, Snow Lake Area, Herb Lake Mining Division, Manitoba, Canada.” dated
June 9th, 2021, Prepared by Canmine Consultants. The resource quoted is within Table 11.1 –Project Mineral
Resource Estimate. Indicated – 9,082,600 tons at 1.00% Li2O, and Inferred – 1,967,900 tons at 0.98% Li2O
(Cut-off grade of 0.30% Li2O).
About Lodestar Battery Metals Corp.
Lodestar Battery Metals Corp. is a Canadian mining exploration company focused on the battery
metals space. The Company’s 100% owned flagship Peny Property comprises 47 mineral claims
totalling 11,191 hectares in the Snow Lake District, Manitoba, with acce ss to tier-1 existing
infrastructure: railway, roads, airstrip, and power. The Company also owns 100% interest in two
significant silver assets in Mexico. The Company intends to build a strong portfolio of battery
metals projects to drive future growth through exploration success and from later-stage projects
with production potential. The Lodestar business plan calls for a dynamic combination of
developing its existing properties, acquisitions, and partnerships to achieve this growth. For more
information, visit https://lodestarbatterymetals.ca/.
Contact
Lodestar Battery Metals Corp.
Lowell Kamin, President, CEO & Chairman of the Board
(416) 272-1241 [email protected]
Investor Relations
Alyssa Barry, IR Labs Inc.
1-833-947-5227
Forward-Looking Statements
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The information set forth in this news release contains forward-looking statements based on
assumptions as of the date of this news release. These statements reflect management's current
estimates, beliefs, intentions, and expectations. They are not guarantees of future performance.
Lodestar cautions that all forward-looking statements are inherently uncertain and that actual
performance may be affected by several material factors, many of which are beyond Lodestar's
control. Such factors include, among other things: risks and uncertainties relating to Lodestar's
limited operating history and the need to comply with environmental and governmental
regulations. Accordingly, actual and future events, conditions and results may differ materially
from the estimates.
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