Lodestar Provides Corporate Update
Lodestar Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2024) -
Lodestar Battery Metals
(TSXV:
LSTR) (OTCQB: SVTNF)
("
Lodestar
" or the "
Company
"), focused on becoming a leading critical
metals exploration company, is pleased to announce a Q1 2024 update, and discuss plans for the
coming year.
Partnership with Red Cloud Securities and Future Assets
On July 14, 2023, the Company entered into a best-efforts agreement with Red Cloud Securities ("
Red
Cloud
") to facilitate the sale of its two silver assets in Mexico (the "
Assets
"). Red Cloud conducted a
comprehensive screening process, considering both potential public and private buyers. Unfortunately,
the process did not result in a transaction, primarily due to the challenging capital market conditions for
junior exploration and development companies at the time, coupled with the regulatory uncertainties in
Mexico following the 2023 regulation changes. For more information about the best-efforts agreement,
click
here
.
Lodestar remains committed to creating value for its shareholders. The Company is actively seeking to
expand its portfolio with new critical metal and precious metal assets. Lodestar is well-positioned to
identify various projects across North America thanks to its strong cash position (approximately C$1.3M
as of December 31, 2023).
Exploration in the Snow Lake Mining District
Lodestar contracted Axiom Exploration Group Ltd. ("
Axiom
") to conduct a 2-week rock sampling
program this past fall focusing on previously targeted areas from a satellite multispectral survey (News
release on September 11, 2023). In total, almost 400 samples were collected on the Peny property.
The new results identified up to 7 new K/Rb anomalous areas (Figure 1) on pegmatite samples. Various
element ratios such as K/Rb are fractionation indicators which can aid in vectoring fertile granites that
can contain mineralization. These newly identified areas appear to be interesting and will require further
evaluation.
Figure 1: 7 new K/Rb anomalous areas on pegmatite samples
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3029/197172_910df83a64a938e8_002full.jpg
Additionally, Lodestar is also interested in further investigating other types of deposits on the property
such as volcanogenic massive sulfide (VMS) deposits. The Snow Lake region is well known for hosting
these types of deposits. Lodestar's property is next to Hudbay's BUR zone (formerly Rockcliff Metals).
The BUR zone has been identified as a promising area for copper exploration and is trending along
strike to Lodestar's property. The Company is strategically positioning itself to leverage the growing
demand for this critical metal.
Updates to Management and Board of Directors
Luke van der Meer has stepped down from his role as Vice President Exploration. The Company would
like to thank Luke for his contributions to the Company and wishes him well in his future endeavours.
Ty Magee from Axiom will be serving as the Company's new Qualified Person, as defined by National
Instrument 43-101 guidelines — Standards of Disclosure for Mineral Projects ("
NI 43-101
").
Axiom is a leading mineral exploration company that offers complete project management, from
qualified geologists and equipment to custom exploration solutions. Axiom helps executives reduce their
day-to-day management costs while advancing their exploration projects to comply with local regulations
and standards. Axiom also provides access to industry specialists and a full suite of mineral exploration
services, including proprietary remote sensing and geophysics capabilities. These enable Axiom to
generate high-value, low-cost data for green-field exploration and develop early-stage projects to drill
readiness.
Lowell Kamin, Lodestar's CEO, President and Chairman of the Board stated:
"We are looking ahead to
the next chapter of Lodestar as we partner with the team at Axiom and explore new opportunities for
value creation. Our Peny Project in Snow Lake, Manitoba, has good potential."
2024 Outlook
Further explore the possibility of VMS deposits at the Peny Property.
Explore opportunities to vend-in new critical metal and precious metal assets into Lodestar's
portfolio.
Preserve our strong cash position during this phase.
Qualified Person
Ty Magee, P. Geo., a Qualified Person, as defined by NI 43-101, and a consultant to the Company, has
reviewed and approved the scientific and technical information contained in this news release.
About Lodestar Battery Metals Corp.
Lodestar Battery Metals Corp. is a Canadian mining exploration company focused on the critical metals
space. The Company's 100% owned flagship Peny Property comprises of 47 mineral claims totalling
11,191 hectares in the Snow Lake District, Manitoba, with access 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/
.
Contacts
Lodestar Battery Metals Corp.
Lowell Kamin, President, CEO & Chairman of the Board
(416) 272-1241
Investor Relations
Alyssa Barry, IR Labs Inc.
1-(833)-947-5227
Forward-Looking Statements
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.
NEITHER 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 RELEASE.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/197172