Idaho Champion Positioned for Active 2023 with its Portfolio of North American Battery Metals Projects
Idaho Champion Positioned for Active 2023 with its Portfolio of
North American Battery Metals Projects
Exploration programs to build on last quarter’s successful corporate
development pivot
Toronto, ON – January 12, 2023 – Idaho Champion (CSE: ITKO; OTCQB: GLDRF; FSE: 1QB1)
(“Idaho Champion” or the “Company”) is pleased to summarize major milestones from a pivotal
2022 for the Company.
Last year, Idaho Champion initiated a strategic review of its property portfolio, and after
assessing the market conditions and investor sentiment, the Company subsequently decided to
transition to critical minerals exploration within North America. At that time, the Company already
had in its portfolio several cobalt projects that hadn’t seen modern exploration, located in the
Idaho Cobalt Belt in close proximity to Jervois Mining Ltd.’s producing Idaho Cobalt Operations.
In the last quarter of 2022, Idaho Champion added to its portfolio by completing the acquisition
of a 162 km2 prospective lithium pegmatite property package in the Eeyou Istchee James Bay
territory of Quebec where Patriot Battery Minerals has made their recent Corvette discovery*.
The Company successfully closed several rounds of flow-through and non-flow-through private
placements and has fully financed the first phases of exploration on both its cobalt and lithium
projects and the subsequent follow-up work through early 2023.
“It is clear that the critical metals commodity basket will be a major driving force as many
countries try to meet carbon neutral deadlines, resolve supply shortages, and achieve some
supply chain independence. We based our strategic review around the likely direction of investor
interest over the next several years given these macro conditions. Our technical team has always
believed in the potential of our Idaho cobalt ground, and with Jervois’ operations expected to
reach name plate commercial production early this year, it made sense to build a new focus
around these properties. Complementing our portfolio with the addition of strategically located
lithium assets gives Idaho Champion the ability to diversify the discovery potential and explore
year-round. These steps put us much closer to realizing one of our goals: to be at the forefront
of exploration in the next producing battery metals regions of North America,” stated Jonathan
Buick, President and CEO.
Idaho Cobalt Projects
As a result of the new core focus for Idaho Champion, the Company was able to secure an MOU
on April 20, 2022 with a far east Asian Battery Group outlining the terms of a potential JV,
including a multi-phase exploration program totalling US$5million. Negotiations continue as
expected.
In anticipation of a larger program during 2023 stemming from the potential JV, a fall exploration
program was commenced on the properties with an emphasis on the Twin Peaks and Victory
Projects.
The program was completed on time with 19 samples collected and a prospective copper-cobalt
vein identified. Results from the sampling results are currently pending. This reconnaissance
work and further compilation of historic data will form the basis of the second phase of
exploration in 2023.
IQ Lithium Pegmatite Projects
The Company closed the acquisition of the IQ Lithium Pegmatite Projects and immediately
commenced a work program including high -resolution magnetic, VLF-electromagnetic,
radiometric and LiDAR/imagery surveys covering approximately 2,188 line-kilometres.
The resulting data sets will provide the Company with geophysical and topographic information
that will be useful in advancing the regional structural interpretation and analysis of the
prospective lithium pegmatite projects.
About the Idaho Cobalt Properties
The Twin Peaks Project comprises 2,761 hectares (6,820 acres) and includes the historic Twin
Peaks Copper Mine. It is located approximately 3 kilometres from Electra Battery Metals’
advanced exploration stage Iron Creek Project, which boasts an indicated resource of 2.2 Mt*
grading 0.26% cobalt (Co) and 0.65% copper (Cu) and 2.7 Mt* grading 0.22% Co and 0.68%
Cu in the inferred category.
The Victory Project is comprised of 1,627.5 hectares (4,020 acres) and is 6 kilometres south of
the historic Blackbird Mine and Jervois Mining’s Idaho Cobalt Operations, which was officially
commissioned on October 7, 2022 as North America’s only primary cobalt mine.
*These projects are at an early stage of exploration, and the Company cautions that the qualified
persons who have reviewed and approved this news release have not verified scientific or technical
information reported by third parties, and proximity to projects containing lithium resources offers no
assurance that the rock types or lithium resources reported by Patriot, Electra and others extend onto
the Idaho Champion projects.
About the IQ Lithium Projects (Blanche and Charles)
The Blanche Project is comprised of 256 claims totalling approximately 131 km2. The project lies
within a volcano-sedimentary belt striking ENE. The bedrock geology at the Blanche project is
mainly composed of a broad east -northeast trending mafic band, interpreted as a
metamorphosed basalt, hosted within tonalitic rocks and interbedded with narrow sections of
magnesian basalt, komatiite, iron formation (silicate and/or oxide facies) and metasedimentary
rocks.
The Charles Project is comprised of 61 claims covering approximately 31 km2. Less is known
about this project, but the area exhibits variable topography, ranging from slightly to very hilly.
Several hills associated with felsic intrusives and iron formations are present and have been
shaped by glaciers that had an ENE-WSW direction. A number of outcrops are exposed. Within
the northern and central parts of this project, there is thick glacial sediment containing boulders
of granite and pegmatite.
Qualified Person
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the
Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has
helped prepare, reviewed, and approved the technical information in this news release.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its
highly prospective cobalt properties located in Idaho, United States and lithium properties in
Quebec, Canada. In addition, the Company owns the Baner gold project in Idaho County and
the Champagne polymetallic project in Butte County near Arco.
The Company’s shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under
the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”.
Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing
citizen to the local communities where it operates, taking its social license seriously, employing
local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF IDAHO CHAMPION
“Jonathan Buick”
Jonathan Buick, President, and CEO
For further information, please visit the Company’s SEDAR profile at www.sedar.com or the
Company’s corporate website at www.idahochamp.com.
For further information, please contact:
Nicholas Konkin, Marketing and Communications, Idaho Champion
Phone: (416) 567- 9087
Email: [email protected]
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY
STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements for Idaho Champion
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the
adequacy or accuracy of this press release. This press release may include forward-looking information concerning the business of
the Company within the meaning of Canadian securities legislation, including with respect to the completion of the transactions
contemplated by the Agreement, the prospectivity of the Projects for lithium, the ability of the Company to successfully shift focus to
exploration for battery-related metals, and with respect to the completion of a private placement of the size and at the price
contemplated. Forward-looking information is based on certain key expectations and assumptions made by the management of the
Company, including being able to satisfy any conditions related to the acquisition, sufficient investor interest to complete the private
placement financing necessary to fund the cash portion of the acquisition of the Project, having the necessary technical expertise to
explore for lithium in pegmatite, and that reported lithium resources in the district of the Projects is indicative of mineralized pegmatite
prospectivity on the Projects. Although the Company believes that the expectations and assumptions on which such forward-looking
1information is based on are reasonable, undue reliance should not be placed on the forward-looking information and the Company
can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of
the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information,
whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.