Genius Metals Obtain Drilling Permit for Lithium381
Genius Metals Obtain Drilling Permit for Lithium381
MONTRÉAL, QUÉBEC, CANADA — (February 7, 2023) - Genius Metals Inc. (TSXV: GENI) (“Genius
Metals” or the “Corporation”) is pleased to report the obtention of the drilling permit previously
announced on January 18, 2023, for the Lithium381 Property (the “ Property”) located in the
James Bay Territory of northern Quebec. The property is contiguous to Allkem Limited’s James
Bay Lithium Mine. The James Bay Lithium Project hosts an Indicated Resource of 40.8 Mt @1.40%
Li2O (NI 43-101 Technical Report, Feasibility Study, James Bay Lithium Project , Québec, Canada;
January 11, 2022) and on January 16, 2023, the government of Canada approved the construction
of the James Bay Lithium Mine which is expected to operate during a span of 20 years.
Drilling Permit
The drilling permit submitted to government entities early in January specified the location of
27 drilling pads. Genius Metals and Clarity Metals have established a drilling program focusing on
a target interpreted from preliminary results produced by a recently completed IP/Resistivity
survey which outlined a 1.5 km EW -oriented area of high resistivity values . Previous surveys
conducted by Lithium One in 2008 (predecessor to Galaxy Lithium) and Allkem (2021) have shown
high resistivity values which in part correspond to spodumene granitic pegmatite dykes and
bodies discovered and drilled previously. The last geo physical survey completed by TMC
Géophysique in 2021 indicated that the resistivity highs extend for 2.3 km east of the Billy
Diamond Road (James Bay Road) where spodumene granitic pegmatite dykes were observed.
Drilling Program
Genius and Clarity are cu rrently reviewing applications from contractors and working on the
logistics related to a maiden drilling program of up to 2,000m. Guy Goulet CEO of Genius Metals
stated: ‘’We are eager to start drill testing this high-resistivity target on the Lithium381 property.
The surveys recently completed on the property highlight this target within a similar geological
setting to the adjacent Allkem James Bay Lithium Project.’’
The Lithium381 Property
The property is in the James Bay (Eeyou Istchee) Territory, Quebec, Canada, approximately 3km
from the KM381 service station , which serves as an infrastructure for the local area. The 21
mineral claims comprising the 1107 ha property are contiguous to Allkem Limited’s (TSX: AKE)
James Bay Lithium property which comprises the Allkem lithium mineralization formerly known
as Cyr lithium.
Genius Metals signed an option agreement with Clarity Metals Corp. (CSE: CMET, OTC: CLGCF,
FSE: 27G) on December 6, 2022 , which enables CMET to acquire a 50% interest in the
Corporation’s Lithium381 property, located in the James Bay-Eeyou Istchee region of the Province
of Quebec. To acquire this interest in the property, Clarity must spend $750,000 in exploration
work befor e December 31, 2024 , and issue 720,000 common shares of its capital to Genius
Metals.
Qualified Person
The technical information in this news release was reviewed and approved by Michel Boily,
Ph.D., P. Geo, a qualified person under NI 43-101.
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration
and, if warranted, development of natural resource properties of merit in Canada.
Contact Information
Genius Metals Inc.
Tel.: 579-476-7000
Pierre-Olivier Goulet
Vice-President Corporate Development
Email: [email protected]
1-450-821-5270
Guy Goulet
President and CEO
Email: [email protected]
1-514-294-7000
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward -looking information” under
Canadian securities legislation. Generally, forward -looking information can be identified using
forward-looking terminology such as, “will be”, “expected” or variations of such words and
phrases or statements that certain actions, events or results “will” occur. Forward -looking
statements, including statements relating to the exercise of the Option under the Option
Agreement and the timing and amount of Expenditures funded by Clarity and statements relating
to the expected findings on the Property, are based on the Corporation’s estimates and are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Corporation to be materially different from
those expressed or implied by such forward -looking statements or forward-looking information.
There can be no assurance that such statements will prove to be accurat e, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward -looking statements and forward -looking
information. The Corporation will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as required by applicable securities
laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release