Historical stream sediment sample assays target six areas for REEs to be investigated at the Arctic Fox Project
1
Historical stream sediment sample assays target six areas for REEs
to be investigated at the Arctic Fox Project
VANCOUVER, BC, May 24 2022 - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE:
WR20) (OTC PINK: WALRF) (the "Company" or "Megawatt") recently completed a comprehensive
desktop review of available data at its two properties – Artic Fox and Isbjorn – in central Northern
Territory, Australia, targeting rare earth elements (REE) zones.
Notably, the findings are encouraging, as historical stream sediment sample results within the Artic
Fox Project enabled Megawatt’s technical team to delineate six anomalous target areas for REEs that
materially enhance the property’s exploration potential.
The most significant sample values recorded comprise:
o 9 samples had anomalous Ce > 1,000 ppm with a peak of 3,730 ppm in 1 sample
o 8 samples had anomalous La > 500 ppm with a peak of 1,870 ppm in 1 sample
o 6 samples had anomalous Nd > 500 ppm with a peak of 1,450 ppm in 1 sample
o 12 samples had anomalous Pr > 100 ppm with a peak of 424 ppm in 1 sample
o 13 samples had anomalous Hf > 100 ppm with a peak of 445 ppm in 1 sample
+++
David Thornley-Hall, Chief Executive Officer commented: “Securing new REE availability is
becoming an increasing strategic priority of many governments in order to reduce reliance on any
single country’s dominance of the global market. Currently China controls 70-80% of global
production. We are pleased that our technical team in Australia has uncovered compelling evidence
across six target areas highlighting the exploration potential of the Artic Fox property. To maintain
exploration momentum, our technical team will be visiting both properties this month to reconcile
field observations with legacy data to facilitate identifying targets for drill-testing.”
+++
Historical stream sediment sampling program
The historical stream sediment sample results were derived from two campaigns undertaken by
Crossland Uranium (CLU) during 2014-161. After analysing CLU’s data, Megawatt’s technical team
identified six distinct target areas with anomalous REE assay results for follow up fieldwork. (refer
white elliptical shapes in Figure 1).
In total, 256 samples were taken and analysed from CLU’s surveys, with 138 in the western part of
the Artic Fox Project. Of the 17 REEs, 15 were analysed by both surveys including: Ce, Dy, Er, EU, Gd,
Ho, La, Lu, Nd, Pr, Sm. Tb, Tm, Y and Yb.
2
Megawatt’s technical team will make an initial reconnaissance trip to the Arctic Fox and Isbjorn
Projects from 19-22 May 2022 to evaluate site accessibility, sample suspected mineralized outcrop
and devise the next phase of the exploration program.
FIGURE 1: ARTIC FOX HISTORICAL STREAM SEDIMENT SAMPLE ASSAY RESULTS SHOWN AS TOTAL
RARE EARTH ELEMENT PPM OF 15 REEs ANALYSED
3
Note: Lithium was not analysed for in the historical data.
Source: Megawatt geology team
To recap, the Arctic Fox Project is located circa 185 km by road north-west of Alice Springs in the
Northern Territory (refer Figure 2). It is 35 km north-west of Arafura Resources (ASX: ARU) world-
4
class Nolan’s Bore REE deposit which contains a Total Mineral Resource Estimate (MRE) of 56Mt at
an average grade of 2.6% TREO and 11% phosphate (P2O5) that extends to 215 m below surface. In
addition, the MRE has an estimated 26.4% Nd Pr enrichment2.
FIGURE 1: ARTIC FOX / ISBJORN PROPERTIES RELATIVE TO REGIONAL PEERS
Source: Megawatt geology team
5
The technical team believes the style of mineralization being targeted within the Artic Fox Project is
comparable to that apparent at Nolan’s Bore. In geological terms Nolan’s Bore is a phosphate-
uranium-thorium deposit comprised of a series of ENE trending and steeply NW to NE dipping
fluorapatite veins, with notable variation in brecciation throughout the area.
The data disclosed in this news release related to sampling results is historical in nature. Megawatt
has not undertaken any independent investigation of the sampling nor has it independently analyzed
the results of the historical exploration work in order to verify the results. Megawatt considers these
historical sample results relevant as the Company will use this data as a guide to plan future
exploration programs. The Company's future exploration work will include verification of the data
through further sampling.
Qualified Person
Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a qualified person as
defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has
reviewed the scientific and technical information in this press release.
References
1) Crossland Nickel Pty Ltd – Report Number CR2016-0105. Available at:
https://geoscience.nt.gov.au/gemis/ntgsjspui/simple-
search?location=1%2F3&query=%22CR2016-0105%22&rpp=10&sort_by=score&order=desc
2) Arafura Resources Limited 2015 & 2017 Annual Reports. Available at:
https://www.arultd.com/investor/asx-announcements-2021/asx-archive.html
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by
Geoffrey Reed, (MAusMM (CP)) (MAIG), Consultant for the Company. Mr. Reed is a qualified person
for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mr. Reed has not verified any of the information regarding any of the properties or projects referred
to herein other than the Arctic Fox and Isbjorn Properties. Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization on the Arctic Fox and Isbjorn
Properties.
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of
mineral properties in Canada. The Company holds a 100% undivided interest, subject to a 1.5% NSR
on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight
mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining
Division in the Province of British Columbia, Canada. Additionally, the Company has acquired an 80%
interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective
silver-zinc projects in Australia, being the Tyr Silver Project and the Century South Silver-Zinc Project
(see press release dated August 13, 2020), an indirect 100% interest (subject to a 1% NSR) in and to
certain mining tenements in Northern Territory and New South Wales, Australia prospective for
nickel-cobalt-scandium and rare earth elements. The Company holds a 100% interest (subject to a
2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James
6
Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press
release dated February 3, 2021) and a 100% interest in 229 additional mineral exploration claims
prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or
121 square kms.
Investors can learn more about the Company and team at https://megawattmetals.com.
For further information: David Thornley-Hall, Chief Executive Officer, [email protected]
The CSE does not accept responsibility for the adequacy or accuracy of this release. This press
release includes "forward-looking information" that is subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company. Forward-looking statements
may include but are not limited to, statements relating to the trading of the Company's common
shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and
uncertainties normally incident to such events. Investors are cautioned that any such statements are
not guarantees of future events and that actual events or developments may differ materially from
those projected in the forward- looking statements. Such forward-looking statements represent
management's best judgment based on information currently available. No securities regulatory
authority has either approved or disapproved of the contents of this news release.
SOURCE MegaWatt Lithium and Battery Metals Corp.