Lithoquest Intersects 27.60 g/t Gold over 0.59 metres at Miminiska
News Release
July 20, 2022
TSX-V: LDI
Lithoquest Intersects 27.60 g/t Gold over 0.59 metres at Miminiska
Vancouver, B.C., July 20, 2022 – Lithoquest Resources Inc. (TSX-V: LDI) (“Lithoquest” or the
“Company”) today announced assay results from the 2022 spring drill program on its Miminiska
Property located in northwestern Ontario, Canada. Three zones with significant gold mineralization
were encountered, including 27.6 g/t Au over 0.59m starting from 115m.
“This is a significant development at the Miminiska Prospect,” commented Bruce Counts, President and
CEO of Lithoquest Resources Inc. “These results extend the high-grade gold mineralization in the folded
iron formation along the strike of the central limb and underscore the importance of testing other
higher-priority target areas in the north, central and south limbs.”
“These results also highlight the potential of the broader Miminiska Property,” continued Mr. Counts.
“Particularly when they are viewed in context with the historical high-grade drill results from the Frond
Prospect, 12km to the east, and the under-explored banded iron formation that lies between them.”
Key Points
• Consistent with the highest-grade results obtained on the Miminiska Prospect to date
• Holes targeted areas previously untested by drilling
• 130m lateral extension to the high-grade gold mineralization
• Multiple high priority target areas remain to be tested at the Miminiska Prospect
2022 Spring Drill Program
659m of drill core was recovered from two holes drilled at the Miminiska Prospect in March 2022: DDH
22-01 and DDH 22-02 (see Figure 1). Approximately 800 core samples were collected and submitted
for assay. Assays above 0.5 g/t Au are presented in Table 1.
DDH 22-01 was inclined at -55⁰ and drilled at an azimuth of 178 degrees obliquely across the southern
limb of the folded iron formation. The drill hole intersected altered iron formation and clastic sediments.
DDH 22-01 returned four assays > 1 g/t Au including 2.40 g/t Au over 1.0 meter and 2.39 g/t Au
over 0.44 meters.
DDH 22-02 was inclined at -60⁰ and drilled due north to test a coincident structural and conductivity
target located on the west side of the central limb. Significant sulphide mineralization, including pyrite,
pyrrhotite and arsenopyrite as well as quartz veining was encountered in 2 sections of altered iron
formation in the drill hole. Both sections returned significant assays including 27.60 g/t Au over 0.59
meters and 1.76 g/t over 5.72 meters (including 6.73 g/t Au over 0.53 meters and 9.91 g/t
Au over 0.37 meters).
Figure 1: Miminiska Prospect 2022 & Select Historical Drill Results
Table 1: Select Assays from 2022 Spring Drill Program
Hole Number From (m) To (m) Core Length (m)+ Au (g/t)
DDH 22-01 26.24 27.00 0.76 1.09
28.00 29.00 1.00 2.40
177.53 178.22 0.69 1.64
180.98 181.42 0.44 2.39
DDH 22-02 48.00 48.62 0.62 2.60
49.72 50.25 0.53 6.73
52.71 53.35 0.64 1.59
53.35 53.72 0.37 9.91
60.40 60.92 0.52 2.55
114.28 114.87 0.59 27.60
116.17 116.95 0.78 1.03
116.95 117.55 0.60 0.56
139.44 139.82 0.38 0.69
278.93 279.75 0.82 1.17
+True width unknown
Miminiska Property
The Miminiska Property comprises approximately 5,500 ha of patented and unpatented mineral claims
covering abundant banded iron formation. The property includes the Miminiska and Frond Prospects
where historical drilling has confirmed the presence of high-grade gold. Exploration work in the project
area has identified several gold occurrences between the Miminiska and Frond (see Figure 2). These
previous results highlight the potential for additional discoveries of high -grade gold on the project.
Figure 2: Miminiska Property
* Historical results have not been independently verified by Lithoquest; and, there is no guarantee that the
Company can reproduce the results in whole or in part. Potential investors should not rely on these historical
results when making an investment decision
Update on Consultation with the Eabametoong First Nation
The Miminiska Property is located within the traditional territory of the Eabametoong First Nation (the
“EFN”). Lithoquest is engaging with the EFN and is in the process of scheduling a community meeting
to hear further direct feedback from EFN members regarding Lithoquest's proposed activities. The
outcomes of that meeting will form the foundation of any agreement between Lithoquest and the EFN.
QA/QC Program
The company employs a comprehensive quality assurance/quality control program. Drill core logging
and sampling was completed at Bayside Geoscience’s office located in Thunder Bay. Sample lengths
were typically between 0.5 and 1.0 meter with a minimum sample length of 0.35 meters and a
maximum of 1.25 meters. Drill core was cut in half using a rock saw equipped with a diamond blade.
One half of the core was put into a sealed polyurethane sample bag and the remaining half returned to
the core box for archiving. Once packaged and sealed, the samples were delivered by Bayside
Geoscience personnel to Activation Laboratories Ltd. (“Actlabs”) Thunder Bay location, a IS0/IEC
17025:2005 accredited laboratory.
As part of the QA/QC program, each sample submission included blanks, duplicates and certified
reference materials (CRM’s) representing 10% of the total samples analyzed. Duplicate samples were
created by cutting core into two quarter core samples, each submitted in a separate polyurethane
sample bag with a unique sample identification. Actlabs also performs internal QA/QC analyses as
part of their protocols. Gold results were obtained from a 30g homogenized sample analysed by fire
assay with atomic absorption spectrometry (“AAS"). For samples that returned > 5000ppb Au from fire
assay/AAS, a reassay by fire assay with a gravimetric finish was employed.
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, P.
Geo., President, CEO and a Director of Lithoquest Resources Inc. and Qualified Person under National
Instrument 43-101.
About Lithoquest Resources Inc.
Lithoquest is a Canadian mineral exploration company focused on the discovery and development of
economic precious and base metal deposits on four district-scale projects in northwest Ontario:
Miminiska, Keezhik, Attwood and Gold Standard.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Information
This news release includes certain information that may constitute “forward-looking information” under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
the Company’s strategic plans, future operations, future work programs and objectives. Forward-
looking information is necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those expressed or implied by
such forward-looking information. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is given as of the date hereof and is based
upon the opinions and estimates of management and information available to management as at the
date hereof. The Company disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
For further information, please contact:
Lithoquest Resources Inc.
+1 (604) 506-2804