Positive Independent Review of Lake Pierre Lithium Project
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TSX-V Announcement
4 March 2024
Positive Independent Review of
Lake Pierre Lithium Project
Toronto, Ontario March 4, 2024 – Velox Energy Materials Inc. (TSXV: VLX) (“ Velox” or “ the Company ”) is
pleased to provide an update on the Lake Pierre Lithium Project in Quebec.
Highlights
• Independent desktop study of all historic data covering the Lake Pierre Lithium Project completed. The
report concludes:
o Multiple pegmatites identified at surface and within historic drill data.
o At least three generations of massive pegmatites have been identified.
o The geological conditions (metamorphism and sedimentary rocks) are deemed favorable.
o Limited lithium geochemistry and limited detailed geological mapping provide an opportunity to
discover new lithium bearing pegmatites.
o Potential to find additional uranium mineralization on the margins and within the granitic intrusion.
Velox’s President and CEO, Simon Coyle, commented:
“The independent review has been extremely beneficial to Velox and has further enhanced our understanding
of the Lake Pierre opportunity. The area is a known mining province, with the Rio Tinto Ilmenite mining operation
and established infrastructure, it possess all the ingredients for a fast mover in the Quebec region.
“Velox in collaboration with our Canadian advisors, will conduct first pass ground reconnaissance works during
CY2024, with the aim to establish exploration targets of both lithium and uranium. The potential for both of
these exciting emerging commodities is real in the region and we are excited to see where we end up.”
Review of Historical Data
The Lake Pierre Lithium Project situated in the Quebec North Shore and approximately 55km east of the town
of Havre St Pierre (Figure 1) , has undergone an independent review conducted by ISO Services
Geoscientifiques Inc. (ISO). ISO has over 23 years of experience in Quebec, possessing relevant expertise in
the Lake Pierre region of the Granville Orogeny.
The project encompasses rocks of the Wakeham Group , which includes metasediments, gabbro and
amphibolites. Additionally, the Turgeon Granite and the contact zone between these two units are present.
There has been extensive exploration campaigns for uranium within the Turgeon Granite over the past 50 years,
culminating in the discovery of the Double S uranium deposit. Uracan Resources reported an Indicated
resource of 21.5 Mt @ 0.014% U 3O8 and 56.96 Mt of Inferred resources @ 0.012% U3O8 (Report on Minerals
Activities in Quebec 2011). These mineral resources are hosted in pink pegmatites that cut the Turgeon Granite
(Figure 2). Notably, the deposit has been interpreted to be similar to the world-class Rossing uranium deposit
in Namibia, which still hosts 62 Mt of ore reserves at 0.039% U3O81.
1 https://miningdataonline.com/property/614/Rossing-Mine.aspx
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TSX-V Announcement
4 March 2024
Figure 1: Lake Pierre Lithium Project, eastern Quebec
The historic data reveals the presence of multiple pegmatites in the region . The oldest pegmatites that
represent the best target for lithium discovery, are located in the southern part of the region , crosscutting the
Wakem Group rocks. These pegmatites may have been consumed by the intrusion of younger Turgeon Granite
but there is no clear evidence available.
While the Turgeon Granite hosts massive pegmatites associated with uranium and REE minerals no specific
lithium targets have been identified due to the lack of geochemical data.
Two historic diamond drill holes located within the southern portion of the Company’s tenure (Figure 2) have
returned several lithium and tantalum results (Table 1). Whilst the assays are modest in value, there is a clear
identification of lithium within the pegmatite intersected.
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TSX-V Announcement
4 March 2024
Table 1: Significant results from Uracan Diamond Drilling2
Sample Hole Id From (m) To (m) Lithology Li (ppm) Ta (ppm)
398930 LTA-07-09 2.1 2.7 Pegmatite 132 1.7
398956 LTA-07-09 33.5 34.4 Pegmatite 16.5 5.24
389967 LTA-07-09 48.5 50.0 Granite 11.3 12
411037 LTA-07-10 14.6 15.8 Quartzite 154 4.5
411038 LTA-07-10 15.8 17.3 Pegmatite 39 45
411074 LTA-07-10 61.0 61.1 Amphibolite 144.5 0.99
Figure 2: Geological map and historic drillhole locations
2 URACAN RESOURCES INC, Propriété Côte-Nord Bloc Wee Gee, Ponbriand B et Turgeon A (2007) - Jean-Sébastien Lavallée, P.géo,
- GM63866
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TSX-V Announcement
4 March 2024
Next Steps
The Company expects to commence preliminary field work during CY 2024. These works will involve geological
mapping and surface sampling, with assaying to build information about the surface exposure and assist in
determining the generations of pegmatite previously identified.
Please visit our website at www.veloxenergymaterials.com.au for further information.
Approved by the Board of Velox Energy Materials Inc.
Simon Coyle
President & CEO
+1 416-214-7577
Investor Relations Contact
Andrew Rowell
Investor Relations – Australia
M: +61 400 466 226
Email: [email protected]
About Velox Energy Materials
Velox Energy Materials is a publicly traded energy materials company developing and progressing high-value assets in
resource and research-friendly jurisdictions. The Company’s priority focus is the advanced NQV Project in Queensland,
Australia. The NQV Project hosts the Cambridge Deposit with an CIM compliant Indicated Mineral Resource of 61.33 Mt
@ 0.34% V2O5 and 234.6 ppm MoO 3 along with an Inferred Mineral Resource of 144.87 Mt @ 0.33% V 2O5 (cut-off grade
of 0.25% V 2O5) and 241.9 ppm MoO 3 (Technical Report and Maiden Mineral Resource Estimate, North Queensland
Vanadium Project, Queensland, Australia, Dufresne et al, December 16, 2022). The Company is targeting shallow, high -
grade mineralisation that can be developed using low-cost mining and processing options.
The Company additionally owns Kotai Energy and the option to acquire 100% of the intellectual property rights associated
with the Solid -State Hydrogen Storage Project from Curtin University in Western Australia. Kotai is focused on the
commercialisation of technology that can produce high-pressure hydrogen following transport as an inert powder.
In October 2023, the Company acquired a package of tenements that are prospective for lithium in eastern Quebec.
Qualified Persons
The Velox Energy Materials scientific and technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral
Projects) and reviewed and approved on behalf Velox Energy Materials by Michael Griffiths, FAusIMM, Director & VP
Exploration for Velox Energy Materials, a Qualified Person.
Forward Looking Statements
Neither the 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.
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and
projections regarding its business and the economic environment in which it operates. Statements about the closing of
the transaction, expected terms of the transaction, the number of securities of Velox Energy Materials that may be issued
in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals
are all forward -looking information. These statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from
those expressed in these forward-looking statements and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them
publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do
so by law.