Velox Applies for Prospective Lithium Tenements in Quebec
Velox Applies for Prospective Lithium
Tenements in Quebec
Toronto, Ontario--(Newsfile Corp. - October 30, 2023) - Velox Energy Materials Inc. (TSXV: VLX)
("
Velox
" or "
the Company
") is pleased to announce that it has applied for a group of tenements in
eastern Quebec that are prospective for lithium mineralisation. The tenement package, to be called
"
Lake Pierre
" is surrounded by other lithium explorers including Brunswick Exploration and Globex
Mining Enterprises.
Highlights
66 blocks covering ~36km
2
have been pegged in eastern Quebec, in an area that is prospective
for lithium mineralisation.
The addition of lithium complements the Company's current vanadium and hydrogen projects with
a focus on energy storage projects.
As part of the expanded commodity strategy, the Company intends to apply for a dual listing of the
Company's shares on the Australian Securities Exchange ("ASX") via a CDI listing in early 2024.
Velox's President and CEO, Simon Coyle, commented:
"The addition of the Lake Pierre Canadian lithium package complements our strategy of progressing
projects in the energy materials space, particularly within the energy storage sector. Quebec has
become a lithium hotspot globally with many companies active in the region and producing high
quality results."
"The new tenement package is relatively early stage and will be subject to preliminary due diligence
of the extensive historic exploration data with mapping and rock chip sampling in the first instance,
once access is confirmed."
"In addition, in order to gain better relative value for our project portfolio, we have commenced initial
steps to dual list on the ASX in early 2024. There are a number of ASX-listed vanadium, lithium and
hydrogen companies that trade on higher multiples than in Canada and we believe that it is in the best
interest of all Velox shareholders to have the shares better valued."
Velox has applied for 66 blocks covering ~36km
2
in eastern Quebec, which the Company believes is
prospective for lithium mineralisation. The tenements are surrounded by lithium explorers including
Brunswick Exploration Inc and Entreprises Minières Globex Inc.
The Lake Pierre Project ("
Lake Pierre
" or "
the Project
") is located approximately 55km east of the
town of Havre St Pierre and can be accessed via Provincial Highway #138 joining Montreal and
Natashquan.
The Project is located on the southern margin of the Granville Orogenic belt and covers part of the
Neoproterozoic aged Turgeon Granite with historic geological mapping and drilling identifying
pegmatites
[1][2]
in both narrow swarms and individual veins up to 17m thick. Based on the preliminary
data review, Velox considers Lake Pierre to be prospective for both the 'Moolyella-style' lithium
mineralisation, whereby swarms of pegmatites associated with a highly fractionated pluton have intruded
the adjacent granites and provide the source for potential lithium mineralisation over an extensive area
and the granite-amphibolite contact on the rim of the Turgeon intrusion.
Over the coming months, Velox will undertake a detailed review of the extensive historic exploration data
that previously focussed on other commodities with little attention to lithium or its pathfinder minerals.
Figure 1:
Lake Pierre Lithium Project, eastern Quebec
To view an enhanced version of this graphic, please visit:
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Figure 2:
Location plan of the Lake Pierre tenements
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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
Indicated Mineral Resource of 61.33 Mt @ 0.34% V
2
O
5
and 234.6 ppm MoO
3
along with an Inferred
Mineral Resource of 144.87 Mt @ 0.33% V
2
O
5
and 241.9 ppm MoO
3
(Dufresne et al., 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 applied for a package of tenements that are prospective for lithium in
eastern Quebec.
Please visit our website at
www.veloxenergymaterials.com.au
for further information.
Investor Relations Contacts
Iryna Zheliasko
Investor Relations - Canada
Office: (+1) 647-249-9298
Email:
Andrew Rowell
Investor Relations - Australia
M: +61 400 466 226
Email:
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.
[1]
Rapport De Travaux, Propriete Cote-Nord Bloc Wee Gee,
Ponbriand B et Turgeon A - Uracan Resources Inc, 2007.
[2]
GM21819 - Diamond Drill Record. Madsen Red Lake Gold Mines Limited, 1967.
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