MONTRÉAL, Dec. 20, 2022 /CNW Telbec/ - Genius Metals Inc. (TSXV: GENI) ("Genius Metals" or the "Corporation") is pleased to announce that Clarity Metals Corp. (formerly Clarity Gold Corp.) has initiated exploration work by launching an IP/Resistivity survey on the Lithium381 property. Genius 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. In order to acquire a 50% interest in the property, Clarity must spend $750,000 in exploration work before December 31, 2024 and issue 720,000 common shares of its capital to Genius Metals. The Property is contiguous to Allkem Limited's (TSX: AKE) James Bay Lithium property which comprises the Allkem lithium deposit (40.8 Mt @1.40% Li2O as Indicated Resource) formerly known as the Cyr deposit (Figure 1).
Click on the following link to view Figure 1.Location of Lithium381 Project showing nearby properties and total pit outline on Allkem's James Bay Lithium Project from the Allkem Feasibility Study.
IP/Resistivity Survey
Clarity Metals Corp. is currently conducting an IP/resistivity survey on the entire Lithium381 property. The survey is performed by TMC Géophysique and is expected to be completed in December. The grid line spacing was set at 100m, with the survey defined in a dipole-dipole configuration and 25 m measurements (n=10). Previous surveys conducted by Lithium One in 2008 (predecessor to Galaxy Lithium) and Allkem (2021) have shown high resistive values which in part correspond to spodumene granitic pegmatite dykes and bodies unearthed and drilled over the years (Figure 2). The last geophysical survey completed by TMC Géophysique in 2021 indicated that the resistivity highs extended for 2.3km east of the Billy Diamond Road (James Bay Road) where spodumene granitic pegmatite dykes were observed. Clarity and Genius hope to outline similar resistivity targets to be investigated during the course of next year.
Click on the following link to view Figure 2. Contour map, apparent resistivity, Lithium One (2008)
Qualified Person
The technical information contained in this news release was reviewed and approved by Michel Boily, Ph.D., P. Geo, 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.
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 accurate, 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.
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SOURCE Genius Metals Inc.
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