MONTRÉAL, Jan. 17, 2023 /CNW/ - Genius Metals Inc. (TSXV: GENI) ("Genius Metals" or the "Corporation") is pleased to disclose a preliminary assessment of the IP survey recently completed by Lithium381 property's optionee, Clarity Metals.
IP/Resistivity Survey Preliminary Assessment
A preliminary measured resistivity contour map from the survey data shows a 1.5 km EW-oriented zone of relative high values that may potentially correspond to granitic pegmatite bodies at relatively shallow depth (Figure 1). The comparison with a similar IP survey completed 800 m to the SW by Allkem in 2021 is difficult to make owing to the overburden present on the Lithium381 property relative to the widespread exposures of spodumene granitic pegmatite dykes on the former property containing a mineralization of 40.8 Mt @1.40 % Li2O. This difference will translate into lower resistivity values in the 2D inversion model of the latter. Guy Goulet CEO of Genius Metals mentioned: "Genius Metals and Clarity Metals eagerly await the full interpreted data from the IP survey which will be complemented by a MAG survey, a Synthetic Aperture Radar ("SAR") and Sentinel & Aster Multispectral data surveys. The preliminary assessment of the IP survey outlines a clear resistivity target that will guide our future exploration efforts on the project."
Click on the following link to view Figure 1. Preliminary resistivity results on Lithium381 Project and Allkem Limited's 2008 IP Resistivity survey in the area of the proposed open pit. *Note the surveys are at different scales.
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.
Click on the following link to view Figure 2 Contour map, apparent resistivity, Lithium One (2008)
The Lithium381 Property
The property is located in the James Bay Eeyou Istchee territory, Quebec, Canada, approximately 3km from the KM381 service station which is an infrastructure in the local area.
The 21 mineral claims comprising the 1107 ha property are contiguous to Allkem Limited's (TSX: AKE) James Bay Lithium property which comprises the Allkem lithium mineralization (40.8 Mt @1.40% Li2O as Indicated Resource) formerly known as Cyr lithium.
Genius Metals signed an option agreement with Clarity Metals Corp. (CSE: CMET, OTC: CLGCF, FSE: 27G) on December 6th, 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 this interest in the property, Clarity must spend $750,000 in exploration work before December 31st, 2024 and issue 720,000 common shares of its capital to Genius Metals.
2022 Annual Shareholders Meeting
Genius Metals will hold its 2022 Annual Shareholders Meeting on Thursday, January 19, 2023, at 10h00 am (EST).
The Company will hold the Meeting via a live webcast at https://lavery.zoom.us/j/62482126449 where all Shareholders and their proxy holders, regardless of geographic location, will have an equal opportunity to participate. Shareholders and proxy holders are also able to attend the Meeting in person at 1, Place Ville Marie, 40th Floor, Montréal, Québec. Further details and instructions about virtual participation are included in the Meeting materials available on the Company's website and under Genius's profile on www.SEDAR.com.
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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Genius Metals Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/17/c4478.html