Toronto, Ontario--(Newsfile Corp. - July 26, 2023) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: GLDRF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to announce the interpretation and modelling of the airborne Time-Domain Electromagnetic (EM) data collected at the beginning of the spring 2023 exploration program at the Champion Electric Lithium Project (the "Project") located in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec. The EM interpretation identified three high-priority complementary critical metal EM bedrock conductors located within mapped ultramafic rocks of the Lac Guyer greenstone belt.
"The prospective and easily accessible EM conductors offer Champion several critical metal targets over approximately 5 km in a region renown for its nickel endowment. Our technical team will include new nickel sulphide targets into the planned drilling later this year," commented President and CEO Jonathan Buick. "We continue to prioritize our lithium exploration efforts given that this area also features numerous historical mapped pegmatites yet to be evaluated. Despite the ongoing hiatus in field activities, we are pleased that we have been able to generate high-quality exploration targets!"
EM Interpretation
Interpretation identified a string of three discrete mid to late-time conductive anomalies which are interpreted as moderately to steeply NNW dipping plate-like conductors extending 450m x 160m, 190m x 260m and 240m x 530m respectively (Figure 1). The interpreted dip is consistent with structural data available from nearby outcrops which is a strong argument that these conductors are of likely bedrock origin and parallel to stratigraphy. The interpreted conductors are believed to start at the base of the thin overburden (< 10m deep) and are deemed possibly indicative of sulphide mineralisation.
The EM conductors are hosted within a mapped ultramafic unit adjacent to an iron formation prominent in both the airborne EM and magnetics datasets. Nearby historical rock samples (#2009050866, #2009050874 and #2009050868 in Quebec's Ministry of Natural Resources and Forests database) from the host ultramafic unit returned maximum geochemical values of 0.21% Ni, 0.46% Cr2O3and 139 ppm Co (Figure 2). Two of these samples were historically mapped as komatiite in the government's database, but this has not been confirmed by the Champion Electric team yet.
The nature, geometry and distribution of the EM bedrock conductors located within a mapped nickel-rich ultramafic horizon make them high-priority nickel sulphide targets. These new targets will be evaluated on the ground concurrently with the planned exploration efforts for lithium-bearing pegmatites once fieldwork resumes.
Figure 1: Airborne EM data (channel 20 - 3.30ms) and high-priority anomalies
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8681/174829_c88b638fa4ac29a0_001full.jpg
Figure 2. High-priority EM anomalies and historical rock samples over regional geology
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8681/174829_c88b638fa4ac29a0_002full.jpg
About the Project
The Company's lithium properties neighbour Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the James Bay region of Quebec (Figure 3).
Figure 3: Champion Electric Lithium Project location map
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8681/174829_c88b638fa4ac29a0_003full.jpg
Qualified Person
Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this press release.
About Champion Electric Metals Inc.
Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco.
The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "GLDRF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President and CEO
To learn more, please visit the Company's SEDAR profile at www.sedar.com or the Company's corporate website at www.champem.com.
For further information, please contact:
Investor Relations and Communications
Phone: (416) 567-9087
Email: investors@champem.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including closing of the Transactions and the prospectivity of the Projects for lithium. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.
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