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Positive lithium soil sample results demonstrate several high potential pegmatite lithium-rich corridors
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Numerous geological similarities observed with the adjacent Shaakichiuwaanaan project (formerly known as Corvette and the largest lithium deposit in the Americas) belonging to Patriot Battery Metals Inc.'s ("Patriot")
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A fully funded drill program of approximately one million dollars is planned to follow-up on the best identified results
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Gold anomalies were identified and associated with the pegmatite contacts
Vancouver, British Columbia--(Newsfile Corp. - October 23, 2024) - SPOD LITHIUM CORP. (CSE: SPOD) (OTCQB: SPODF) (the "Company" or "SPOD"), is pleased to announce that it has received the majority of the results from the second phase of its field program on the MegaLi and Lithium Grande 4 ("LG4") properties and is planning a drill program based on the best targets identified. The MegaLi and LG4 properties consist of six claim blocks adjacent to Patriot's Shaakichiuwaanaan project located in the James Bay area of Quebec, Canada. In addition to its Quebec projects, SPOD is also exploring promising opportunities in the province of Ontario.
Based on soil results that returned lithium values above 21 ppm Li2O corresponding to the ninety-fifth (95th) percentile of the distribution, four targets have been identified for drilling on block "A", Block "C" and on block "D" (see Figure 1). The targets are based on:
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Interpreted pegmatite trends, supported by detailed magnetic data,
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New mapping information obtained from the last survey, and
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Previous work on the large pegmatites on Block "C" and Block "D" that revealed zoned internal structures and accessory minerals such as beryl and tourmaline.
Mathieu Couillard, SPOD's CEO, commented, "We are delighted with these developments and have identified high-quality targets through soil sampling in areas where surface observations have already confirmed the presence of large pegmatite dikes. The Block "D" target is particularly noteworthy due to its position along strike with the Shaakichiuwaanaan deposit. The fully funded drill program is expected to start in November."
Summer 2024 field program over MegaLi and LG4
During June 2024, an exploration team consisting of four technicians supervised by a geologist completed 18 days of field work including rock and "C" horizon soil sampling on most of the MegaLi and LG4 properties. 458 soil samples and 37 rock samples were collected and sent for assaying.
The treatment of 458 soil fine fraction by aqua regia dissolution and ICP- analytical method of the fine fraction returned 24 samples with lithium results above 21 ppm Li2O corresponding to the ninety-fifth (95th) percentile of the distribution. This threshold was used to identify anomalies and draw target trends using a detailed magnetic survey previous acquired by SPOD. Assaying of the sand fraction by sodium peroxide is pending.
Clusters of anomalous lithium values have been identified in Block "A" and Block "D" on the LG4 property and on Block "C" of the MegaLi property. Block "C" was covered by a larger share of the coverage considering the extension of pegmatite outcrops observed along 1.6 km of strike length.
Figure 1- Property location (satellite and regional geology) map with soil sampling
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Block A
A lithium signature in the soil samples is indicated by a main cluster of four samples with values ranging from 11 to 47 ppm Li2O, potentially associated with a northeast-trending magnetic contrast parallel to the mafic dyke.
Block C
In Block "C," three samples returned scattered results between 21 and 32 ppm Li2O, closely associated with a sub-outcropping ridge of zoned pegmatite. Outcrop mapping conducted simultaneously confirmed a strike length of 1.6 km, with a shallow dip to the north and an apparent thickness of up to 100 meters. The initial phase of outcrop mapping indicated the presence of lithium-enriched zones, with concentrations reaching 431 ppm Li2O.
Additionally, a gold anomaly was identified near the lower contact to the south of the pegmatite body, with concentrations ranging from 0.006 g/t to 0.36 g/t Au, suggesting the presence of gold in the environment. However, varying soil conditions and the methodology used, which relied on small samples of 0.5 grams, may limit the precision of these assays.
Block D
Four samples with results above 32 ppm Li2O are combined with a group of 21 ppm Li2O samples to form a cluster concentrated in the northern half of the claim. This area is characterized by low hills formed by till accumulations. Initial interpretations suggest a pegmatite orientation east-west to east-northeast, with a strike length of 500 meters, corresponding to the width of the claim.
Upcoming Drilling program
Results from the second phase of the field program conducted during summer 2024 demonstrated the presence of lithium-bearing pegmatites on the MegaLi and LG4 properties, showing strong geological similarities to the adjacent Shaakichiuwaanaan Property. The SPOD drill program aims to test various targets on Blocks A, C, and D. Considering the glacial dispersion of the lithium soil anomalies, two or three short drill holes are planned for the most significant anomalies to ensure adequate coverage of each target. The current plan includes 13 drill pads, but this may evolve based on drilling observations, with each location potentially accommodating more than one hole. The drilling program is scheduled to start around November and conclude before the end of 2024.
QA/QC
Soil sampling was completed at 100 m spacing at a depth of 20 to 50 cm to reach the "C" horizon of the soil profile. Samples were described in terms of color and textures. The sampling line includes duplicates, blanks and standards. Samples were submitted to ALS Chemex in Val-d'Or for assaying on the fine by aqua regia dissolution and sodium peroxide fusion both followed by ICP-MS analysis.
Qualified Person
Julien Davy, P.Geo., M.Sc, MBA, consultant geologist of SPOD, and Martin Demers, P.Geo, independent senior geologist, are qualified persons under National Instrument 43-101 on standards of disclosure for mineral projects, and have prepared, supervised and approved the technical information in this news release.
About Spod Lithium Corp.
Spod Lithium Corp. is a leading exploration and development company focused on unlocking the vast potential of lithium resources. With a strategic approach to resource management and a commitment to sustainable practices, SPOD is dedicated to driving innovation and delivering value for its stakeholders. Founded in 2020, its primary lithium properties are strategically located in Quebec and Ontario, Canada, regions renowned for their rich deposits of these valuable resources. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company through its website at www.spodlithiumcorp.com.
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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