TORONTO, Nov. 22, 2024 /CNW/ - IC Capitalight Corp. ("Capitalight" or the "Company") (CSE: IC) will report its 2024 exploration results over multiple press releases as data compilation is completed.
For several years the company has consolidated claims in northern Quebec centered on a regional copper anomaly found by government sources in 2015. LINKED HERE is further information about the regional copper anomaly. The property is now 1010 claims covering 496 square kilometres. Figure 1 depicts the claims package.
In summer 2024 the company conducted a 6-week prospecting and sampling program by 4 field teams assisted by helicopter to cover most of the priority targets, including the middle ultramafic sill that contains the historical deposits and all significant historical showings. LINKED HERE is further information about the historical deposits.
All showings, extensions and continuity of the Cu-Ni-PGEs bearing sulphides-rich units concordant with EM anomalies from the 2010-2011 airborne surveys and the middle sill were confirmed with the fieldwork. Disseminated Cu-Ni-PGEs mineralization with the presence of massive sulphides lenses appear continuous over several kilometres at the property scale following in particular the middle sill, in contact with the sediment units.
Given the large size of company claims and the varying nature of regional folding; the company will now refer to 5 distinct zones that comprise the overall Blue Lake project. These 5 zones are named in figure 1: each begins with letters A through E respectively [Anticline Lake zone, Blue Lake zone, Cancun zone, Doublet zone, Extensions zone]
Anticline Lake zone 2024 summer exploration
Figure 2 depicts the Anticline Lake zone 2024 grab samples (formerly known as the Northern Fold) whose showings are 12 kilometres northeast of the historical deposits found at Blue Lake zone. Rusty outcrops and mineralization was observed continuously in sub-crop over more than 25 kilometres in Anticline Lake zone. All middle and lower sill units were prospected. Several grab samples outside of the historical showings yielded values between 0.1 and 0.5% Cu with strong correlations with Ni and PGEs anomalies, up to 0.3% Ni and 0.5g/t PGEs. Being less explored than the Blue Lake zone, the Anticline Lake zone has good potential of finding enriched massive sulphides lenses in this favorable structural environment. Planned additional ground geophysical surveys would also help generate potential drill targets.
Current data suggests that surface grab samples are underestimating the metal content of bedrock values probably due to weathering of the rock at surface. A program to obtain fresh channel samples of all significant grab samples highlighted in the 2024 program is being planned.
Similarities between the Anticline Lake zone and the Cancun zone include the broad fold hinges and many kilometres of surface mineralization.
Doublet zone and Extensions zone 2024 summer exploration
Both zones were staked in summer 2024 based on their high copper concentrations in lakebed sediment. They were not visited in 2024 but will be part of the 2025 work plan. Based on glacial flows, presumably their copper origin source is additional and distinct from the Cancun zone (which is one of the highest copper in lake sediment anomalies, see above for link to the anomaly data). LINKED HERE is further information about Cancun Zone.
Management commentary
Director Douglas MacQuarrie wishes to thank all the geology and geophysics teams who participated in the 2024 campaign. He also wishes to specifically thank the Naskapi Nation of Kawawachikamach Mining Liaison officer who toured the remote camp and exploration activities.
CEO Brian Bosse provided the following quote "2024 has been a whirlwind for Capitalight. We tripled the number of claim blocks to lock down the regional copper anomaly, then we stood up a six-week camp, which unexpectedly found 10 kilometres of continuous surface mineralization at Cancun zone. Now that assays are arriving, I am super excited to see results which match those above the old historical deposits containing up to 2.2% copper equivalent. The company has a huge exploration package with opportunity everywhere. 2024 was a great step, no one knows how large 2025 will be for the company."
About Capitalight
IC Capitalight Corp. provides shareholders with long-term capital growth exposure by investing in mineral exploration properties and other assets. The Company is listed on the CSE under the symbol "IC". To learn more about the Company please visit http://www.capitalight.co
Scientific and technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, BSc Combined Honours Geology & Geophysics, UBC, AUSIMM, Director, and Pierre-Luc Lalonde who is a "qualified person" under NI 43-101 for Blue Lake project in Québec (OGQ permit 01920).
Forward-Looking Information
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Offerings, including the size of the Offerings and the proceeds thereof, the proposed use of proceeds and the closing date of the Offerings. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks, many of which are beyond the Company's ability to control or predict. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, conditions in the equity financing markets, stock market volatility, unquantifiable risks related to government actions and interventions, the termination of any agreement governing the Offerings, changes in laws or permitting requirements, failure to obtain necessary regulatory approvals as well as those risks identified in the Company's annual Management Discussion & Analysis.
Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE IC Capitalight Corp.
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