Key results include 4.82 g/t gold over 4.5 metres
in channel sampling
New results include samples up to 1.57% Li2O from rock
outcrop
Highlights:
- Significant gold surface assay results, including 4.82 g/t gold
over 4.5 metres in channel 10 at the Golden Butterfly showing.
- Grab sample G722441 with 8.96 g/t Au in an altered iron
formation.
- Grab sample of 1.57% Li2O from rock outcrop.
- New soil sampling program completed – two target areas
identified.
- New induced polarization survey completed – identification of
multiple anomalies.
ROUYN-NORANDA, QC, Oct. 9, 2024
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY)
("Comet" or the "Corporation") is pleased to announce
new and historical results, some of which have not been previously
released, from its recently acquired Monarch property (the
"Monarch Property"). The Monarch Property is located
in the Eeyou-Istchee James Bay region in the Province of Québec,
near the Eastmain River, approximately 240 km north-northwest of
Chibougamau and 65 km northeast of
the Nemiscau Camp in Québec (see Figure 1).
The results presented in this press release come from multiple
exploration programs conducted by Troilus Gold Corp.
("Troilus"), the previous owner of the Monarch Property,
which included a property-wide regional till sampling program,
in-fill till sampling over previously identified anomalies, channel
sampling, rock and boulder sampling, and detailed mapping of the
Monarch Property. Two Induced Polarization ("IP") grid
surveys were also completed. These exploration efforts were carried
out between 2022 and early 2024.
Comet has completed a thorough review of the recent exploration
programs on the Monarch Property. Initial findings identified the
importance of structural controls of the mineralized zones on the
Monarch Property, and Comet plans to follow up with an additional
exploration program, focused on structural geology. Following this,
Comet will outline a comprehensive future exploration plan for the
Monarch Property.
"We are very optimistic by the results from the Monarch
Property, which demonstrate significant potential for both gold and
lithium mineralization. The high-grade gold intercepts,
particularly 4.82 g/t over 4.5 metres at the Golden Butterfly
showing, along with lithium concentrations up to 1.57%
Li2O in outcrop samples, reinforce our confidence in the
exploration upside of this project. With the identification of key
target areas and new anomalies from the geophysical survey, we are
well-positioned to advance further exploration and potentially
unlock value at the Monarch Property," commented Vincent Metcalfe, President & CEO.
Monarch Property Overview
Gold Potential
2022 Trenching Results & Program Outline
In 2022, a work program was conducted around the Golden
Butterfly showing and east of Lac Lamothe. This included field
mapping, out-crop stripping, and grab and trench sampling. Virginia
Mines Inc. ("Virginia") had previously highlighted the area
for its significant gold anomaly in a banded iron formation
("BIF"), as well as in the area east of Lac Lamothe for its
Volcanogenic Massive Sulfide ("VMS") potential. A total of
317 samples were analyzed, consisting of 293 channel samples and 24
rock samples.
The 2022 gold results from Troilus at the Golden Butterfly
outcrop are shown in Figure 2. These results are comparable to
those obtained by Virginia in 1994, also presented in Figure 3. The
highest value from the 2022 results was sample G722441, which
assayed at 8.96 g/t Au in an altered iron formation. The best
trench interval from 2022 came from channel 10, which returned 4.82
g/t Au over 4.5 metres, including 8.05 g/t Au over 1 metre.
The samples were analyzed by ALS Laboratories using a four-acid
digestion Atomic Absorption ("AA") technique. Although no specific
QA/QC procedure was implemented, the Monarch Property samples were
sent alongside samples from the Troilus drilling campaign, which
underwent continuous quality checks. A total of 146.5 metres of
channel samples were collected using a power rock saw, averaging
10-15 cm depth with a width of 3-4 cm. Trench 3 in the southwest
part of the Monarch Property was stripped using a small
excavator.
2023 Regional and Soil Sampling Program Results
In 2023, IOS Services Géoscientifiques Inc. ("IOS") was
mandated by Troilus to conduct an extensive soil sampling program
across the Monarch Property, with sample lines spaced 200 metres
apart and samples collected every 100 metres along the lines.
Additionally, an in-fill sampling program was completed with a
tighter grid of 50m x 100m around the Golden Butterfly showing. A total
of 851 till samples were collected during the program, covering an
area approximately 8.5 km long and 2.8 km wide.
Four soil samples contained greater than 50 ppb Au (0.05 g/t),
with values reaching up to 151 ppb Au. Two target areas, located
along the trend of Golden Butterfly, were identified for follow-up
exploration (see Figure 4). Although significant work has been
carried out at Golden Butterfly, the northeast extension of the
zone, which aligns with one of the identified target areas in a
different iron formation, represents a new potential area and
warrants further investigation.
In order to monitor analyses quality, a strict QAQC program was
enforced by IOS. The program included systematic insertion of
blanks, certified and internal reference material prior to
shipments to the commercial laboratories as well as for the
in-house analyses. The blanks are used to detect contamination
issues and sample mixing, while the certified and internal
reference material served to check respectively accuracy and
precision of the analytical technique.
2024 Geophysical Survey
Following the 2023 till sampling program, and as part of the
ongoing exploration efforts, TMC Geophysics was commissioned to
conduct an IP survey on the Monarch Property. The campaign took
place between February and March
2024, covering 23 kilometres of IP data across two distinct
grids. The primary exploration target in these grids was gold
mineralization hosted in highly deformed and altered banded iron
formations. The northeast grid also presented potential for
identifying lithium-rich spodumene-hosted pegmatite dikes. The
survey aimed to detect favorable IP-RES anomalies that could
indicate mineralized structures, lenses, or bodies, representing
promising targets for further exploration.
Northeast Grid
Several anomalies were identified across three survey axes in
the northeast grid, which are proposed for ground follow-up and
trenching. One of these anomalies coincides with a target area
identified in the 2023 soil sampling program. A priority
recommendation is to focus on the closely spaced trends IPG-19 and
IPG-20, located northwest of the grid. These trends characterize a
broad, polarizable horizon extending over more than 500 metres,
striking NE/SW, and remaining open to the west. This anomaly may
result from sulfide- and ferromagnesian-rich mineralization within
an altered rock horizon. To the southeast of the grid, axis IPG-7
shows similar characteristics, although it is primarily defined
over Auclair Lake or near its southern shore (see Figure 5).
Southwest Grid
The chargeable anomalies identified, by the IP survey, in this
grid appear to follow a continuous sub-tabular horizon that dips
gently to the east. This layer may be indicative of a shallow
sedimentary formation, such as an iron formation. Three anomalies,
associated with the trends IPDM-4, IPDM-5, and IPDM-7, will require
ground follow-up and trenching to better understand the geological
nature of this horizon (see Figure 6).
For both grids, field investigations and additional geological
analysis are necessary to refine and define potential drill
targets.
Lithium Potential
In 2023, a field program was launched to evaluate the lithium
potential of the Monarch Property, following Cygnus Metals'
discoveries at the Auclair
project. The Monarch Property, situated on strike with Cygnus'
pegmatite discoveries (Auriga, Lyra, and Pegasus), holds
significant potential for LCT pegmatites. Seven zones, on strike
with Auclair's pegmatites, were
identified as targets. A total of 66 rock samples were collected,
with four samples showing lithium concentrations of 0.24% Li2O or
higher (see Figure 7). Two samples were from Zone 1, directly on
strike with Cygnus' Auriga discovery, while another was from Zone 2
to the north. The fourth sample was from Zone 8, at the
southernmost part of the Monarch Property, aligning with Cygnus'
Pegasus discovery, which returned 43.7 metres at 1.15% Li2O. See
Cygnus Metals press release dated April 8,
2024 and October 25, 2023.
https://wcsecure.weblink.com.au/pdf/CY5/02792839.pdf and
https://wcsecure.weblink.com.au/pdf/CY5/02729721.pdf
Additional fieldwork is recommended to investigate these
promising results and assess the extent of these LCT
pegmatites.
All sample preparation and analytical work was performed by ALS
Global by ICP-AES according to the ALS method ME-ICP61. All results
passed the QA/QC screening at the lab.
Golden Butterfly Showing Observations &
History
The Golden Butterfly outcrop was first worked by Virginia in
1996 and 2014. During these campaigns, detailed mapping, channel,
and rock sampling were conducted. Virginia's best result was 14.54
g/t Au from a rock sample, 0.61 g/t Au over 28 metres, and 3.16 g/t
Au over 4 metres in channel samples. Several metres of values
greater than 1 g/t were also reported. A total of 23 historical
drill holes were completed around the Golden Butterfly showing,
with notable results including:
- 4 metres at 5.2 g/t Au in hole AC-97-15
- 4 metres at 3.1 g/t Au in hole AC-97-22
- 1 metre at 2.3 g/t Au in hole AC-96-02
Troilus later revisited the site to verify Virginia's data by
reproducing certain channels, testing other lithologies (such as
massive quartz veins), and refining the metallogenic model. Field
observations revealed that mineralization is controlled by
sinistral shear faults within the BIFs. Intense metasomatism
occurred around these structures, resulting in the alteration of
the rock into an assemblage of amphibole, biotite, chlorite,
garnet, silica, and sulfides. Some areas showed significant
sulfurization, with over 80% of the rock composed of arsenopyrite.
However, no clear correlation was found between the intensity of
alterations and gold content.
Historically, large quartz veins containing tourmaline were
identified but had received little attention. Several channels were
placed on these veins to assess their gold potential, yielding an
assay of 1.55 g/t Au. It is likely that the gold mineralization in
these quartz veins is influenced by a nugget effect. The quartz
veins are spatially associated with gold in the BIFs, making them
an important favorable host.
Documents & Figures – Monarch Figures
Cautionary statements
Grab samples are selective by nature and may not be
representative of mineralized zones.
Qualified Person
Vincent Cardin-Tremblay, P. Geo
(ogq #1386, PGO #3347), registered in the Provinces of Québec, and
Ontario is Vice President
Exploration for Comet, is a qualified person under National
Instrument 43‑101 – Standards of Disclosure for Mineral
Projects. He has reviewed the technical contents of this news
release and has approved the disclosure of the technical
information contained herein.
Historical Data
This news release includes historical information that has been
reviewed by Comet's qualified person. Comet's review of the
historical records and information reasonably substantiate the
validity of the information presented in this news release;
however, Comet's qualified person cannot directly verify and has
not verified the accuracy of the historical data, including (but
not limited to) the procedures used for sample collection and
analysis. Therefore, any conclusions or interpretations borne from
use of this data should be considered too speculative to suggest
that additional exploration will result in mineral resource
delineation. The Corporation encourages readers to exercise
appropriate caution when evaluating these data and/or results.
The reader must be aware that the above technical information
relating to the work carried out by Virginia on the Monarch
Property has been obtained from a report filed by Virgina with the
MERN (reference: Mines d'Or Virginia Inc. – Projet Auclair –
Rapport Sommaire Forage Hiver 1996 -1997 - GM 55430). Much of
this historical information has not been verified by Comet's staff
but is believed to be reliable. Therefore the historical
information should be treated and viewed as uncertain until further
exploration has been carried out on the Monarch Property.
About Comet Lithium Corporation
Comet is a dynamic focused exploration company active in the
prolific James Bay District of
Québec. Comet's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina lithium deposit, a growing
high-grade lithium discovery. The second prospective asset within
Comet's portfolio of asset is the large Troilus East Property
contiguous to Troilus Gold's Troilus deposit, a large multi
million-ounce gold-copper deposit, which recently reached
feasibility stage.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including if any planned
exploration programs or additional work programs on the Monarch
Property will occur, the timing to conduct such exploration
programs, the type of exploration that will be conducted, if any,
and the results of such exploration programs, and if it does so,
what benefits or value Comet will derive from any such exploration
programs. Forward-looking information is based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Comet's control. These risks, uncertainties and
assumptions include, but are not limited to the risks,
uncertainties and assumptions described under "Financial
Instruments" and "Risk and Uncertainties" in Comet's Annual Report
for the fiscal year ended December 31,
2023, a copy of which is available on SEDAR+
at www.sedarplus.ca, and could cause actual events or results
to differ materially from those projected in any forward-looking
statements. Comet does not intend, nor does it undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
SOURCE Comet Lithium Corporation
