Mining
Tuesday, October 3rd, 2023 1:59 pm EDT
Key Points
- Acquisition of Mineral Claims: Discovery Lithium Inc. has successfully completed the acquisition of 303 mineral claims spanning approximately 16,404 hectares in Quebec. These claims are located in various regions, including Route De Nord, Lac Belanger, Lac Ferland, and Lac Robertson, situated in the northern and eastern parts of Quebec, with a focus on the James Bay lithium district.
- Project Descriptions: The acquisition includes several significant projects. The Route Du Nord project, in the James Bay region, is highly prospective for lithium-bearing LCT pegmatites. Additionally, the Lac Belanger and Lac Ferland projects on the north coast of the Gulf of St. Lawrence exhibit enriched lithium in lake sediments. Lastly, the Lac Robertson project, west of Lake Robertson, is associated with anomalies suggesting a fertile source intrusion for potential pegmatites. Discovery Lithium aims to expand its exploration and investment opportunities in the Canadian lithium sector with these acquisitions.
VANCOUVER, British Columbia, Oct. 03, 2023 (GLOBE NEWSWIRE) — Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (the “Company,” or “Discovery Lithium”), is pleased to announce that it has closed its previously announced acquisition of 303 mineral claims comprising approximately 16,404 hectares identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties (the “Claims”) located in the northern and eastern regions of Québec including the prolific lithium district of the James Bay region.
Property Descriptions
James Bay: Route Du Nord Project
The Route Du Nord project is located approximately 575 km north of Val d’Or in the James Bay region of central Quebec encompassing approximately 60 square kilometers stretching 36 km east to west and is parallel to and within 5 km of the 407 km long wilderness road known as the “Route Du Nord.” The project has excellent infrastructure access with the Nemiscau hydroelectric installation located 5 km to the south. Roughly 35 km to the east is the world-renowned Whabouchi deposit1. This deposit occurs within a regional thrust fault that extends and terminates in the Valiquette pluton. The fault acted as a pathway for LCT pegmatite melt at the Whabouchi project and may host other LCT pegmatites along strike. The Route Du Nord project captures the continuation of the thrust fault into the Valiquette Pluton, making it highly prospective for LCT pegmatites.
North Coast: Lac Belanger and Lac Ferland Projects
The Lac Belanger and Lac Ferland projects are on the north coast of the Gulf of St. Lawrence in Quebec and encompass 80 square kilometers combined. The claims are located on metasedimentary terrane near fractionated granites that are potential source intrusions for LCT pegmatites. Pegmatites are described in the region by the geological survey of Quebec and were mapped to the south along the coast where mapping occurred in detail. Lithium in lake sediments on the claims is up to 15 times enriched with respect to the immediate surroundings.
North Coast: Lac Robertson Project
The Lac Robertson project is located immediately west of lake Robertson and encompasses 18 square kilometers. Lake bottom sediments of Lac Robertson are highly anomalous in lithium and the lake overlies a large gravity and RMI anomaly. Taken together these anomalies imply a fertile source intrusion underneath Lac Robertson. The Lac Robertson Project covers potential pegmatites visible in satellite imagery.
Company President & CEO Michael Gheyle states, “Today we celebrate another milestone as we build our lithium exploration land position across Quebec. Our exploration and investment opportunities have grown considerably as we execute our district-scale approach to discovery in the explosive domestic lithium sector. Starting with our over 400,000 hectares of mineral claims north of the 55th parallel in the Nunavik region led by the world-renowned prospector Shawn Ryan, we now add our Route Du Nord claims in the heart of the proven and prolific James Bay lithium district. Additionally, we now also include what we believe may be a breakout find in the province’s eastern St. Lawrence north shore region adjacent to the nations major east coast ocean going shipping lanes. With these acquisitions, we continue to establish our commitment to building shareholder value and further believe that our “big picture” strategy will appeal to investors who appreciate our drive to follow the science aimed at unearthing Canada’s rich mineral legacy and regional potential to fuel domestic energy freedom for generations to come.”
On behalf of the Board of Directors,
Michael Gheyle
President & Chief Executive Officer
The Company would like to welcome investors to visit our website and join our mailing list at www.discoverylithium.com/news-alerts/. By subscribing you will stay up to date with the latest news releases and advancements within our company.
About Discovery Lithium (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0)
Discovery Lithium Inc. is a Canadian exploration company focused on advancing mineral resource projects in North America. It holds 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake located in the under-explored Nunavik region of Northern Quebec. Additionally, the Company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources. Find out more at: www.discoverylithium.com and follow us on X (formerly twitter), Facebook, and LinkedIn.
For further information, please contact:
Discovery Lithium Inc.
1450 – 789 West Pender Street,
Vancouver, BC Canada V6C 1H2
Telephone: +1 (778) 868-2226
Email: info@discoverylithium.com
Web: www.discoverylithium.com
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Claims, including the Company’s plans and expectations regarding the Claims, and other statements regarding the Company’s future business plans and objectives. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of counterparty risk, market conditions, regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.
