Champion Electric Completes Airborne Time-Domain Electromagnetic Survey on Its Lithium Project in James Bay, Quebec
Toronto, June 15, 2023 - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: GLDRF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to announce that the Company completed an airborne Time-Domain Electromagnetic (TDEM) survey prior to the forest fire related team evacuation. The TDEM survey was flown over base metals targets identified by the 2022 VLF-EM survey and the recent historical data review undertaken at the Champion Electric Lithium Project (the "Project") located in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec.
The TDEM high-resolution airborne survey was completed by Prospectair Geosurveys and data was collected over 351-line kilometres ("km") over interpreted areas of interest within the 2022 airborne geophysical survey coverage. The TDEM survey aimed to follow-up on a selection of shallow VLF-EM conductive anomalies spatially correlated with mapped ultramafic rocks of the Lac Guyer Greenstone Belt which are anomalous in Ni (Nickel), Co (Cobalt) and Cr (Chromium) and deemed prospective for base metals mineralisation (see Figure 1).
"Although lithium is our primary focus in Quebec, we cannot neglect the fact that our 100% owned 500 km2 project in James Bay is also highly prospective for base and precious metals. These preliminary targets are very encouraging, and we are looking forward to finalising the interpretation. I am delighted to see that the thorough work done by the technical team results in high-quality targets being generated. The early and systematic campaigns of data collection have already strengthened our exploration portfolio and are a testimony to our drive and ambition to make a significant discovery in the region," commented President and CEO Jonathan Buick.
Figure 1: Interpreted conductive units from the 2022 VLF-EM survey
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A preliminary review of the TDEM data reveals that discrete late-time conductive anomalies possibly indicative of bedrock massive sulphide mineralisation are present within the interpreted ultramafic horizons (Figure 2). An update will be provided when ongoing processing, modelling, and interpretation of the final TDEM data is completed. Targets generated will be evaluated on the ground concurrent with the planned exploration efforts for lithium-bearing pegmatites once fieldwork resumes.
Figure 2. Preliminary TDEM late-time anomalies over interpreted bedrock geology
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About the Project
The Company's lithium properties neighbour Patriot Battery Metals' Corvette Project which recently returned 95.3 m at 1.62% Li2O (137.3 m to 232.6 m), including 47.6 m at 2.09% Li2O and 4.1 m at 4.44% Li2O (CV23-148), and Winsome Resources' advanced Cancet Project (Figure 3).
Figure 3: Project location map
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Qualified Person
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, and approved the technical information in this news 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
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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