UPDATE - Discovery Lithium Inc. Confirms Multiple Surface Pegmatites at Eastern Quebec Property

Company encounters significant pegmatite occurrence at Lac Belanger claim block

VANCOUVER, Oct. 31, 2023 - Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (WKN: A3EFKA) (the “Company,” or “Discovery Lithium”), a Canadian exploration company focused on advancing domestic energy freedom through regional lithium discovery is pleased to announce the verification of lithium prospective surface pegmatites at its recently acquired Lac Belanger and Lac Ferland claims in Eastern Quebec.

An exploration crew, provided by Axium Exploration Group, was tasked to prospect, map, and sample the claims in an effort to verify potential pegmatite occurrences identified in a high-resolution satellite imagery study of the claim area. Of particular note, a substantial pegmatite outcrop was confirmed on the Lac Belanger claim block and was determined to contain quantities of tourmaline and beryl. These minerals are indicative of a high degree of fractionation, a sign that spodumene may be present in the pegmatite or other pegmatites in the immediate vicinity. Rock samples were collected over the length of the pegmatite as well as nearby pegmatite occurrences and rock units across both claim blocks which have been transported for analysis. See Figure 1.

Discovery Lithium Lac Belanger Pegmatite Image
Figure 1 - Discovery Lithium Large Pegmatite Outcrop, Lac Belanger, QC

“The verification of these potential pegmatites at our recently acquired Lac Belanger and Lac Ferland claims is an exciting development for the company,” said Michael Gheyle, President, and CEO of Discovery Lithium. “We made the decision to acquire these claims because of the potential that we felt the ground held in this underexplored area of Quebec and we look forward to the continuation of our exploration program as we move towards defining a drill program for 2024.”


Property Description

Lac Belanger and Lac Ferland Projects, St. Lawrence North Coast, Eastern Quebec
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.


On behalf of the Board of Directors,

Michael Gheyle
President & Chief Executive Officer



Qualified Person; Historical Estimates

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., (OGQ # 1971) who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

This news release includes market and industry data obtained from publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this news release or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information.

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) (WKN: A3EFKA)
Discovery Lithium Inc. is a Canadian exploration company focused on advancing mineral resource projects in North America. The Company holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (~405,952 acres) located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region. 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”, “potential”, “indicative” and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Vaubert and Serindac Lake claims (the “Claims”), including the Company’s plans and expectations regarding the Claims, the potential presence of spodumene on or around 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 risks and uncertainties inherent in the exploration and development of mineral properties, fluctuations in commodity prices, 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00c775b9-aa99-4b6f-af53-db46807b895f