As we enter 2024, and following the significant work completed by the Corporation in 2023, Comet Lithium is well positioned to stand out as a significant explorer due to its extensive portfolio of assets within the very active
Our key lithium assets include (i) the Liberty property ("Liberty"), a 19.5 km2 property located in the Trieste Formation greenstone belt; (ii) the Troilus East property ("Troilus East"), a 92 km2 property located on the Frotêt-Evans greenstone belt; (iii) the Pontax East and South blocks, two properties totalling 41 km2 located in the Pontax greenstone belt; (iv) the Galli property ("Galli"), a 20 km2 property located 15 km along strike with the La Grande greenstone belt; and (v) the Triple Lithium property ("Triple Lithium"), a 106 km2 property located within the Rupert-Cabot structural corridor. The Comet Lithium portfolio of assets holds sizable prospective ground within the
Key Accomplishments in 2023:
Liberty:
- Completed a gravity survey which covered an area of approximately 2.5 km2 for a total of about 1,219 stations, which followed a 20 metre x 100 metre grid pattern. The Corporation will be using the collected data to better interpret the subsurface geology and structures of Liberty and detect potential pegmatite contacts in amphibolitized basalt. The data will enable drill target generation and assist in validating the possibility that
Liberty and Winsome Resources Limited's ("Winsome")Adina project ("Adina") together may potentially be part of a similar corridor. Data processing is ongoing, and results and interpretation are pending. - Identified numerous pegmatite veins in outcrop during a 2-phase field exploration program on Liberty. The exploration team covered approximately 90% of the ground and collected a total of 224 rock samples and 273 till samples, which were sent to the laboratory in
September 2023 for further analysis. Assays and data interpretation are pending. - Completed a LIDAR survey. The objective of the LIDAR survey was to obtain a ground image that ignores the vegetation masking effect to facilitate the interpretation of structures possibly related to pegmatite emplacement.
- Completed a high-resolution magnetic survey outlining a potential structural connection between Liberty and the Adina projects contiguous to the western border of Liberty. Two trends were identified, an important 2.75 km long (east-west) by 500 metre wide (north-south) low magnetic corridor at Liberty is on strike with Adina's pegmatite system. The high-resolution magnetic survey also identified a second strong magnetic contrast extending for 6.5 km in the northern half of Liberty. These two trend orientations clearly connect to the west with the Adina pegmatite system. The area is entirely covered by glacial glaciofluvial sediments.
- Submitted and received a drill permit for a potential program on the southwestern block of Liberty.
Troilus East:
- Completed an Induced Polarization ("IP") survey on Troilus East. The IP survey was conducted on a 100-metre line spacing and totaled 16.7-line kilometres. The program covered three unique grids, which were centered on a strong conductor coincident with a kilometric gold in soil anomaly combined with a polymetallic copper, silver, scandium, and tungsten signature identified during the 2020 field work and partially covered during the 2021 IP survey. Data processing is ongoing, and results are pending.
- Identified five lithium target areas based on clusters of lithium values. All five targets follow a northeast alignment along the south-eastern flank of the Parker granite intrusion over a strike length of about 20 kilometres. Two targets are located inside the Parker granite, two others are located close to lenticular granitic intrusion-hosted mafic terrains. Further, the targets generated from the historical results are based on a collection of samples that carried lithium values up to 248 ppm (see Comet Lithium's press release dated
October 16, 2023 , available on SEDAR+). The past exploration programs completed at Troilus East did not take lithium into consideration, but it succeeded in identifying lithium anomalies. A new work program, anticipated to be conducted in 2024, will target these prospective areas.
Galli:
- Completed a preliminary field program on Galli and collected 39 samples, samples were sent to the laboratory in September, 2023 for further analysis. Assays and data interpretation are pending.
Pontax South and Pontax East:
- Completed a high-resolution magnetic survey of its Pontax South and Pontax East properties, located in the west-central
James Bay . Results and interpretation are pending.
2024 Exploration Perspectives:
The Trieste Formation greenstone belt is one of the most active exploration areas within the
"We are incredibly excited for the year ahead. The Trieste Formation is rapidly emerging as a significant lithium spodumene region in
North American Lithium Market Perspectives:
While the current lithium market may be experiencing a softer phase, the imperative to increase supply, particularly through expanded spodumene production, remains unchanged in shaping the future dynamics of
Strengthening the Executive Management Team
In 2023, the Corporation saw
Publicly Announced Planned Work Programs by Key Operators in the Trieste Formation.
Operator (Project) | Plan for 2024 | 2023 Activity | |
Winsome Resources (Adina)(1) | +50,000m of planned drilling at Adina. MRE Update in H1 2024. Initial project development studies are ongoing. | ~32,000m of assays released, ~18,000m of assays to publish. | Released 59Mt @ 1.12% Li2O Inferred mineral resource based on ~27,000m of drilling.(1) |
Azimut Exploration Inc. (Galinée) (2) | A drill definition campaign of the mineralized zone on Galinée. Prospecting phase in summer 2024. | 5,000m drill program; 4,543m of assays to publish. | Initial drill hole assay returned 2.48% Li2O over 72.7 metres. |
Rio Tinto / Midland JV (Galinée) (3) | Maiden drilling campaign planned on Galinée for 2024. Drill meters to be confirmed. | Field work included prospecting, geological mapping, and sampling. High-resolution LiDAR survey. | Iceberg showing samples grading up to 7.2 % Li2O; Iceberg Southwest showing samples grading between 3.0% - 3.6% Li2O. |
Loyal Lithium ( | Planning winter program at | Field work including sampling and trenching; Inaugural 1,192m drill program; all assays to be published. High resolution LiDAR survey. | Dyke #04 showing grading assay results up to 7.60% Li2 |
Source: | |
(1) | |
(2) | Azimut Exploration Inc. press release dated |
(3) | Midland Exploration Inc press release dated |
(4) |
Upcoming Events & Conferences
- Senior management will be present at the upcoming 2024
Vancouver Resource Investment Conference inVancouver onJanuary 21-22, 2024 . - The Corporation will be participating in
BMO Capital Markets' 33rd GlobalMetals, Mining & Critical Minerals Conference fromFebruary 25 to February 28, 2024 inHollywood, Florida .
Additional events and conferences are planned for 2024.
Shareholder Information
Comet Lithium's Investor Presentation is available here
Documents
Trieste Formation Greenstone Belt – 2024-01-17
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About
Comet Lithium is a dynamic lithium-focused exploration company active in the prolific
Cautionary Note regarding Winsome Mineral Resource Estimate
The Winsome Mineral Resource Estimate ("MRE") at its wholly-owned Adina Property has been classified by Winsome as Inferred resources and reported in accordance with the JORC Code, 2012 edition (the "JORC Code"). The JORC Code has been accepted for current disclosure rules in
Readers are also cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves on Winsome's Adina property that can be mined economically. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve.
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 Lithium, 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 the pending results of assays and data interpretation from the 2023 exploration programs conducted on the Corporation's properties during 2023, and any planned exploration programs on the Corporation's properties during 2024 and results thereon, or if it does so, what benefits Comet Lithium 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 Lithium'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 Lithium's Annual Report for the fiscal year ended
Neither the
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