Genius Metals and Clarity Metals Apply for a Drilling Permit for Lithium381
MONTRÉAL, Jan. 18, 2023 /CNW/ - Genius Metals Inc. (TSXV: GENI) ("Genius Metals" or the "Corporation") is pleased to report that Lithium381's optionee, Clarity Metals (CSE: CMET) (OTC: CLGCF) (FSE: 27G0) has submitted a drill permit application after receiving positive preliminary results from a recently completed IP/Resistivity survey over a portion of the Lithium381 property (see Genius news release dated January 17, 2023) (the "Property"). The Lithium381 property is adjacent to the James Bay Lithium mine, which received the approval of the government of Canada on January 16, 2023.
The drilling permit submitted includes locations for 27 drilling pads. Genius Metals and Clarity Metals have begun planning a follow-up drilling program which will be further refined when additional geophysical and remote sensing survey results are received. The drilling permit is focused on testing a target interpreted from preliminary results produced by a recently completed IP/Resistivity survey which identified a 1.5 km EW-oriented area of relative high resistivity values (Figure 1).
Click on the following link to view Figure 1. Preliminary resistivity results on Lithium381 Project and Allkem Limited's 2008 IP Resistivity survey in the area of the proposed open pit. *Note the surveys are at different scales.
The property is located in the James Bay Eeyou Istchee territory, Quebec, Canada, approximately 3km from the KM381 service station, which serves as an infrastructure for the local area.
The 21 mineral claims comprising the 1107 ha property are contiguous to Allkem Limited's (TSX: AKE) James Bay Lithium property which comprises the Allkem lithium mineralization (40.8 Mt @1.40% Li2O as Indicated Resource) formerly known as Cyr lithium from Galaxy Lithium. The James Bay Lithium project has received the approval of the government of Canada for the construction of a 20-year lifespan mine on January 16, 2023.
Genius Metals signed an option agreement with Clarity Metals Corp. (CSE: CMET, OTC: CLGCF, FSE: 27G) on December 6, 2022 which enables CMET to acquire a 50% interest in the Corporation's Lithium381 property, located in the James Bay-Eeyou Istchee region of the Province of Quebec. To acquire this interest in the property, Clarity must spend $750,000 in exploration work before December 31, 2024, and issue 720,000 common shares of its capital to Genius Metals.
The technical information in this news release was reviewed and approved by Michel Boily, Ph.D., P. Geo, a qualified person under NI 43-101.
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration and, if warranted, development of natural resource properties of merit in Canada.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as, "will be", "expected" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements, including statements relating to the exercise of the Option under the Option Agreement and the timing and amount of Expenditures funded by Clarity and statements relating to the expected findings on the Property, are based on the Corporation's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release
SOURCE Genius Metals Inc.
Genius Metals Inc., Tel.: 579-476-7000; Pierre-Olivier Goulet, Vice-President Corporate Development, Email: [email protected], 1-450-821-5270; Guy Goulet, President and CEO, Email: [email protected], 1-514-294-7000
Share this article