Superior Mining Expands Vieux Comptoir Lithium Property; Remote Sensing Data Analysis Confirms 9 Anomalous Target Trends, Including 126 Pegmatite Observations
VANCOUVER, BC, Aug. 8, 2023 /CNW/ - Superior Mining International Corp. ("Superior Mining" or the "Company") (TSXV: SUI) (OTC: SUIFF) announces positive initial results returned from the hyperspectral, remote sensing and airborne magnetic data review, prompting an expansion of the Vieux Comptoir Lithium Property with an additional 161 new claims. The Company has executed an agreement with an arms-length third party to expand the existing project from 19,533 hectares to over 27,400 hectares by acquiring these additional claims that adjoin the Vieux Comptoir Lithium Property.
The work completed at the Vieux Comptoir Property has assisted immensely in screening the large 19,533ha property. The detailed analysis has allowed for refined targets to be ranked and are now scheduled for immediate follow up during the Company's inaugural prospecting and rock sampling program which is expected to commence later this month. As a comparison, similar hyperspectral analysis was conducted over the CV5 lithium discovery by Patriot Battery Metals Inc (ASX: PMT), where anomalies were highlighted over the areas of outcropping lithium pegmatites that are similar to those identified at Vieux Comptoir.
Johnathan More, Chairman of Superior Mining commented, "We are extremely pleased with the results to date at the Vieux Comptoir Lithium Property and grateful to be able to expand the claim block to be a district scale 278 square kilometer project in the middle of exciting lithium discoveries in James Bay. Current results on the property, combined with the recent publication of the 100Mt plus resource at the Corvette Discovery by Patriot Battery and Winsome Resources' continued success at their Adina Lithium deposit gives us confidence for the upcoming work program at the Vieux Comptoir Property."
- Based on the results of the remote sensing data analysis and processing of magnetics data nine (9) anomalous target trends have been identified across the property.
- Strike lengths of the individual target trends range in length from 5 to 20km in length and are between 500m to 1,500m in width, and are generally oriented in a northeast – southwest direction.
- Each of the anomalous trends contain numerous dyke-like structures identified from high resolution orthophotography. Individual dyke-like structures range in length between 50 – 500m and often occur in clusters and are generally noted to occur in conformant orientation to the target trends.
- The predominance of the dyke-like structures at target areas 1 and 2 as well as at Target areas 7 and 8 are located in close proximity to the prospective Vieux Comptoir Granitic Suite which is known to host spodumene granite within the district.
- Preliminary interpretation of the magnetics data indicates the greenstone magnetic signatures evident in off the property magnetics may continue along mapped structural trends and regional lithological contacts defined by the target trends.
- Several high priority dyke-like structures have been identified for priority follow up field work.
Pursuant to the terms of the Option Agreement, Superior mining will grant a one-time cash payment of $50,000 for the option to conduct due-diligence on the 161 new claims until August 31, 2023, and the right to acquire 100% interest in the 161 new claims for 6,000,000 common shares to the Vendors (the "Consideration Shares") upon exercise of the Option. The Company will also grant a 2% NSR from commercial production from the Project.
Technical information in this news release has been approved by Ryan Versloot, P.Geo., a 'Qualified Person' as defined under Canadian National Instrument 43-101.
The Vieux Comptoir Lithium Property is located in the James Bay Region, Quebec and includes rocks of the prospective Vieux Comptoir Granitic Suite. The Property is located along the trend from Winsome Resources, Adina Project and Patriot Battery Metals Corvette Project. The property was previously comprising a total of 381 claims, but was expanded on July 31, 2023 to be 542 Quebec mineral exploration claims, for a total of district scale size 278 square kilometers. Vieux Comptoir Property is located along the La Grande Greenstone Belt trend and the Corvette Shear Zone runs through the Property and such regional structures are known to focus pegmatite emplacement in the surrounding district.
ON BEHALF OF THE BOARD
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Johnathan More, Chairman & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Superior assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE Superior Mining International Corporation
Superior Mining International Corp., https://superiormininginternational.com, 515-401-7479
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