Vancouver, BC – January 17, 2023, Clarity Metals Corp. (“Clarity” or the “Company”) (CSE:CMET, OTC:CLGCF, FSE:27G0) is pleased to report preliminary resistivity results from a recently completed IP/Resistivity survey over a portion of the Lithium381 property (the “Property”) located in Quebec adjacent to Allkem Limited’s James Bay Lithium Property.
The Preliminary results have identified a target for follow up that shows as a 1.5 km EW-oriented area of relative high resistivity values (Figure 1). In comparison with Alkem’s James Bay Lithium Property a survey completed in 2008, 800 m to the southwest of our property, showed resistivity highs to be coincident with lithium bearing pegmatites (Figures 1 &2), which host a deposit with an Indicated Resource of 40.8 Mt @1.40% Li2O. The James Bay Lithium deposit is slated to start construction in Q1 2023. (Source: Allkem Feasibility Study filed by Allkem on SEDAR on January 11, 2022). A direct comparison of resistivity strength between the two surveys is not possible given varied overburden depth and other factors.
James Rogers CEO of Clarity comments: “These first results from the extensive geophysical evaluation of the Lithium381 project provide an excellent resistivity high target to further focus our exploration. At the adjacent Allkem James Bay Lithium Project the deposit occurs within resistivity highs supports our exploration ethos for our project.”
The IP/Resistivity Survey
The IP/resistivity survey over a portion of the Lithium381 Property was performed by TMC Géophysique out of Val d’Or Quebec. The survey was not performed over the entire property as previously reported in the Company’s news releases dated December 20 and December 22, 2022. The grid line spacing was set at 100m, with the survey defined in a dipole-dipole configuration and 25 m measurements (n=10). Previous surveys conducted by Lithium One in 2008 (predecessor to Galaxy Lithium) and Allkem (2021) have shown high resistive values which in part correspond to granitic pegmatite dykes and bodies unearthed, which can contain spodumene, and drilled over the years (Figure 2). The last geophysical survey completed by TMC Géophysique in 2021 indicated that the resistivity highs extended for 2.3km east of the Billy Diamond Road (James Bay Road) where spodumene granitic pegmatite dykes have been observed. Clarity and Genius Metals Inc. hope to outline similar resistivity targets to be investigated during subsequent exploration.
Figure 1 Preliminary resistivity results on Lithium381 Project and Allkem Limited’s 2008 IP Resistivity survey in the area of their open pit. Note the surveys are at different scales.
Figure 2. Contour map, apparent resistivity, Lithium One (2008)
Figure 3 Location of Lithium381 Project showing nearby properties and total pit outline on Allkem’s James Bay Lithium Project from the Allkem Feasibility Study.
The Lithium381 Property
The Property is located in Northern Quebec, Canada, approximately 3 km from the James Bay Road and the service station at KM381 which provides infrastructure to the local area.
The 21 mineral claims comprising the 1107 ha property are contiguous with Allkem Limited’s James Bay Lithium Property hosting a deposit with Indicated resources of 40.8 Mt @1.40% Li2O. The James Bay Lithium deposit is a lithium bearing pegmatite, which is slated to start construction in Q1 2023. (Source: Allkem Feasibility Study filed by Allkem on SEDAR on January 11, 2022).
The Property has not previously been explored for lithium bearing pegmatites but is underlain primarily by amphibolite facies metasedimentary and minor metavolcanic rocks of the Lower Eastmain Group of the Eastmain Greenstone belt in the northeastern part of the Superior Province; the same host rocks of the adjacent James Bay Lithium Deposit.
Quebec has become a favourable jurisdiction for critical mineral exploration investment with its ‘2030 Plan for a Green Economy’ targeting a reduction in carbon emissions as well as its ‘Plan for Development of Critical and Strategic Minerals (2020-2025)’ which includes commitments to share financial risk and plans to improve infrastructure for projects in Northern Quebec.
Clarity recently entered into an option agreement to earn an undivided 50% right, title, ownership and beneficial interest of the Lithium381 Property from Genius Metals Inc., an arm’s length public company listed on the TSX Venture Exchange (“TSXV”) (See Clarity news release of Dec 7, 2022).
Mr. Rory Kutluoglu P. Geo., a member of the advisory board and a consultant of the Company, is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the technical information in this news release.
Clarity Metals Corp. is a Canadian mineral exploration project generator company focused on the acquisition, exploration and development of precious and base metals projects. Clarity’s exploration mandate is global and focused on countries with established legal and regulatory systems supporting mining investment. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “CMET”.
Clarity recently entered into an option agreement to acquire 50% of the Lithium381 Project adjacent to Allkem Limited’s (“Allkem”) James Bay Lithium feasibility stage project. See Clarity news release dated December 7, 2022.
The Company was also recently assigned an option to acquire 100% of the Fecteau project located in the prolific Abitibi gold belt adjacent to Osisko Mining’s Windfall project. See Clarity news release dated November 22, 2022.
Additionally, Clarity has title on several early-stage projects in British Columbia and Newfoundland:
- Empirical Gold Copper Molybdenite Property (10,518 ha) – Lillooet, B.C.
- Tyber Gold Copper Silver Property (928 ha) – Southeast Vancouver Island, B.C.
- Gretna Green Gold Copper Silver Property (1,331 ha) – Port Alberni, Vancouver Island, B.C.
- Harp Lake Nickel Property (3,452 ha) – Labrador, NL
- Eddies Cove MVT Property (450 ha) –NW Newfoundland
- Hare Bay Nickel Property (750 ha) –NW Newfoundland
To learn more about Clarity Metals Corp. and its projects please visit www.claritygoldcorp.com.
ON BEHALF OF THE BOARD
Chief Executive Officer
Tel: 1 (833) 387-7436
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the exploration program on the Property; targets that may be generated from the exploration program and the fact the Lithium381 property is a project with favourable underlying geology adjacent to Allkem’s world class lithium deposit and that it hosts the same rocks and geological structure. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including: that the Property may not host any lithium at all or any commercially viable grades of lithium; that the Property may not host any lithium resources like Allkem’s adjacent property; that the Company may not complete the exploration program on the Property as proposed; adverse market conditions; and other factors beyond the control of the parties. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Clarity Metals Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Clarity Metals Corp.’s industry; (b) market opportunity; (c) Clarity Metals Corp.’s business plans and strategies; (d) services that Clarity Metals Corp. intends to offer; (e) Clarity Metals Corp.’s milestone projections and targets; (f) Clarity Metals Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Clarity Metals Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Clarity Metals Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Clarity Metals Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Clarity Metals Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Clarity Metals Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Clarity Metals Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Clarity Metals Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Clarity Metals Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Clarity Metals Corp.s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Clarity Metals Corp.’s business operations (e) Clarity Metals Corp. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Clarity Metals Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Clarity Metals Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Clarity Metals Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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