| Headline: | FE Battery Metals Corp. Provides Update on 2023 Exploration Work on Quebec Lithium Projects and Announces Private Placement |
| Location: | US |
| Post Date: | Apr 16, 2024 5:45 PM |
| TAG ID: | awire156147 |
| DocID: | 853754 |
| Word Count: | approx. 1764 words |
| Full story: | |
| VANCOUVER, BC / ACCESSWIRE / April 16, 2024 / FE Battery Metals Corp. (OTCQB:FEMFF)(WKN: [A2JC89]), a leading player in the energy metals sector, is delighted to announce the results of its 2023 exploration campaign on our properties in the prospective James Bay region. The extensive work effort, encompassing prospecting, mapping, and sampling, aimed to identify lithium-pegmatite targets for further exploration, a critical step in advancing the Company's lithium exploration initiatives in the northern Quebec. Samples collected during the program underwent field testing with a handheld Laser-Induced Breakdown Spectroscopy (LIBS) instrument and selected samples were submitted to Activation Laboratories ("ACTLABS"), Ancaster, Ontario for analysis. The laboratory analysis has confirmed several promising pegmatites, which will need a detailed 2024 follow-up work program. Rose East Lithium Work Program Highlights: Situated approximately 70 km Northeast of Nemiscau town, the Rose East property has proven to be geologically promising. Of note was identifying and mapping 19 prominent pegmatites, enhancing the property's lithium exploration potential. A total of 57 rock chip and grab samples were collected during the fieldwork. The samples were initially scanned in the field with LIBS, from which nine samples were submitted for analysis to the laboratory. LIBS testing of the samples revealed anomalous lithium values, with the laboratory results returning lithium values in the range of approximately less than 15 ppm to 107 ppm, with anomalous values of other rare metals such as niobium (2.4 to 43.3 ppm) and rubidium (80.2 to 340 ppm) (see Table 1 for details). Rose West Lithium Work Program Highlights: Located approximately 40 km to the west of Nemiscau town, the project covers approximately 1,695 hectares, which sit directly adjacent to the claims of Critical Elements Lithium Corporation, which hosts their Rose Lithium deposit. Seven prominent pegmatite outcrops were identified and mapped during 2023 work, from which a total of 21 rock chip and grab samples were collected. Field testing with the LIBS unit again identified anomalous values of lithium, and 12 samples were selected for laboratory analysis. The assays indicated lithium values in the range of less than 15 ppm to 78 ppm (see Table 2 for details). Pontax West Lithium Work Program Highlights: Located at a distance of approximately 50 km Southwest of the Camp KM 381, the project staddles the Mattagami-Raddison highway, the main road to the James Bay region. Much of the property was covered using this highway for prospecting with some remote locations accessed by helicopter. In total, 23 prominent pegmatites were identified on the property and 117 samples were collected. The majority of samples represented the pegmatites, with a few collected from granites and metasediments. The samples were again field tested with LIBS, out of which 15 samples were submitted for analysis. The laboratory results indicate lithium values in the range of less than 15 ppm to 49 ppm (see Table 3 for details). The samples were bagged and tagged using best practices and were delivered to ACTLABS for sample preparation and analysesusing laboratories code Ultratrace 7 and sodium peroxide fusion (Na2O2) as summarized below. ACTLABS is an independent commercial, accredited ISO Certified Laboratory. Code Ultratrace 7 - Peroxide Fusion - ICP and ICP/MS Samples are fused with sodium peroxide in a Zirconium crucible. The fused sample is acidified with concentrated nitric and hydrochloric acids. The resulting solutions are diluted and then measured by ICP-OES and ICP-MS. All metals are solubilized. ICP-MS Fused samples are diluted and analyzed by Agilent 7900 ICP-MS. Calibration is performed using five synthetic calibration standards. A set of (10-20) fused certified reference material is run with every batch of samples for calibration and quality control. Fused duplicates are run every 10 samples. ICP-OES Samples are analyzed with a minimum of 10 certified reference materials for the required analytes, all prepared by sodium peroxide fusion. Every 10 th sample is prepared and analyzed in duplicate; a blank is prepared every 30 samples and analyzed. Samples are analyzed using a Varian 735ES ICP and internal standards are used as part of the standard operating procedure.Source: https://actlabs.com/geochemistry/lithogeochemistry-and-whole-rock-analysis/peroxide-total-fusion/ In addition to the exploration update, the Company is pleased to announce a non-brokered private placement financing for total gross proceeds of up to $1,000,000. The financing will consist of the issuance of up to 4,347,826 flow-through shares at $0.23 per share. In connection with the non-brokered private placement, a finder's fee of 6% cash will be paid to eligible finders in accordance with the policies of the Canadian Securities Exchange. Closing of the proposed private placement is subject to obtaining all required approvals, including from the CSE and any other regulatory approval. All securities issued pursuant to the private placement will be subject to a four-month hold period plus one day under applicable securities laws. The proceeds from the private placement will be used for general working capital and to its further exploration efforts on its properties located in Quebec. Afzaal Pirzada, P.Geo., Geological Consultant of the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects , has reviewed and approved the scientific and technical information contained in this news release. ON BEHALF OF THE BOARD OF FE BATTERY METALS CORP. "Gurminder Sangha" Gurminder Sangha CEO & Director For further information, please contact the Company at: [email protected] Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release. Forward-Looking Information Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein. Table 1: Rose East Lithium Property Assay Highlights Analyte Symbol LOCATION Li (Average) Li Be Cs Fe Ga Nb Rb Ta Y Unit Symbol ppm ppm ppm ppm % ppm ppm ppm ppm ppm Detection Limit NAD 1983 15 3 0.1 0.05 0.2 2.4 0.4 0.2 0.1 Analysis Method Zone 18N LIBS FUS-Na2O2 1159944 0490432 / 5748904 155 < 15 < 3 1.7 0.56 17.1 6.4 175 1.3 21.4 1159948 0491459 / 5748004 250 50 < 3 12 3.01 31 37.8 143 5.4 12.8 1159960 0490638 / 5743196 198 < 15 < 3 2.3 0.4 11.2 < 2.4 150 < 0.2 8.9 1159972 0490350 / 5748482 140 < 15 < 3 2.9 0.69 28.9 27 81.3 7.2 27.6 1159975 0491630 / 5747741 2507 22 < 3 2.7 0.62 15.8 5.3 154 2.1 3.9 1159988 0490978 / 5743927 148 23 < 3 3.3 0.69 18.2 4 80.2 0.6 153 1159991 0492392 / 5748024 1596 48 < 3 6.2 0.96 45.3 10.8 152 1.9 61.6 1159999 0489317 / 5747190 352 103 5 10.7 0.75 37 43.3 340 6 6.5 1160000 0489284 / 5747153 541 107 7 11.7 0.71 32.3 40 264 5.8 5.5 Table 2: Rose West Lithium Property Assay Highlights Analyte Symbol LOCATION Li (Average) Be Cs Fe Li Nb Rb Ta Y Unit Symbol NAD 1983 ppm ppm ppm % ppm ppm ppm ppm ppm Detection Limit ZONE 18N 3 0.1 0.05 15 2.4 0.4 0.2 0.1 Analysis Method LIBS FUS-MS-Na2O2 1159924 0407348 / 5762166 262 < 3 2.3 4.67 78 12.2 147 3.3 14.3 1159931 0405835 / 5763498 185 < 3 3.8 1.13 17 4.5 57.1 0.8 28.4 1159932 0405923 / 5763515 114 < 3 0.4 0.49 < 15 < 2.4 21.6 0.3 17.8 1159934 0407341 / 5762156 337 < 3 0.9 0.75 < 15 3.5 21.3 1.6 6.9 1159935 0407341 / 5762156 178 < 3 0.9 0.9 < 15 4.4 20.7 2.3 6 1159937 0407579 / 5764377 197 < 3 3.9 1.29 < 15 9.3 44.1 1.9 9.8 1159938 0407655 / 5764280 657 < 3 2 3.8 25 8.9 16 2 31 1159939 0407649 / 5794272 232 < 3 1 0.48 < 15 4.6 94.6 1.5 4.8 1159941 0407688 / 5764188 516 < 3 0.6 1.41 < 15 5.3 33.9 1.4 7 1159942 0405192 / 5763380 228 < 3 0.6 1.02 < 15 5.1 16.6 2.3 9.5 1159943 0405188 / 5763383 401 < 3 0.6 2.05 25 3.2 23.6 < 0.2 3.6 1159926 0407610 / 5764235 130 < 3 0.9 1.1 17 3.7 39.7 1.2 18.3 Table 3: Pontax West Lithium Property Assay Highlights Analyte Symbol LOCATION Li Li Be Cs Fe Ga Nb Rb Ta Unit Symbol NAD 1983 ppm ppm ppm ppm % ppm ppm ppm ppm Detection Limit UTM ZONE Average 15 3 0.1 0.05 0.2 2.4 0.4 0.2 Analysis Method 18N LIBS FUS-MS-Na2O2 593004 0330058 / 5751545 237 < 15 < 3 1.7 1.78 16.3 5.6 142 0.9 593005 0330039 / 5751639 105 < 15 < 3 1.1 0.7 14.4 < 2.4 164 < 0.2 593015 331522.69 / 5752850.80 266 < 15 < 3 1.1 1.29 16.4 2.7 187 0.4 593021 332875.90 / 5745224.09 123 < 15 < 3 1.5 1.25 18.3 4.4 171 < 0.2 593023 332699.80 / 5745355.00 218 49 < 3 3.4 2.55 19.4 30.5 233 1.3 593027 332539.53 / 5745053.00 106 < 15 < 3 3.1 1.63 21.4 22.4 170 2 593034 0332329 / 5745458 116 < 15 < 3 0.8 3.94 15.8 < 2.4 95.2 0.7 593041 0331865 / 5746964 246 < 15 < 3 0.9 0.63 14.1 4.2 218 1.2 593068 0332655 / 5749606 148 < 15 < 3 1.5 0.44 15.3 < 2.4 155 0.7 593074 0332979 / 5750011 122 < 15 < 3 0.7 2.06 16.9 < 2.4 161 0.9 593078 0332223 / 5749090 109 < 15 < 3 1.4 0.46 15 < 2.4 176 < 0.2 593087 0329918 / 5751744 207 22 < 3 2.3 3.43 22.4 10.9 172 1.2 593110 0331459 / 5747520 184 < 15 < 3 0.8 0.78 20.5 4.1 78.5 0.8 593056 0332357 / 5746047 109 30 < 3 4.4 2.29 18.4 9.3 303 1.4 593067 0332543 / 5747559 83 < 15 < 3 4.7 0.41 16.4 < 2.4 214 0.6 SOURCE: FE Battery Metals Corp. 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