First Lithium Minerals Acquires Highly Prospective Exploration Project in Northwestern Ontario
Toronto, July 5, 2023 - First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: PGPXF) (FSE: X28) ("First Lithium Minerals" or the "Company") is pleased to announce the acquisition of exploration property (the "Property" or "LSL project") comprised of 93 mining claims totalling 1,900 ha in the Patricia Mining Division of northwestern Ontario.
The LSL project is located approximately 160 km northeast of Sioux Lookout, Ontario, with a provincial highway and logging road access, near Little Savant Lake. The LSL project covers an area of 1,900 hectares consisting of 93 wholly-owned contiguous mining claims. The project area is underlain by the northeastern extension of greenstones and lies within the Archean rocks directly on strike of the primary geological control structures of English River Subprovince of the Superior Province.
Historical exploration activities in the project area included geologic mapping, airborne gamma ray spectrometry, line cutting, and core drilling. Historical drilling (1967-1968) identified multiple occurrences of pegmatites including several significant intervals including 98.4 ft of granite-pegmatite in hole 37627 (Source: Assessment File 52J09NW8906, Ontario Geological Survey). Magnetic data in combination with lithology from historical drilling demonstrates potential scale and prospectivity for near surface mineralization. The area also shows anomalous lake geochemistry lithium (Li) clusters and relevant pathfinder elements cesium (Cs) and tantalum (Ta) present in sediments (Source: Lake Geochemistry of Ontario , Ontario Geological Survey), which can indicate coincident geochemical anomalies that could hold Li-Cs-Ta (LCT) pegmatite mineralization.
Figure 1. LSL Project, Patricia Mining Division, Ontario
Source: Company reports, Ontario Geological Survey
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The LSL project was acquired from a private company, Hudson Humic Ltd. ("Hudson"), and through direct staking by the Company. In return for the acquisition of 49 mining claims of the LSL project, the Company will issue to Hudson 4,300,000 common shares and make a payment of $50,000. The Common Shares will be subject to a statutory hold period expiring four months and one day from the date of issuance in accordance with applicable securities legislation.
Rob Saltsman, CEO and Director of First Lithium Minerals commented: "We are very excited to expand our exploration portfolio with a new lithium exploration project in northwestern Ontario. The LSL project has multiple areas of interest and suggests historical work overlooked a significant opportunity within the prospect. While our focus remains on advancing our cornerstone OCA brine project and commencing our inaugural drilling program in Chile this fall, the opportunity to add a highly prospective pegmatite exploration project in northwestern Ontario, a place of a recent exploration success, was very compelling to us. Our team is excited to test its potential for lithium and rare earth metals."
The Company is planning to conduct reconnaissance exploration, geologic mapping, including rock and soil sampling at the acquired mining claims during the current field season.
About First Lithium Minerals
First Lithium Minerals is a Canadian mineral exploration and development company. The Company is currently focusing on exploring for alkali metals at its 100% owned OCA project comprised of approximately 9,000 ha of mineral exploration concessions located in the salars of Ollague, Carcote, and Ascotan in the Antofagasta Region of northern Chile. In Q4/22 and Q1/23 the Company conducted two property-wide geophysical surveys, identified two priority exploration targets for potential brine mineralization, and is currently planning its inaugural drilling program at the Salar de Ascotan pending obtaining required drilling permits and licences. First Lithium Minerals also acquired and is currently focusing on exploring for lithium and rare earth metals at its 100% owned LSL project comprised of 1,900 ha of mining claims located in the Patricia Mining Division of northwestern Ontario.
Additional information about the Company is available on the Company's website: www.firstlithium.ca.
Disclosure
The results presented in this release are considered historic in nature. The qualified person for the Company has not verified the historic sample analytical data disclosed within this release. While the Company has obtained all historic records, including analytical data from the previous owners of the Property and from various government databases, the Company has not independently verified the results of the historic sampling.
Qualified Person
Adrian Smith, PGeo, is a qualified person as defined by NI 43-101 for the aforementioned project. The qualified person is a member in good standing of the Engineers and Geoscientists of British Columbia (EGBC) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.
For further information, please contact:
77 King St. W Suite 3000
Toronto, ON M5K 1G8
Tel: 416-402-2428 Email: rob@firstlithium.ca
Rob Saltsman, CEO and Director
Caution Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking information may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", and similar expressions. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: exploration activities, geophysical and geochemical surveys, its results and interpretation, studies and interpretations of historical exploration information, drill target definition, permitting, licences, environmental laws and regulations, changes in government regulations and laws, obtaining social licence to explore and operate, community engagements, the discovery and delineation of mineral deposits/resources/reserves, general business, economic, competitive, reliance on third parties, the actual results of operations, and other risks of the resources industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any obligation to update or revise any forward-looking statements information, except in accordance with applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information.
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