LEADING
EDGE IDENITIFIES
EXTENSIVE NICKEL AND COBALT IN HISTORIC
GALLERIES
-
Initial two historic exploration galleries opened ahead of
schedule
- Initial
visual inspection highlighted nickel and cobalt mineralization over
100 meters
- Field mapping
indicates 11 galleries and mineralization throughout the
license area
Vancouver, January
23, 2023 – Leading Edge
Materials Corp. (“Leading Edge Materials”
or the “Company”) (TSXV: LEM)
(Nasdaq First North: LEMSE)
(OTCQB: LEMIF) (FRA:
7FL) is pleased to announce that it is ahead of schedule
in exploration of its exclusive and 100% owned Bihor Sud license in
the Apuseni Mountains of central-western Romania.
Eric Krafft, Interim CEO of the Company, states: “We are
extremely pleased with the rapid work progress to date and the
support we are receiving from the involved state organizations and
our Romanian JV-partner Remat. Amongst all participants in this
exploration program, there is growing excitement fueled by the
findings in the first reopened gallery. Following initial sampling,
the Company will target underground and surface drilling to
determine the extent of mineralized structures. There are at least
11 galleries accessing different mineralized structures, so there
are already other identified exploration targets. Further drill
targets are identified by our mapping and geophysical program,
adding significant potential for mineralization beyond whatever is
encountered in these initial two galleries.”
Previous mining in the license area for commodities other than
cobalt and nickel left behind a vast network of galleries opening
tens of kilometers of underground exposure. Verbal reports from
miners working in those galleries up to 1997, as well as numerous
samples retrieved from gallery waste dumps, indicate significant
Co-Ni mineralization left in place ranging from disseminated,
percent-grade Co-Ni in dark schist to very high-grade stringers,
veins, and pods.
The Company’s prime target to reopen and explore the old
galleries, forms part of the Year 2 license work program
established with the Romanian National Agency of Mineral Resources
(NAMR). Year 1 (ending May, 2023) foresees chiefly geophysical and
mapping work, which has all been completed already with promising
results.
Following receipt of the appropriate regulatory environmental
and safety approvals, the Company has commenced the process of
reopening of Galleries G2, G4, and G7. Galleries G4 and G7 (see
Figure 1) have now been opened and made safe for commencement of
planned exploration works. The “waste” dump situated outside the
entrance of G7 has proven most prolific for retrieval of Co-Ni
mineralized rocks, and a boulder with very high-grade, vein-style
Co-Ni-sulphides was recently recovered from the G2 “waste” dump. G4
features Zn-Cu-Pb-Ag mineralization.
Figure 1; License overview map showing the principal gallery
mouth locations; those currently reopened are highlighted in black
(G2, G4, G7). Geophysical work consists mainly of IP (induced
potential) and NP (natural potential) sections of 500 and 2000 m
length. A ground magnetic survey covering these sections and G4+G7
has already been carried out by the Company in 2018.
The first reopened gallery is G7, which was inspected on January
18, 2023 by the Romanian state authority INSEMEX, responsible for
mine safety matters and respective permitting. The gallery is in a
very good state, which allowed the Company and its consultants to
enter behind INSEMEX, so that the present mineralization could be
observed and documented.
Figure 2: INSEMEX inspection team at reopened Gallery 7.
Observations in G7 highlight Co-Ni mineralization initially 425
m from the mouth of G7 and was observed until 560 m, the end of the
current survey. Reconnaissance work beyond 560 m will continue once
this section of the gallery is declared safe for access. Due to 30
years of exposure on the gallery walls, the original Co-Ni-minerals
were oxidized, easily detectable by their typical pink (Co) and
green (Ni) colours.
Disseminated mineralization follows low-dipping foliation in
graphitic schists, and in often foliation-parallel high-grade
veinlets, accompanied by quartz and carbonate stringers. The
thickness of mineralized zones ranges from about 0.5 m to
potentially thicker than 2 m, restricted by the height of the
gallery. The 135m mineralized sector ( 425m to 560 m)
has numerous niches and one parallel gallery, where Co-Ni
mineralization is exposed in several zones following the general
NNW-SSE structural trend. A second center of Co-Ni mineralization
was identified in an east-directed cross-cut towards G4. The
intersected vein-style and disseminated Co-Ni-zone in the cross cut
appears to run parallel to the mineralization observed in G7, but
is located about 400 m away. This occurrence was not followed up in
the historic works and remains to be outlined in its full extent
along strike.
Figure 3 (Above):
Well preserved state of G7. Most of the rails are removed.Figure 4
(Right): Powdery, greenish nickel oxide minerals on the gallery
wall and rocks on the gallery floor. Yellow magnetic pen for
scale. |
|
Figure 5: Powdery, pinkish cobalt oxide mineral on foliation in
graphitic schist. Individual Co-oxide mineral grains are about 1 mm
across.Figure 6: Pinkish cobalt oxide mineral weathering from
schists. Hammer for scale.
Figure 7 (Left): Piece of a Co-Ni-vein discovered 525 m from the
branching point in the cross-cut from G7 towards G4. Image width:
10 cm. Figure 8 (Right): Hand-held XRF reading on this sample: 4.76
% Co, 20.17 % Ni.The reader is cautioned that such
measurements cover only the surface of a
rock with an area
on the order of
1 cm2 and
are neither representative, nor do they indicate
reliable mineralization grades. In the
context of the work performed
here, this XRF-reading has the sole purpose of demonstrating the
presence of cobalt and nickel in the encountered
mineralization. Joint Venture
Background
In 2018 the Company entered into a share purchase agreement (the
“SPA”) with a local Romanian arm’s length party, Remat, to acquire
an initial 51% interest in LEMR which was the holder of a
prospecting permit covering the License perimeter. The Company,
Remat and LEMR also entered into a shareholder joint venture
agreement (the “JV Agreement”) as announced on August 9, 2018 (see
news release). Pursuant to the JV Agreement, Leading Edge Materials
will be transferred an additional 39% ownership interest in LEMR
(for an aggregate 90% ownership) triggered by the filing on SEDAR
of a positive Feasibility Study technical report. Under the JV
Agreement Leading Edge Materials has agreed to issue common shares
in the Company upon achieving certain milestones on the Project,
such as the granting of an exploration license, exploitation
license, documentation of historic mineral resource estimates
meeting certain Ni-Co and/or Ag-base metal resource tonnage
thresholds, the filing of a NI43-101 compliant technical report,
such a report meeting certain Ni-Co and/or Ag-base metal resource
tonnages, and the filing of a positive NI43-101 compliant
Feasibility Study.
Qualified
Person
Martin S. Oczlon, PhD Geol, CEngMIMMM, a consultant to Leading
Edge Material and Qualified Person, as defined in NI 43-101,
has reviewed and verified the technical content in this press
release.
On behalf of the Board of
Directors,Leading Edge Materials
Corp.
Eric Krafft, Interim CEO
For further information, please contact the Company
at:info@leadingedgematerials.com
www.leadingedgematerials.com
Follow usTwitter:
https://twitter.com/LeadingEdgeMtlsLinkedin:
https://www.linkedin.com/company/leading-edge-materials-corp/
About Leading Edge MaterialsLeading Edge
Materials is a Canadian public company focused on developing a
portfolio of critical raw material projects located in the European
Union. Critical raw materials are determined as such by the
European Union based on their economic importance and supply risk.
They are directly linked to high growth technologies such as
batteries for electromobility and energy storage and permanent
magnets for electric motors and wind power that underpin the clean
energy transition towards climate neutrality. The portfolio of
projects includes the 100% owned Woxna Graphite mine (Sweden),
Norra Karr HREE project (Sweden) and the 51% owned Bihor Sud Nickel
Cobalt exploration alliance (Romania).
Additional Information
The information was submitted for publication through the agency
of the contact person set out above, on January 23, 2023 at 7:00 am
Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol
“LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North
Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is
the Company’s Certified Adviser on Nasdaq First North and may be
contacted via email CA@mangold.se or by phone +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements which constitute
“forward-looking information” under applicable Canadian securities
laws, including statements regarding plans, intentions, beliefs and
current expectations of the Company, its directors, or its officers
with respect to the future business activities of the Company. The
words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking information. Investors
are cautioned that any such forward-looking information is not a
guarantee of future business activities and involves risks and
uncertainties, and that the Company’s future business activities
may differ materially from those in the forward-looking information
as a result of various factors, including, but not limited to,
fluctuations in market prices, successes of the operations of the
Company, continued availability of capital and financing and
general economic, market or business conditions. There can be no
assurances that such information will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. The Company does not assume any obligation to
update any forward-looking information except as required under the
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
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