VANCOUVER, British Columbia,
April 17,
2023 /CNW/ -- Lodestar Battery Metals Corp.
(TSX-V: LSTR) (OTCQB: SVTNF) ("Lodestar" or the "Company")
is pleased to announce it has acquired an additional 7,859 ha of
mineral claims adjacent to the Peny Property in the Snow Lake District, Manitoba.
"Since acquiring the Peny Property on September 2, 2022, our goal has been to rapidly
evaluate the potential for battery metals and cost-effectively
advance our efforts for our shareholders," said Lowell Kamin, CEO & Director of Lodestar.
"Based on our analysis of the area, we are pleased to strategically
increase our land position by staking additional claims to protect
our areas of interest. These new claims will be a key area of focus
for our exploration program."
Lodestar remains committed to solidifying its presence in the
Snow Lake District in Manitoba. The Company recognizes the
importance of the expansion of its flagship Peny Property as it
focuses on growth in the world-class lithium pegmatite region.
Lodestar looks forward to providing stakeholders with further
updates pertaining to its upcoming exploration initiatives in the
coming months. This coupled with our silver property provides an
excellent investment opportunity to create near to mid-term
shareholder value through aggressive advancement and expansion.
Peny Staking Expansion
The new management, appointed in 2022, decided to stake
additional property in the Snow
Lake District, with favourable infrastructure and lithium
pegmatite potential in the surrounding district. Throughout
February 2023, local crews staked a
total of 32 additional claims totalling 7,859 ha, thereby expanding
the Peny claims package to a total of 47 claims for 11,191 ha.
· The claims were staked over the prospective ground along
the northward extension of the Crowduck Bay fault and Berry Fault
systems which are noted regionally to host pegmatites along this
late stage controlling fault trends. Where these intersect
Kisseynew Domain toward the north, claims have additionally been
staked over areas with favourably oriented potentially dilatational
structures interpreted from regional magnetics over parts of the
property.
· The expanded claims blocks include outcroppings of
Pegmatite noted from aerial reconnaissance over the property in
late 2022. In addition, numerous out-cropping pegmatites were
observed on the property see Figures 1 & 2 below.
· Based on a historical data compilation over the
property, a total of 86 drill holes have been identified on the
property, including 18 drill holes with noted pegmatite previously
unsampled. The property also hosts a pegmatite mineral showing in
the northwest and numerous instances of mapped syn to post tectonic
Pegmatites and potentially fertile leucogranites.
Infographic
- https://mma.prnewswire.com/media/2055038/Lodestar_Figure_1.jpg
Figure 1: Location of the Peny property and surrounding
claims holders within the Greater Snow
Lake district.
Infographic
- https://mma.prnewswire.com/media/2055037/Lodestar_Figure_2.jpg
Figure 2: a) Quartz Feldspar Pegmatite, b) outcropping
pegmatite from the swamp c) outcropping leucogranites in the
northwest of the property.
2022 Exploration Results
A preliminary field exploration program was completed in
September – October 2022 to confirm
potential mineralization and the favourability of the geological
environment to host lithium-bearing pegmatites. Initial prospecting
was undertaken, as well as selective surface geochemical sampling
and overall evaluation of the property.
A total of 70 rock samples were collected over the OG Peny
claims. Samples were principally collected from exposures of Quartz
and Feldspar dominant pegmatites across selected parts of the
property. A further 268 soil samples were collected along the
eastern margin of the OG Peny claims near the Crowduck Bay fault.
Although results from the 2022 sampling program failed to produce
significant results for Lithium, an initial evaluation of the
results indicates a strong correlation between Li, Ce, and Ta. The
results are currently being analyzed to determine further
favourable trace element geochemical vectors.
Infographic
- https://mma.prnewswire.com/media/2055039/Lodestar_Figure_3.jpg
A remote sensing satellite data acquisition and processing study
has been commissioned to provide analysis of synthetic aperture
radar data and multispectral Sentinel & Aster data over >100
km2 covering the property and surrounding areas. By combining
modern remote sensing techniques using multispectral imaging and
synthetic aperture radar to analyze topography, structure,
alteration, vegetation and ground movement, complex anomalies
covering large areas can be quickly and effectively identified.
This multivariate exploration approach combines existing
geological, geochemical, and geophysical data with multiple
satellite analyses to identify new potential mineral targets.
About the Peny Property
The Peny Property is located approximately 25 kilometers
northeast of the town of Snow
Lake, Manitoba. The Peny Property is prospective for
Lithium Pegmatite and Volcanic Massive Sulphide (VMS) style
mineralization known to occur in the local area.
The Property encompasses rocks belonging to the Churchill Province and comprises metamorphic
and metasedimentary rocks, predominantly Felsic and Arkosic
Gniess's, including arkose, arenite, and quartzite-derived gneiss
and migmatite belonging to the Missi Group, and Burntwood groups,
and encompasses parts of the Crowduck pluton. The Property is
located along the Crowduck Bay Fault, which is interpreted as a
regional controlling structure associated with pegmatite
occurrences and lithium mineralization to the south at the Zorro
and Jean Lake prospective areas. The property is also adjacent to
the formally producing Osborne Lake VMS Mine, previously operated
by the Hudson Bay Mining and Smelting Co. Historical worker's
reports covering the property describe local host rocks that are
intruded by coarse-grained, sheared pegmatites. The Company intends
to refocus the asset on lithium exploration, which has proven
successful at neighbouring sites.
Qualified Person
Qualified Person: Luke van der
Meer, P.Geo is an independent consultant for the Company and
an Independent Qualified Person as defined by National Instrument
43-101 Standards for Disclosure of Mineral Projects. He has
reviewed and approved the scientific and technical information in
this news release.
QAQC Statement
Samples were submitted and delivered directly to BV Laboratories
and an accredited independent lab based in Vancouver, BC. A total of 70 rock chip and
grab samples and 268B Horizon soil
samples were 250g of rock was crushed, split and pulverized to 200
mesh and analyzed by 1:1:1 Aqua Regia digestion Ultratrace ICP-MS
analysis for 65 elements. Nominal field duplicates were submitted,
and BV employed routine QAQC protocols during analysis.
References
1. Mineral resource estimate from 43-101
technical report titled "NI 43-101 Technical Report on the Zoro
Lithium Project, Snow Lake,
Manitoba," dated July 6th,
2018, authored by Fedikow et al. Resource quoted is within
Table 1.1 – Base Case Inferred Resource estimate: Inferred
–1,074,567 tons at 0.91% Li2O (Cut-off grade of 0.30%
Li2O).
About Lodestar Battery Metals Corp.
Lodestar Battery Metals Corp. is a Canadian mining
exploration company focused on the battery metals space. The
Company's 100% owned flagship Peny Property comprises 47 mineral
claims totalling 11,191 hectares in the Snow Lake District, Manitoba, with access to tier-1 existing
infrastructure: railway, roads, airstrip and power. The Company
also owns 100% interest in two significant silver assets in
Mexico. The Company intends to
build a strong portfolio of battery metals projects to drive future
growth through exploration success and from later-stage projects
with production potential. The Lodestar business plan calls for a
dynamic combination of developing its existing properties,
acquisitions, and partnerships to achieve this growth. For more
information, visit https://lodestarbatterymetals.ca/.
Contacts
Lodestar Battery Metals Corp.
Lowell Kamin, Chief Executive
Officer (416) 272-1241
Email: lowell@lodestarbatterymetals.ca
Investor Relations
Alyssa Barry, IR Labs Inc.
investors@lodestarbatterymetals.ca
1-833-947-5227
Forward-Looking Statements
The information set forth in this news release contains
forward-looking statements based on assumptions as of the date of
this news release. These statements reflect management's current
estimates, beliefs, intentions, and expectations. They are not
guarantees of future performance. Silverton cautions that all forward-looking
statements are inherently uncertain and that actual performance may
be affected by several material factors, many of which are beyond
Silverton's control. Such factors
include, among other things: risks and uncertainties relating to
Silverton's limited operating
history and the need to comply with environmental and governmental
regulations. Accordingly, actual and future events, conditions and
results may differ materially from the forward-looking
information's estimates, beliefs, intentions, and expectations
expressed or implied. Except as required under applicable
securities legislation, Silverton
undertakes no obligation to update or revise forward-looking
information publicly.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lodestar-battery-metals-acquires-new-claims-and-reports-exploration-results-at-its-peny-project-in-the-snow-lake-district-manitoba-301798355.html
SOURCE Lodestar Battery Metals Corp