VANCOUVER, BC, May 23, 2023
/CNW/ -- Lodestar Battery
Metals ("Lodestar" or the "Company") (TSXV:
LSTR) (OTCQB: SVTNF) is pleased to announce it has
approved an exploration budget and has commenced work at its Peny
Property in Snow Lake Manitoba.
The staged project development will be completed with its partners
at Longford Exploration to complete propriety remote sensing
analysis and targeting, a focused magnetics and radiometric survey
over select targets, concurrent with fieldwork. Fieldwork includes
a preliminary reconnaissance of initially identified targets and
verification of reported pegmatite intersections in 86 historic
drill holes on the property. Additionally, there will be focused
ground truthing and systematic mapping and sampling program, which
will be completed in the late summer to coincide with conceptual
winter drilling plans.
"We have planned a comprehensive development program, and
we're thrilled to have Longford guide us as we further our
exploration initiatives at our flagship Peny Property in
Snow Lake Manitoba," said
Lowell Kamin, President, CEO &
Chairman of the Board of Lodestar. "Longford, with their embedded
partnerships, offers a diverse array of technical services that
will help us understand the potential at the property, bringing
expertise in exploration, geophysics, geomatics, ESG and energy
services. Lodestar is looking forward to sharing our highlights for
this campaign in the coming months."
2023 Work Program
The 2023 field program will be advanced in stages during the
coming months. The project development will focus on interpreting
the results of the geochemical sampling, remote sensing, and
magnetic, radiometric and structural interpretations before
delineating targets for channel sampling and potential drilling in
the fall of 2023.
- A review of historical data on the project has been completed,
and ongoing regional geophysics and structural evaluation are being
conducted to determine controls on pegmatite emplacement in the
district.
- Remote Sensing has been commissioned across the district to
determine prospectivity and define priority targets. As a result,
the Company has accepted a proposal for the acquisition,
processing, and analysis of Synthetic Aperture Radar (SAR) and
Sentinel & Aster Multispectral data.
-
- Combining modern remote sensing techniques using multispectral
imaging and synthetic aperture radar to analyze vegetation,
structure, alteration, and ground movement, complex anomalies 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.
- Initial site reconnaissance, ground-truthing of initial
targets, and review and sampling of historical core from 83 drill
holes completed on the property are contemplated in June; numerous
pegmatite intersections are reported from historical
information.
- An Airborne Tri-Axial Gradiometer magnetics, radiometric, and
lidar survey will be completed over selected target areas
identified from the previous high-value systematic targeting
studies.
-
- A manned helicopter equipped with specially designed GEM
Systems GSMP 35A Airborne Potassium Vapour high-resolution
magnetometers mounted on a non-magnetic stinger in a tri-axial
array will be utilized.
- The combination of techniques outlined above and existing data
(knowledge of known mineral occurrences, soil and stream sampling,
geophysics, regional geology, etc.) can be applied to mineral
exploration using a weight-of-evidence approach in an area of
interest to outline targets for advanced mineral exploration.
- A focused field exploration program, including systematic
channel sampling, is to be completed in the Summer–Fall of 2023 and
is intended to understand better local pegmatite zonation,
geochemical fractionation vectoring, and mineral speciation to
assess the tenor and conceptualize a potential volume prior to
future drilling.
- An initial budget of CAD$400,000
has been approved for the property.
Initial reports from the property in 2022 describe numerous
previously unsampled pegmatites across the property.
In order to preserve capital for its prospective Penny
Property, Lodestar is in the process of carrying out a
comprehensive review of its financial commitments for the
silver-focused Peñasco Quemado and La Frazada properties, in
Mexico. The objective will be to
reduce required expenditures for non-core areas of the
projects.
About the Peny Property
The Peny Property is located approximately 25 kilometres
northeast of the town of Snow Lake,
Manitoba. The Peny Property is prospective for Lithium
Pegmatite and Volcanic Massive Sulphide (VMS) style mineralization
which is 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 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
Luke van der Meer (P.Geo) is a
consultant to the Company and is a Qualified Person ("QP") as
defined by National Instrument 43-101 guidelines – Standards of
Disclosure for Mineral Projects ("NI 43-101") and has reviewed
the technical information of this news release. Historical
information contained in this news release is derived from previous
workers' Assessment Reports and has not been field verified.
References
1. A 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, was authored by Fedikow et al. The 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).
2. Mineral Resources in S-K 1300 technical
report titled "Technical Report Summary and Resource Estimate,
Thompson Brothers Lithium Project, Snow
Lake Area, Herb Lake Mining Division, Manitoba, Canada." dated June 9th, 2021, Prepared by Canmine Consultants.
The resource quoted is within Table 11.1 –Project Mineral Resource
Estimate. Indicated – 9,082,600 tons at 1.00% Li2O, and Inferred –
1,967,900 tons at 0.98% 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/.
Contact
Lodestar Battery Metals Corp.
Lowell Kamin, President, CEO &
Chairman of the Board
(416) 272-1241 lowell@lodestarbatterymetals.ca
Investor Relations
Alyssa Barry, IR Labs Inc.
1-833-947-5227
investors@lodestarbatterymetals.ca
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. Lodestar 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 Lodestar's control. Such factors include, among
other things: risks and uncertainties relating to Lodestar'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
estimates.
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SOURCE Lodestar Battery Metals Corp