Champion Electric Metals Provides Exploration Update: Identifies Three New High-Priority Prospects at its Lithium Project in Eeyou Istchee James Bay, Quebec

Toronto, October 5, 2023 - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") is providing an update on its ongoing exploration work at its James Bay lithium property (the "Property") in Quebec.

While fieldwork is still underway and data is continuously being collated, three high-priority prospects have already emerged as being likely hosts of a lithium caesium tantalum (LCT) type pegmatite system, including a new target on the southeast side of the Property near the neighbouring Patriot Battery Metals' Corvette lithium deposit. Detailed follow-up work over these three newly identified targets is the priority of the concluding field mapping season. Applications for drilling permits over these targets have been submitted in anticipation of confirmatory results from the sampling program.

Fieldwork Summary

Field activities recommenced on August 3, 2023, as soon as the team could safely return to the project after the wildfires in the region were under control. In addition to the light detection and ranging (LiDAR) and high-resolution aerial photography survey being completed, the team undertook a first-pass project-wide mapping and sampling campaign, including in-field X-ray fluorescence (XRF) analysis, targeted rock saw sampling, and till geochemical sampling. As of this update, the Champion Electric team has collected 678 rock samples for laboratory analysis, of which 670 have been classified as pegmatites or rocks having pegmatitic texture. An exploration activity summary map is provided in Figure 1.

Jonathan Buick, President & CEO, commented:

"The vastness of our property in James Bay is truly impressive, requiring a 30-minute helicopter flight to cross from one end to the other. Our land package is situated in a zone that experienced a lot of glacial erosion and deposition, so outcrop is sparse among all the covering glacial sediments. The team did an amazing job during this first phase at examining every known or suspected outcrop over the shortened field season to vector in on some exciting targets. We have now generated three high-priority prospects in the neighbourhood of Patriot Battery Metals' Corvette deposit. These are already undergoing follow-up work before the first snow. We look forward to updating the market once all the results are in."

Geological Mapping and Rock Sampling

Over the last two months, a mixed team of geologists and technicians of up to 12 people led by Dr. Eric Hebert, P.Geo., a member of the Ordre des Géologues du Québec (OGQ), visited and documented dozens of areas of outcrop. The work was supported by helicopter and 4x4 trucks where road access permitted.

The team walked approximately 630 kilometres of traverses and collected 678 rock samples so far, including 670 classified as pegmatites or with pegmatitic texture. The Ministère de l'Énergie et des Ressources Naturelles (MERN) of Quebec produced a large-scale regional geological map, which is relatively accurate when it comes to major rock units. However, since most of the Property is covered by Quaternary glacial and alluvial sediment, there are important discrepancies at the property scale. For instance, the Company's work has confirmed that the inferred extent of the greenstone belt covered by the Property was underestimated by the MERN maps. This means that there is likely more ground in need of careful exploration beneath the cover.

Results from the LiDAR and high-resolution aerial photography survey are still pending and could not be incorporated into the current fieldwork programs. Review and interpretation of this data will occur over the coming months, and newly identified outcrops will form the basis of the 2024 mapping campaign.

Detailed mapping was also carried out over the recently identified nickel sulphide targets, confirming the presence of ultramafic rocks.

Figure 1: Exploration activity summary over regional
geology map (courtesy of MERN) and satellite topography

(Click here for the full-size view of the map)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8681/182962_8acc97639464c996_001full.jpg

Geochemical Sampling

The geologists and technicians utilized rock hammers or diamond rock saws to collect the 670 samples of pegmatite, of these, 429 have already been delivered to the laboratory in Val d'Or. The next shipment of 211 samples is being transported to the laboratory at the time of this news release. The remaining samples will be delivered to the laboratory when the geology team demobilises from the Property on October 13, 2023. Figures 2 and 3 show field teams examining and sampling pegmatites on the project.

The team made use of a handheld XRF instrument for geochemical analyses in the field. Lithium is not measurable in the field by XRF, but other key elements and minerals can be identified with the instrument. Systematic XRF analyses of selected pegmatite-forming minerals was utilized to classify the pegmatites and identify fractionation trends. Although the results of analyses obtained from portable XRF measurements are not laboratory-certified, the real-time data is very useful to direct the team's efforts. Figure 1 illustrates the distribution and concentration of key geochemical indicator elements and associated ratios found in muscovite and potassium feldspar crystals of the sampled pegmatites. The ratio of potassium (K) to rubidium (Rb) in these potassic minerals has been shown to be an indicator for favourable fractionation of a pegmatite. The lower that ratio, the more favourable for lithium potential (warm colours on Figure 1). This approach expedited follow-up since laboratory results often require several weeks.

Experienced samplers also conducted a till sampling orientation survey, resulting in the collection of 123 till samples in the vicinity of newly discovered prospective pegmatites. The trial confirmed that the right material, i.e. sub-glacial till, was present over the Property, so that areas without outcrop can be surveyed for down-ice indications of buried pegmatite. Approximately half of the till samples have been delivered to the laboratory for processing, with the remainder being shipped shortly. Further till sampling is scheduled to start on October 15, 2023, targeting areas of interpreted amphibolite (metamorphosed basalts) and where surface prospecting techniques cannot be applied effectively.

Figures 2-3: Field teams examining and sampling pegmatites on the Champion Electric Lithium Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8681/182962_championelectricfig.jpg

More images from the 2023 field season can be found on the Champion Electric website under the Lithium Project Media tab: https://www.champem.com/media-quebec-lithium-project.

About the Project

The Company's lithium property covers the northern extension of the Lac Guyer Greenstone Belt which hosts neighboring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec (Figure 4).

Figure 4: Champion Electric Lithium Project location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8681/182962_8acc97639464c996_004full.jpg

Cautionary Statement: This release includes preliminary information about the geology and prospectivity of the Champion Electric Lithium Project while the first exploration program is still in progress. It is important to remember that observations and sample points are sporadic and incomplete, owing in part to the covering glacial sediments. The Company has not conducted sufficient work to assess the mineral potential of the Property, and these preliminary results should not be relied upon as definitive evidence for the presence or lack of significant mineralisation on the property.

Quality Assurance and Quality Control

Geologists and technicians collected rock samples were from outcrops using a rock hammer and chisel, and in selected areas with the use of a rock saw. The rock samples are typically fist-sized and intended to be representative of the overall outcrop. Certified standards and blanks were systematically inserted into the sample stream as a check on laboratory Quality Control (QC). Blind field duplicate samples were also taken, bagged and labeled separately. The samples were stored in the Company's secure camp and custody maintained until authorized contractors delivered the samples to Activation Laboratories (Actlabs) in Val d'Or. The Company has selected a total geochemical analysis for a suite of elements utilizing sodium peroxide fusion and inductively coupled plasma emission spectrometry (ICP-ES) and mass spectrometry (ICP-MS). Actlabs' Quality System is registered to international quality standards through the International Organization for Standardization / International Electrotechnical Commission (ISO/IEC) 17025:2017 (including ISO 9001:2015 and ISO 9002 specifications).

Qualified Person

Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this press release.

About Champion Electric Metals Inc.

Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco, Idaho.

The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President and CEO

To learn more, please visit the Company's SEDAR profile at www.sedarplus.ca or the Company's corporate website at www.champem.com.

For further information, please contact:
Investor Relations and Communications
Phone: (416) 567-9087
Email: investors@champem.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including closing of the Transactions and the prospectivity of the Projects for lithium. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.

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