ACME Lithium Announces Results of Exploration Program at Bailey Lake Lithium Project in Saskatchewan, Canada
Vancouver, November 30, 2023 - ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to announce the recently received sample results from the August surface sampling and prospecting program at its Bailey Lake pegmatite project in northeastern Saskatchewan. The program has successfully identified numerous boulder and outcrop samples exhibiting anomalous lithium grades as well as other elevated LCT (lithium-cesium-tantalum) pegmatite indicator elements. The results are the highest ever sampled in the region and highlight the significant potential for high-grade mineralization within the project area.
Highlights:
- Samples grading up to 1.14% Li2O in boulders along trend of anomalous lithium values up to 0.73% Li2O identified in outcrop (Figure 1).
- Anomalous rare earth indicator elements with samples grading up to 413 ppm Tantalum (Ta) and 2242 ppm Tin (Sn).
- Highest grading lithium samples coincident with magnetic low.
- Additional area to the southwest hosting pegmatites exhibiting anomalous Tantalum values (Figure 2).
- Detailed Airborne Magnetic+Radiometric+Lidar survey completed over 7975 Ha of the property which will assist in further defining priority areas.
"We are encouraged by the results from this initial field program," says ACME Lithium President and CEO Steve Hanson. "The focus of the campaign was to confirm and expand on the limited historic data based on lithium bearing samples reported in 2017. We exceeded these expectations by not only confirming and improving on the historic grades but identifying additional areas hosting LCT pegmatites to the northeast and southwest. We believe this phase 1 exploration effort has only just scratched the surface as to the potential for high-grade lithium on the property. Northern Saskatchewan is underexplored for critical minerals, and the results of this program reinforce the potential of this area of the province to become a new lithium area of discovery."
ACME Lithium has acquired or in under option to acquire a 100% interest in 18 contiguous mineral claims encompassing approximately 41,694 hectares (or 416 square kms).
Figure 1: 2023 Surface sample assay highlights
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7776/189230_7b45718084c8c979_003full.jpg
Table 1: Assay highlights from 2023 Bailey Lake Rock Samples
| Sample ID | Li2O % | Ta ppm | Sn ppm | Sample Type | Lithology |
| 365649 | 1.14 | 75.3 | <50 | Float | Pegmatite |
| 365653 | 1.02 | 30.6 | <50 | Float | Pegmatite |
| 365677 | 1.00 | 29.4 | <50 | Float | Pegmatite |
| 365647 | 0.93 | 70.5 | <50 | Float | Pegmatite |
| 365652 | 0.75 | 23.4 | <50 | Float | Pegmatite |
| 365570 | 0.73 | 55.2 | <50 | Outcrop | Pegmatite |
| 365713 | 0.65 | 63 | <50 | Float | Pegmatite |
| 365829 | 0.63 | 95.8 | <50 | Float | Pegmatite |
| 365532 | 0.63 | 25.7 | <50 | Float | Pegmatite |
| 365516 | 0.59 | 24.2 | <50 | Float | Pegmatite |
| 365679 | 0.58 | 46 | <50 | Float | Pegmatite |
| 365678 | 0.54 | 22.4 | <50 | Float | Pegmatite |
| 365506 | 0.53 | 28.8 | <50 | Float | Pegmatite |
| 365701 | 0.43 | 58.5 | <50 | Float | Pegmatite |
| 365571 | 0.39 | 57.6 | <50 | Outcrop | Pegmatite |
| 365712 | 0.38 | 115 | <50 | Float | Pegmatite |
| 365623 | 0.38 | 31.3 | <50 | Outcrop | Pegmatite |
| 365622 | 0.33 | 18.9 | <50 | Outcrop | Pegmatite |
| 365621 | 0.31 | 28.4 | <50 | Outcrop | Pegmatite |
| 365628 | 0.06 | 245 | <50 | Outcrop | Pegmatite |
| 365522 | 0.05 | 105 | 2242 | Float | Pegmatite |
| 365598 | 0.01 | 413 | <50 | Float | Pegmatite |
| 365801 | 0.01 | 225 | <50 | Outcrop | Pegmatite |
Figure 2: 2023 surface sample results with Airborne Magnetics (TMI RTP)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7776/189230_7b45718084c8c979_004full.jpg
The geological prospecting program was conducted from August 28th to September 15th by the companies' technical consultants Axiom Exploration Group Ltd. ("Axiom"). The program included 336 samples (including 5% quality control samples) collected around the area of historically reported Li-bearing pegmatite boulder samples collected in the Bailey Lake area (Figure 1). The samples collected from the 2023 program consisted of exposed boulder and outcropping pegmatites, as well as country rock. Mineralogical, alteration, and structural data (where possible) was also collected at these sample sites.
The results obtained from the 2023 sampling and prospecting program have confirmed and expanded on the lithium potential of the Property. Pegmatites showing high lithium values have been identified ~300 m up ice flow direction (NE) of the 2017 Li-bearing boulder samples (GemOil, 2017 - Ramaekers et al.). The initial data has indications that these Li-bearing boulders are near source and elevated Li and Ta values in outcrop samples further support this theory. About 5 km to the southwest, sampling has identified another prospective area showing high Ta values in the pegmatites with numerous samples over 100 ppm Ta (Figure 2). The company's technical team will be further analyzing and interpreting the data from the assay results in combination with the recently received geophysics to further refine exploration targets for further work.
Figure 3: Source pegmatite boulder of sample #365649 grading 1.14% Li2O
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7776/189230_7b45718084c8c979_005full.jpg
Figure 4: Source pegmatite boulder of sample #365677 grading 1.0% Li2O
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7776/189230_7b45718084c8c979_006full.jpg
Saskatchewan is a highly prospective region for critical mineral development. The Government of Saskatchewan recently announced an expansion to its existing investment and innovation incentive programs to include eligible lithium projects with the aim to become one of the best resource development jurisdictions in the world.
Analytical methods and QA\QC protocols
A thorough chain-of-custody and quality assurance and quality control ("QA/QC") program was carried out during the field program. Samples were obtained by rock hammer and rock saw. Sample locations were recorded by handheld Garmin GPS and samples were photographed, then placed in poly sample bags and zip tied. All rock samples were submitted to SGS Canada Inc. for Sodium Peroxide Fusion / ICP-AES and ICP-MS analysis with a focus on Lithium, Tantalum, and Cesium.
The Company's implemented QA/QC procedures included the routine insertion of LCT (lithium-cesium-tantalum) pegmatite certified standard control samples, lab duplicates, and silica blanks in accordance with industry recommended practices. This was used to test for natural variability, sampling bias, and homogeneity during sample preparation processes within the lab as well as testing the precision of the sample and any possible contamination from the lab and ensure proper calibration of lab equipment. Analytical results of certified reference materials were verified graphically and determined to be within the allowable error of 2 standards deviations of the certified lithium values.
Qualified Person
The technical information in this news release has been reviewed and approved by Lynde Guillaume, P.Geo. (Senior Geologist, Axiom Exploration Group Ltd.), a "Qualified Person" as defined in NI 43-101 -Standards for Disclosure for Mineral Projects.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
On behalf of the Board of Directors
Steve Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com
For Investor Inquiries:
Anthony Simone
Simone Capital
Telephone: (416) 881-5154
asimone@simonecapital.ca
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189230
