VANCOUVER, British Columbia, Oct. 06, 2022 (GLOBE NEWSWIRE) -- SPOD LITHIUM CORP. (“SPOD” or the “Company”) (CSE: SPOD) is pleased to announce it has identified potential Pegmatites on its Megali and Lithium Grande 4 properties in the James Bay Territory. Spod engaged Japosat Satellite Mapping ("Japosat") of Montreal, Quebec to provide analysis of satellite imagery at the Company's Megali and Lithium Grande 4 projects, and the Company is extremely encouraged by the images received from Japosat.
Japosat acquired and processed satellite imagery in order to provide detailed data identifying areas of mineral surface outcrop, areas with potential for lithium mineralization, priority locations for surface sampling and accessibility information. Results from the satellite mapping are very encouraging and strongly suggest that numerous granite pegmatite outcrops exist on both projects. The analysis of the data and final report will be used to formulate the upcoming season's sampling and prospecting field work currently being planned for both projects in the next two weeks. Japosat has provided satellite imagery studies since 2008 for mineral exploration projects in the Americas, Africa and Asia.
Below is a summary of Japosat’s report:
North Area:
The whitish rock outcrops and boulders that might be of pegmatite granite composition are mainly located in the southwest part of the north block of claims. The highest concentration of outcrops, sub crops and boulders seem to be spatially oriented within west-east structure about 1000 metres long and 200 meters width. A few small outcrops seem to have a preferred SW-NE orientation and dyke-like shapes.
Southeast Area:
The whitish rock outcrops and boulders that might be of pegmatite granite composition are mainly located in the northern part of the east block of claims. A spectacular concentration of sub crops and boulders occurs on those claims. They all appear, as in case of the north area, in whitish to bright cyan colours on false infrared satellite image.
Southwest Area:
The whitish rock outcrops and boulders that might be of pegmatite granite composition are mainly located in the northern part of the east part of the main block of claims. The areas where relatively big outcrops occur are
- Within north and central part of claims where the whitish outcrop seems to be constrained by SW-NE folding structure, 1000 m long by 3 to 15 metres width.
- Within southern part where the whitish outcrops seem to be constrained by another SW-NE important structure 1000 metres long by 100 metres width.
See complete Japosat report on website at: www.spodlithiumcorp.com
Japosat’ s report further recommends a) LiDAR survey and b) a systematic pegmatite sampling to evaluate the lithium grade / resources at surface.
Chris Cooper CEO stated: “We are very anxious to move forward with our lithium projects. Numerous targets have been identified by Japosat and the CV13 pegmatite cluster found by Patriot last month is located only 1300 metres from our project.”
The Megali property consists of 78 mineral claims covering a total area of 3,996.67 hectares (40 square kilometers) and the Lithium Grande 4 project consists of 41 mining claims covering 2,100 hectares (21 km2). Both the Megali and Lithium Grande 4 projects are adjacent to Patriot Battery Metals' project, and less than 2.7 km south-south-east (Megali) and less than 2.0 km south (Lithium Grande 4) from Patriot's newly discovered Corvette lithium project.
Qualified person
Gilles Laverdiere P.Geo, an independent consulting geologist, a registered permit holder with the Ordre des Geologues du Quebec and qualified person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About the Company
Spod Lithium Corp. is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals. The Company’s flagship assets are its Lithium properties located in the James Bay region of Quebec, Canada. For further information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company through its website at www.spodlithiumcorp.com or by telephone at 604.307.8290.
On Behalf of the Board of Directors
Chris Cooper
Chief Executive Officer
604.307.8290
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
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