Vancouver, British Columbia--(Newsfile Corp. - June 14, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("TIE" or the "Company") is providing the following update on Coloured Ties ongoing push for Azimut Exploration Inc (Azimut) to explore its lithium projects portfolio in James Bay, Quebec.
Coloured Ties is a TSX-V listed investment issuer and holds investments in entities involved in James Bay, Quebec lithium exploration projects. These entities include Patriot Battery Metals, Winsome Resources, Superior International Mining, Q2 Metals Corp, Brunswick Exploration Inc. and privately held Quebec Pegmatite, Hertz Lithium, Canuck Lithium, Flowing Lithium. Coloured Ties is also a shareholder of Azimut and entities related to Coloured Ties management also own common shares of Azimut.
Coloured Ties invested in Azimut for the highly prospective lithium portfolio held by Azimut, some of which adjoin major discoveries by Patriot Battery Metals at their Corvette Lithium Discovery and Winsome Resources at their Cancet and Adina Lithium Discoveries and is pleased to learn of Azimut's announcement and commencement of lithium focused exploration program on these properties.
On June 13,2023, Azimut issued a news release announcing the following:
"Azimut Exploration Inc. is preparing a minimum 1,500-metre diamond drilling program to test several excellent lithium targets on the Galinee property in the Eeyou Istchee James Bay region of Quebec. The Property is a 50/50 joint venture between Azimut and SOQUEM, operated by Azimut. Prospecting work at Galinee is planned to start after the restrictions related to current fire conditions are lifted. The drilling program is scheduled to start in August.
HIGHLIGHTS
The maiden drilling program will test the down-dip extent of the significant discovery reported by Winsome Resources ("Winsome") on the adjacent Adina Property. At Adina, two east-west subparallel spodumene-bearing pegmatite zones have now been traced by drilling over a strike length of 830 metres for the Main Zone and 760 metres for the Footwall Zone (Winsome's press release of May 10, 2023).
Public data suggests the two mineralized zones on Adina dip south toward the Galinee Property. The aim of the drilling program is two-fold: 1) intersect the down-dip extensions of Winsome's Main and Footwall zones on Galinee, and 2) investigate the strong potential for additional subparallel spodumene-bearing pegmatites starting at shallow depth on Galinee, immediately south of but geometrically above Adina's Main Zone (see Figures 10 and 11)."
The news release also summarizes Azimut renewed understanding of the James Bay Region "which appears to be an emerging mineral province for lithium" and highlights Azimuts portfolio of lithium projects:
"James Bay Region: an Emerging Mineral Province for Lithium (see Figures 1 to 11)
Already known lithium deposits and major occurrences are widely distributed across the James Bay region, which appears to be an emerging mineral province for lithium. The region shares several features in common with large spodumene-bearing pegmatite districts worldwide, especially Western Australia, including comparable tectono-metamorphic frameworks, ages and host lithologies.
As previously reported (see press releases of January 23, February 23 and May 17, 2023 ), several lithium-focused exploration programs will be undertaken by Azimut this summer on the Pikwa, Dalmas and Pontois properties held in a joint venture with SOQUEM. In addition, Azimut has identified strong lithium potential on its Corvet Property (877 claims), Kaanaayaa Property (421 claims) and a newly generated James Bay Lithium project (13 blocks of claims, 2,940 claims), all these properties being held at 100% by the Company.
Azimut's management cautions that results or discoveries on surrounding properties are not necessarily indicative of mineralization hosted on the Company's properties."
Coloured Ties is pleased with this shift by Azimut towards a lithium focused exploration business model and continues to believe in the very high prospects on Azimut's lithium portfolio in the James Bay region.
Coloured Ties remains committed to working with Azimut management to assist the company in maximizing shareholder value thru its lithium portfolio in the James Bay region and may acquire or sell its common share holdings in Azimut in the context of the market and exploration results.
About Coloured Ties Capital Inc.
Coloured Ties Capital is a TSX-V listed issuer that invests in early stage commercial ventures and provides investee companies with capital market access and advisory services. The Company offers investors an opportunity to participate in early stage opportunities that are often only offered to high net worth or institutional investors via investment in the Company's common shares listed on the TSX Venture Exchange under symbol V.TIE. Coloured Ties Capital is a 2022 TSXV 50 Company.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@colouredtiescapital.com
https://www.colouredtiescapital.com
Neither the 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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169922
