Champion Electric Metals Reports First Lithium Drill Intersections from Its Property in James Bay, Quebec

Newsfile Corp.
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Toronto, Ontario--(Newsfile Corp. - May 14, 2024) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to report that it has intersected lithium in its maiden exploration drill program on the Western Prospect at the Lithium Property in James Bay, Quebec (the "Property").

Drill hole EIQ24-007 intersected 10.0 metres (m) at 0.42% Li2O, including 3.0 m at 0.62% Li2O, 2.0 m at 0.50% Li2O and 2.0 m at 0.54% Li2O. Drill hole EIQ24-008 intersected 1.85 m at 0.56% Li2O (see Figure 1, Tables 1 and 2). These drill intersections are from the Western Prospect on a high-priority pegmatite target directly up-ice from the previously reported spodumene grains in till discovery.

Jonathan Buick, President and CEO, commented: "Discovering a lithium bearing pegmatite in our maiden drill program is a fantastic achievement. We believe we have intersected the edge of a mineralised system which may extend to the NE for some distance. Our upcoming field program will pick up immediately to the NE of the mineralised pegmatite, as the spring thaw prevented drill access in this direction. We are still in the early stages of exploration on our vast property, but we have now established a successful exploration workflow that we intend to apply over the whole property."

The lithium bearing intervals were also anomalous in the pathfinder elements tantalum (Ta), cesium (Cs), niobium (Nb), and rubidium (Rb) (Table 1).

The spodumene crystals vary from light to medium green in colour and are up to 7 centimetres in length. Other associated minerals include quartz, albite, muscovite, white feldspar, orange feldspar and, less frequently, garnet.

The drill holes intersected a combination of mafic volcanic rocks, magnetite-rich iron formation and tonalite. The preliminary interpretation is that the pegmatite dyke intersected is near flat lying and subcrops beneath the glacial till at a vertical depth of approximately 5 metres (Figure 2). There is potential to extend these drill intersections to the northeast where outcropping pegmatites with anomalous Cs and K/Rb occur. The Company's technical team has used mapping, sampling, and geophysics to identify two parallel corridors of pegmatite stretching for more than 5 kilometres (Figure 3). There are numerous outcrops and till samples demonstrating that the pegmatites along the corridor are fractionated with chemistry favorable for more lithium mineralisation. As exploration moves along these corridors, the team will be looking for indications of multiple parallel or stacked dykes of mineralised pegmatite and/or down dip continuation from this initial shallow discovery.

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