Highlights:
- Agreement signed to acquire three prospective lithium projects in the James Bay region.
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- The Mercator Project, located east from Comet’s Liberty and Winsome Resources’ Adina Projects and adjacent to the Tilly Project.
- The Monarch Project, on strike with Cygnus Metals’ Auclair pegmatites discoveries Auriga, Lyra & Pegasus.
- The Elmer East Project, located 20 km north-east of Arcadium’s James Bay deposit and next to Azimut Exploration’s Wapatik project
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- The Mercator Project shares several geological similarities to Tilly with little historical exploration completed to date.
- The Monarch Project hosts multiple Li, Ta, Ca, Be soil anomalies to be investigated directly on trend with Auclair’s recent pegmatites discoveries.
- The acquisition increases Comet’s landholding in the world class James Bay lithium region to over 346 km².
Upcoming News & Events:
- Results from the June 2024 Liberty field program.
- Commencement of the August 2024 Troilus field program.
- Follow-on and new exploration programs on Liberty, Troilus and new projects.
Rouyn-Noranda, Québec, Canada, July 15, 2024 – Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY) (“Comet Lithium” or the “Corporation”) is pleased to announce that it has entered into a Purchase and Sale Agreement on July 12, 2024 with Troilus Gold Corp. (“Troilus Gold”) (the “Agreement”) pursuant to which the Corporation will acquire from Troilus Gold three prospective lithium projects located in the James Bay region, namely, the Mercator, Monarch and Elmer East projects (the “Transaction”).
Vincent Metcalfe, President and CEO commented, “The acquisition drives further consolidation in the James Bay area, enhancing our strategic land positions and providing significant optionality for Comet shareholders. By securing these prospective assets, we are making investments at opportune prices. The well-located and highly prospective projects we are acquiring will be instrumental in our future growth and further enhance our position within the highly active and strategic Trieste Lithium Greenstone Belt”.
Mercator Project Summary
The Mercator Project is located 40 kilometres southeast of Comet’s Liberty property and Winsome Resources’ Adina project (ASX: WR1). It is comprised of 29 mining claims covering approximately 14.91 km². These mining claims are adjacent to Winsome Resources’ Tilly Project and Loyal Lithium’s Trieste Project (ASX: LLI).
The Mercator Project is predominantly covered by sediments with large, mapped, identified pegmatite dykes, in a favorable geological environment for LCT pegmatites. The Mercator Project area is primarily underlain by the Archean Salomon River Formation, which is interpreted to unconformably overlay the greenstones of the adjacent Trieste Formation. The lithologies are primarily metasedimentary, including biotite, amphibole, garnet, and sillimanite paragneisses, as well as metatexites and local iron formations.
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