Capitalight Acquires 100% of Blue Lake Pt-Pd-Cu-Ni Historical Resources near Schefferville, Quebec

TORONTO, ON / ACCESSWIRE / May 19, 2023 / IC Capitalight Corp. (CSE:IC) ("Capitalight" or "the Company"), is pleased to announce it has acquired through purchase from a vendor and new staking, all of the mineral claims covering the historical resources on the former La Fosse Platinum Group special mining lease ("LaFosse Special Mining Leases"). The Blue Lake Property is 60km northeast of Schefferville, Quebec, and now consists of a group of 281 contiguous claims covering 13,834 hectares along a 37 km long by 3-to-5 km wide corridor on one of the most under explored and prospective Pt-Pd-Cu-Ni belts in Canada. Schefferville provides regional access including railroad to the port at Sept-Îles.

Following the dissolution of the La Fosse Special Mining Lease, the Company was awarded five fractional mineral claims and purchased 12 mineral claims from Mssrs. Gauthier and Scott in return for $45,000 cash, 1 million common shares of the Company, and a 1% Net Smelter Returns royalty that can be repurchased at any time for $1,000,000. The common shares will be subject to a 4-month hold period under applicable securities legislation.

The Company will now focus on establishing an exploration program for the Blue Lake Property.

Historical Resources and Exploration

The historical resources on the former LaFosse Special Mining Lease consist of nine sulfide deposits outlined by approximately 550 drill holes and underground bulk sampling between 1950 and 1988 and were estimated to be 4.03 million tons at 0.85% Cu, 0.52% Ni, 0.84g/t Pt+Pd (as reported by T. Clark, 1994, and Clark and Wares, 2005). Grades up to 4.03g/t Pt, 16.5g/t Pd, 2.94% Cu, and 0.12% Ni were noted.

Readers are cautioned that sufficient work has not been completed to classify the historical estimate as Mineral Resources or Mineral Reserves (as defined by the Canadian Institute of Mining, Metallurgy and Petroleum definition standards) and that the Company is not treating the historical estimate as current Mineral Resources or Mineral Reserves in accordance with National Instrument 43-101 standards. The economic viability of historical deposits such as these has not been established. The historical estimates are included herein only as an example of the type and grade potential of PGE mineralization within the Blue Lake Property area.