Zimtu Capital Corp. Announces Closing of its Acquisition of the Eagle Lake, Grove Lake, and Whitefish Lake Mining Claims in the Province of Ontario

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VANCOUVER, BC / ACCESSWIRE / July 13, 2023 - Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") is pleased to announce that, further to its press release dated June 16, 2023 (the "June 16th News Release"), it has closed its previously announced acquisition of three separate mining claims generally known as the Eagle Lake claims (the "Eagle Lake Claims"), the Grove Lake claims (the "Grove Lake Claims") and the Whitefish Lake claims (the "Whitefish Lake Claims" and, together with the Eagle Lake Claims and Grove Lake Claims, the "Claims"), located approximately 350 km northwest of Thunder Bay, Ontario (the "Acquisition").

Northwest Ontario Lithium Prospects

The Claims are comprised of a large-scale land package consisting of 89,120ha (891.2 sq km) across 17 claim groups prospective for spodumene-bearing lithium pegmatites in an underexplored area of Northwestern Ontario with multiple existing lithium deposits within a 100km radius. Recent digitization of historical maps from the Ontario geological survey shows dozens of pegmatites outcrops across the properties hosted within several rock units. Each property contains 99th percentile and above lithium in lake sediments values from the entire Ontario government database (>50,000 lake sediment samples analyzed for Lithium in the Ontario provincial database). Geophysical (airborne magnetic) anomalies crosscut the properties which are evidence of structural pathways that may have provided room for lithium bearing pegmatites to form.

Foto: Accesswire

Figure 1: NW Ontario Claim Group locations, Bedrock Geology

Foto: Accesswire

Figure 2: NW Ontario Claim Group Locations, Bedrock Geology with Lithium in Lake Sediment analyses and land tenure

Foto: Accesswire

Figure 3: NW Ontario Claim Group Locations, Bedrock Geology with Historic Pegmatite Notations

Whitefish Lake Claims

The Whitefish Lake Claims are comprised of 1,484 claims (instead of the 1,584 claims noted in the June 16th News Release) covering 30,791 hectares.

This claim group lies directly northeast of Dryden, Ontario, a city with population 7,500 located on the trans-Canada highway. CP rail lines pass through the claim groups. All claim blocks are road accessible.

The Whitefish Lake Claims were staked over several anomalous populations in lake sediment samples in Li, Cs, and Rb. (Each claim block contains >99th percentile samples for Li). E-W and ENE magnetic trending lineaments crosscut the properties.