Positive Independent Review of Lake Pierre Lithium Project

TORONTO, ON / ACCESSWIRE / March 4, 2024 / Velox Energy Materials Inc. (TSXV:VLX) ("Velox" or "the Company") is pleased to provide an update on the Lake Pierre Lithium Project in Quebec.

Highlights

- Independent desktop study of all historic data covering the Lake Pierre Lithium Project completed. The report concludes:

- Multiple pegmatites identified at surface and within historic drill data.

- At least three generations of massive pegmatites have been identified.

- The geological conditions (metamorphism and sedimentary rocks) are deemed favorable.

- Limited lithium geochemistry and limited detailed geological mapping provide an opportunity to discover new lithium bearing pegmatites.

- Potential to find additional uranium mineralization on the margins and within the granitic intrusion.

Velox's President and CEO, Simon Coyle, commented:

"The independent review has been extremely beneficial to Velox and has further enhanced our understanding of the Lake Pierre opportunity. The area is a known mining province, with the Rio Tinto Ilmenite mining operation and established infrastructure, it possess all the ingredients for a fast mover in the Quebec region.

"Velox in collaboration with our Canadian advisors, will conduct first pass ground reconnaissance works during CY2024, with the aim to establish exploration targets of both lithium and uranium. The potential for both of these exciting emerging commodities is real in the region and we are excited to see where we end up."

Review of Historical Data

The Lake Pierre Lithium Project situated in the Quebec North Shore and approximately 55km east of the town of Havre St Pierre (Figure 1), has undergone an independent review conducted by ISO Services Geoscientifiques Inc. (ISO). ISO has over 23 years of experience in Quebec, possessing relevant expertise in the Lake Pierre region of the Granville Orogeny.

The project encompasses rocks of the Wakeham Group, which includes metasediments, gabbro and amphibolites. Additionally, the Turgeon Granite and the contact zone between these two units are present.

There has been extensive exploration campaigns for uranium within the Turgeon Granite over the past 50 years, culminating in the discovery of the Double S uranium deposit. Uracan Resources reported an Indicated resource of 21.5 Mt @ 0.014% U₃O₈ and 56.96 Mt of Inferred resources @ 0.012% U₃O₈ (Report on Minerals Activities in Quebec 2011). These mineral resources are hosted in pink pegmatites that cut the Turgeon Granite (Figure 2). Notably, the deposit has been interpreted to be similar to the world-class Rossing uranium deposit in Namibia, which still hosts 62 Mt of ore reserves at 0.039% U₃O₈[1].