Refined Metals Corp Provides an update on 2023 Exploration Work Program at Lac Simard NE Lithium Property in Quebec

VANCOUVER, British Columbia, July 26, 2023 (GLOBE NEWSWIRE) -- Refined Metals Corp. (CSE: RMC) (OTC: RFMCF) (FRA: CWA0) (the “Company” or “Refined”) is pleased to provide an update on the 2023 Exploration Program (“Program”) on its 100% Lac Simard NE Lithium Property (the “Property”). The 2023 work program is planned to be completed in two stages, with stage one work having been completed during the first half of 2023. The intention of the stage one work was to access the areas of pegmatites located in islands within the western and northern part of the Property. As part of the stage one work, several pegmatites were identified in the field and were sampled. The stage one work program consisted of mapping, ground sampling of pegmatites and prospecting. In addition, a part of the work program was conducted to verify previously reported areas of mineralization (discussed below) and to explore pegmatites and other areas of interest. Several field traverses were conducted by using snowmobiles, ATV or walking on foot. The Company intends to use the data collected from this program to plan additional exploration work later in 2023 during the stage two work program.

The results of the prior prospecting and sampling work undertaken on the Property in 2022 identified a few pegmatites with assays highlighted below (please see the NI 43-101 technical report for the Property entitled “Technical Report on the Simard NE Lithium Property, Temiscamingue Area, NTS 31M10 Quebec, Canada, with an effective date of January 3, 2023, filed on SEDAR for additional details regarding these samples, including details regarding sampling methodology and quality assurance and quality control details), which the Company attempted to verify through the phase one work program by Geomap Exploration Inc.. Please see Figure 1 for a map displaying the sampling locations.

• Lithium values in the range of less than 15 ppm to 247 ppm, with five samples over 100 ppm lithium.
• Rubidium in the range of 29.3 ppm to 4,220 ppm, with 20 samples over 1,000 ppm, 14 samples over 2,000 ppm, and four samples over 3,000 ppm.
• Niobium from 2.5 ppm to 228 ppm, with 9 samples over 100 ppm Nb.
  

Rubidium and niobium are considered as rare metals which can be present in anomalous values in lithium-cesium-tantalum (LCT) type pegmatites which are favourable for lithium exploration.

Aman Parmar, Chief Executive Officer of Refined, comments, “I am very pleased to announce our exciting progress in the early stages of prospecting, mapping, and sampling at the Property. Our efforts have identified multiple pegmatites that show potential for lithium exploration. The presence of these promising pegmatites reinforces our confidence in the property's lithium prospects. The samples from the pegmatites are currently being analyzed, and we are eagerly awaiting assays. We believe that these assays will provide invaluable insights into the mineral composition and grade of the samples, bringing us closer to understanding the true potential of the Property. We are incredibly excited about the prospects that the Property holds for our company and our shareholders. The progress we have made in this stage of our exploration journey underscores our commitment to unlocking the full potential of this Property.”