CGrowth Capital Inc. Confirms Discovery of Lithium Bearing Rock in Exploration Breakthrough

NEW YORK, NY, Feb. 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – CGrowth Capital Inc. (OTC: CGRA) is a public holding company for alternative and undervalued assets. The company is sector and industry agnostic and currently consists of two divisions including Mining and Sports Technology. The company is focused on investing in growth-oriented opportunities where the company’s capital, expertise, and capabilities can help create significant added value for shareholders.

CGRA Mining Inc. is excited to announce the successful completion of field mapping and sampling aimed at determining the potential for Lithium (Li) deposits on selected prospecting concessions owned by CGRA in the Dodoma Region of Tanzania.  Following the appointment of Metminec (Pty) Ltd to execute this exploration project, the work has now been independently verified by competent persons in accordance with the industry standards of JORC, SAMREC, and NI 43-101. The comprehensive Geology Report, along with the Magnetic Data Processing & Interpretation Report, is now available for review on the CGRA Mining website.

During the field mapping phase, thirty-two rock samples were collected and subsequently submitted to the SGS Laboratory in Mwanza, Tanzania, for geochemical analysis using ICP-OES (Inductively Coupled Plasma Optical Emission Spectrometry). The primary objective of this analysis was to determine the presence of economically significant elements, particularly lithium, within these rock types. To date, analytical results for twenty-four samples have been received, revealing that twenty-two contain traces of lithium, with the highest recorded content at 44 parts per million (ppm). Additionally, most samples have shown ratios indicative of potential rare element enrichment, further underscoring the area's potential for lithium extraction.

This discovery is particularly significant, as the concession area is characterized by pegmatites, geological formations renowned for their capacity to host substantial deposits of spodumene. Spodumene, a critical lithium aluminum inosilicate mineral, is one of the most concentrated sources of lithium, making it highly sought after for extraction. Its extractive efficiency gives it a notable advantage over other lithium sources, such as lithium brines. Unlike these other sources, spodumene can be mined and processed in a more straightforward and predictable manner, making the mining process well established and preferable for lithium extraction.