Positive Progress on Projects is Turning Quebec into a Near-Term Global Lithium Powerhouse
Vancouver, March 13th, 2023 - Arbor Metals Corp. ("Arbor" or the "Company") (TSXV:ABR), (FWB:432) considers the positive progress recently made in Quebec on the advancement of lithium projects, as instrumental in Quebec becoming a near-term global lithium powerhouse, and supportive of a high level of exploration activities in the James Bay region.
Recently, the Government of Canada gave the "Green Light" for the James Bay Lithium mine, located 100 kilometres east the Eastmain Cree Community, and about 270 kilometres West-Southwest of the Company's Jarnet lithium project contiguous with Patriot Battery Metals Inc.'s (PMET) high-profile Corvette lithium project. The James Bay Lithium mine is owned and being developed by Allkem Ltd. (formerly Galaxy Resources Limited (Galaxy) and Orocobre Limited), an Australia-based lithium producer.
As outlined in Allkem's 2023 Half Year Results (Allkem website -February 24th, 2023) and at last week's BMO Global Metals, Mining & Critical Minerals Conference in Florida, where Allkem's MD & CEO, Martin Perez de Solay indicated that Allkem is fully funded with plans to triple lithium production in the near future. On the James Bay mine, key construction permits are completed and ready for submission (after ESIA is approved). Once permits are secured, construction will commence, and Allkem will update guidance for first lithium production (Allkem website -February 24th, 2023).
Other lithium projects advancing in Quebec include Sayona Mining/Piedmont Lithium Inc.'s Sayona Project in La Corne, with an agreement with Tesla for shipments of spodumene, and Philadelphia-based Livent Corp.'s (NYSE: LTHM) 50% interest in Nemaska Lithium Inc., directed at development and production of the Whabouchi spodumene deposit.
The Company's Jarnet lithium project, located in the James Bay region of Quebec, comprises 70 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet South block is less than two km northwest of PMET's CV-5 pegmatite zone, where an aggressive diamond drill program is in process, having made a number of significant discoveries. PMET recently reported 156.9 metres of 2.12 per cent Li2O (lithium oxide), including 25 m of 5.04 per cent Li2O (see PMET news release, Jan. 19, 2023) from the CV-5 pegmatite zone on the Corvette-FCI property.
Note: Company management cautions the discoveries and observations on properties in proximity to the company's properties are not necessarily indicative of the presence of similar mineralization or geology on the company's properties.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
Arbor Metal Corp. is a mining exploration company specializing in the development of high-value, geographic significant mineral projects around the world. As industry leaders, we are paving the way for advanced mineral exploration as we oversee world-class mining projects. We believe quality projects, combined with proven strategies and a professional team will deliver superior results. We hold three exceptional mineral projects.
Jarnet Lithium Project, located in the James Bay Region of Quebec, which comprises of forty-seven map designated claims, covering an area of approximately 3,759 hectares. The Jarnet Project is contiguous to the Corvette-FCI Property, where diamond drilling has confirmed significant lithium mineralization, and represents one of the highest profile lithium exploration projects in the sector.
The Rakounga Gold Project consists of an exploration permit covering a two-hundred-and-fifty square kilometer area located along the Goren Greenstone Belt in central Burkina Faso.
For further information, contact Mark Ferguson, Chief Executive Officer, at firstname.lastname@example.org, or visit the Company's website at www.arbormetalscorp.com.
On behalf of the Board,
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium Project, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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