Frank J. Basa, President and CEO, stated, "The prospect of expanding upon known zones and finding new zones containing nickel, copper, cobalt and PGM at Graal is encouraging from the results of the completed drill programs. Numerous drill hole intercepts confirm the potential of Graal property for hosting significant and thick massive sulfides mineralization. We will continue to add to these results within known mineralized zones to increase our understanding while stepping out to expand those zones along the defined trends while exploring for new zones."
Historical Exploration Highlights:
The Company is excited to add to the reported excellent drilling results from the MHY, Gravi and Discovery zones, confirming shallow, near-surface mineralization. Certain significant drill intercepts include PGM values added to the equivalents:
MHY Zone : Holes GRL-22-60 and GRL-22-61
GRL-22-60 returned:
28.90 m of 1.88% CuEq *, includes 0.73% Nickel (Ni), 0.41% Copper (Cu), 0.09% Cobalt (Co), 0.04 g/t Platinum (Pt), 0.05 g/t Palladium (Pd)
GRL-22-61 returned:
15.90m of 1.67 % CuEq *, includes 0.53% Ni, 0.56% Cu, 0.08% Co, 0.03 g/t Pt, 0.05 g/t Pd
Gravi Zone : Holes NRC-22-24 and GRL-22-57
GRL-22-57 returned:
8.40 m of 1.91 % CuEq * includes 0.68% Ni, 0.55% Cu, 0.08% Co, 0.08 g/t Pt, 0.03 g/t Pd
NRC-22-24 returned:
33.60 m of 1.11 % CuEq * includes 0.32% Ni, 0.46% Cu, 0.04% Co, 0.03 g/t Pt, 0.02 g/t Pd
Discovery Zone : Holes NRC-21-03 and GRL-22-32
NRC-21-03 returned:
5.70 m of 2.23 % CuEq * includes 0.84% Ni, 0.59% Cu, 0.09% Co, 0.03 g/t Pt, 0.03 g/t Pd
* For equivalents the prices were taken 2025-01-24 in USD: Cu $9,445.192/tonne, Ni $15,660.10/ tonne, Co $24,299.35/ tonne, Pt $950.00/oz, Pd $1,002.00/oz. Note that the CuEq is for total metal content without consideration for recovery and/or metallurgical losses .
Figure 1
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Next Steps:
The Company has engaged Laurentia Exploration to design and manage the program while continuing the permitting process to be able to expand the near surface zones at Graal. This expansion aims to further delineate the resource potential and enhance the economic viability of the project.
The Company intends on following up on the geophysical anomaly delineated by TDEM surveys on the MHY zone that indicated a large conductive layer interpreted to be approximately 1.7km long with a minimum depth extent of 850m . Due to the nature and extent of the Graal mineralization, this survey returned a strong response to this electromagnetic. The Company plans to use the same method to explore and generate new drill targets between MHY and Discovery Zones. Several BHEM (Borehole electromagnetic surveys) made in the previous drill campaign also reveal several other conductors and extension modelled by Maxwell that need to be tested or delineated.
Currently, the interpreted models indicate a potential for a low-grade, large-volume orebody with local and smaller but richer and thicker lenses along the mineralized trend, as seen in the intersection made in drillhole GRL-22-61. This scenario suggests the possibility of having a large, low-grade starter pit that can evolve to underground mining of the rich higher-grade pockets .
Strategic Location:
The Graal property boasts an excellent location north of Saguenay-Lac St. Jean, offering several logistical advantages:
Year-Round Accessibility: The site is road-accessible and drill-ready throughout the year.
Proximity to Infrastructure: The nearby Chute-de-Passe power station provides reliable and cost-effective energy.
Local Industrial Hub: The town of Lac-St. Jean, an industrial hub, offers a skilled workforce and port access to the St. Lawrence River.
Qualified Person
The technical information reported in this news release was reviewed and approved by Maxime Bouchard, Geo, M.Sc. (OGQ #1752), an independent Qualified Person as defined by Canadian NI 43-101 standards. The Qualified Person has not completed sufficient work to verify the historical information on the Property, particularly regarding historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper and cobalt and platinum group metals in Québec. Coniagas' strategy is to create value for shareholders through the development of its mineral properties, with the intention to develop Coniagas into a critical metals supplier to the electric vehicle (EV) market.
At its 100% owned Graal project near Saguenay, Quebec, Coniagas has conducted successful exploration involving geophysics as well as shallow drilling that hit mineralization in almost every hole. It has confirmed an open-pit deposit model at Graal along a 6 km strike length of high-grade nickel and copper with cobalt, platinum and palladium byproducts. The Company plans in the near-term to conduct additional drilling leading to the production of a Ni 43-101 resource report, metallurgical testing and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the "NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada" dated January 17, 2024. The report is available along with other information at the Company's website https://coniagas.com/
"Frank J. Basa"
Frank J. Basa, P. Eng. Member of Professional Engineers Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: waynecheveldayoff@gmail.com
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Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. ("Coniagas" or the "Company") which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Coniagas trading on the TSX Venture Exchange, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
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