Multiple Targets Identified at James Bay Lithium Projects

Lightning Minerals (“L1M” or “the Company”) is pleased to provide an update on its due diligence process for the acquisition of the Dalmas and Hiver lithium Projects (the Projects) in James Bay, Quebec, Canada. Multiple pegmatite target areas have been identified through multispectral analysis which will form the basis of phase 1 exploration works and reconnaissance. This is a crucial step in the Company’s due diligence process regarding the proposed acquisition of the Projects¹ which once complete will be announced to the market.

HIGHLIGHTS

• Multispectral analysis (Sentinel 2 and ASTER satellites) has identified multiple pegmatite target areas at the Dalmas and Hiver Projects
• 165 discreet signatures that form seven exploration target areas identified across both projects. Target areas up to 2.7km in length at Dalmas and 2.1km in length at Hiver
• Results form the basis of phase 1 sampling, ground truthing and reconnaissance which is planned to begin post deal completion

The Dalmas Project area exhibits 113 potential targets, the remaining 52 targets occur within the Hiver Project tenure. The majority of multispectral targets appear to occur in four clustered areas at Dalmas, and three at Hiver. Identifying these target areas is a crucial step in defining a phase 1 work program consisting of rock chip sampling and ground reconnaissance which will focus on the potential identification of lithium bearing pegmatites. Phase 1 works are planned to begin immediately following satisfaction of due diligence and deal completion.

Lightning Minerals Chief Executive Officer Alex Biggs said, “As we get closer to completing our due diligence on the Dalmas and Hiver Projects it is fantastic to see early-stage positive exploration results that provide a clear pathway for on ground exploration. Multispectral analysis is an excellent first step in developing prospectivity of the project areas and has been utilised in the James Bay region recently. These target areas now give us a starting point for exploration allowing us to effectively target areas of interest. The acquisition of the Projects is still pending successful completion of the Company’s due diligence but it should be noted that works are on track and positive at this stage. We look forward to updating the market as soon as due diligence is finalised”.

DALMAS PROJECT - TARGET GENERATION

The Dalmas Project is located in the James Bay region of Quebec approximately 150km to the east of Patriot Battery Metals’ (ASX: PMT) Corvette lithium project and 45km to the east of Winsome Resources’ (ASX: WR1) Adina lithium project. Within the Dalmas Project area 113 discreet multispectral signatures have been identified, which broadly form four clustered areas for follow up investigation (Figures 1 and 2). These signatures have the potential to represent lithium-caesium-tantalum (LCT) pegmatites. Field verification will be conducted during the phase 1 work program phase.

Figure 1: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image.

Figure 2: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image and 1:2,000,000 QGS interpreted bedrock geology.

The Dalmas project geology is interpreted by Quebec Geological Survey (QGS) at a 1:2,000,000 scale, this can be summarised at a project scale as felsic intrusive lithologies (granite/tonalites) juxtaposed against greenstone and metasedimentary units. The Quebec Geological Survey historic outcrop mapping information is also displayed in Figure 2, with previously mapped outcropping pegmatitic lithologies occur at three of the four priority areas. These sites will be visited as a priority during the phase 1 work program for verification. The prospect scale relationship between the geological setting, the QGS mapped pegmatitic outcrops and the potential for LCT pegmatite mineralisation will be a focus for field investigations.

HIVER PROJECT MULTISPECTRAL ANALYSIS

The Hiver Project is also located in the James Bay region of Quebec, covers an area of 32km2 and is located approximately 4km from the Trans-Taiga Road highway. The Project is adjacent to Megado Resources’ (ASX: MEG) Cyclone lithium project and in the proximity of multiple lithium exploration opportunities. The Hiver project contains 52 discreet potential pegmatite signatures have been identified, which broadly form three clustered areas for follow up investigation (Figure 3 and 4). Quebec Geological Survey historic outcrop mapping information is also displayed in Figure 4. Previously mapped outcropping pegmatite lithologies occur at one of the three priority areas.

The Hiver Project geology is interpreted to consist of folded and faulted extensions of greenstone lithologies (Aquilon Group) against granites of the Tramont Suite. At this early stage of exploration, and similar to the Dalmas Project the relationship between the geological setting, the historic QGS mapped pegmatitic outcrops and the potential for economic LCT pegmatite mineralisation will be a focus for field investigations.

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