Target Areas Prioritised For Initial Lithium Exploration Program

Cazaly Resources Limited (ASX: CAZ, Cazaly, or the Company) is pleased to provide an exploration update for the Sundown lithium project, located in the James Bay lithium province, Quebec, Canada.

Highlights

• The Sundown project comprises a very large holding of ~260km² with over 200 documented outcropping pegmatites
• Large areas containing clusters of potential pegmatite outcrops, with several exposures up to 1.5km in length, have been identified as priority exploration targets to be assessed during initial exploration activities
• Helicopter supported inaugural exploration program scheduled for early September

The Sundown project represents a significant acquisition for the Company, comprising 510 mineral claims covering an area approximately 260km2 with over 200 documented outcropping pegmatites^a.

The large tenement holding is strategically positioned (Figure 1) between Allkem’s (ASX:AKE) James Bay deposit with a lithium resource of 110.2Mt @ 1.30% Li2O^b, and Patriot Battery Metals (ASX:PMT) Corvette Lithium Discovery with a lithium resource of 109.2Mt at 1.42% Li2O within a 214km2 land package^c.

Figure 1. Sundown lithium project location relative to significant lithium projects with quoted mineral resources.

Target generation and planned fieldwork

Targeting potential pegmatites in outcrop has been refined using data extracted from Québec’s SIGÉOM database including geofiche and compilation outcrop data, geological mapping, and various satellite imagery including multi-spectral data, and digital terrain models.

Target ranking of potential pegmatites is based on satellite imagery, geological observations of pegmatite occurrences made by the geologists of the Québec Ministry of Natural Resources and Forestry (MERN), elevated levels of lithium in lake bottom sediment samples, and proximity to the Gladman Suite, a new lithium prospective zone identified by MERN geologists in 2022. The Gladman Suite is characterised by the presence of numerous E-W trending pegmatitic granite dykes and the presence of tourmaline, garnet and muscovite in these rocks indicates a hyper aluminous composition suitable for the development of lithium mineralisationd. For a comprehensive list of all outcropping pegmatite locations on the property, please refer to Cazaly’s ASX announcement dated 31 May 2023.

The western half of the property has significant exposure of outcrop and as such targeting in this area has identified two large priority areas to initially test for lithium bearing pegmatites. Two priority target areas were also identified on the eastern side of the property (Figure 2).

Figure 2. Sundown lithium project with priority sample areas 1-4 circled in black.

Priority target areas have been defined in order to focus initial efforts for rock chip sampling among the +200 observed pegmatites on the property. The priority areas include clusters of potential outcropping pegmatites with several exposures up to 1.5km in length (Figures 3 and 4).

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