#Lithium #Stock FIRST ENERGY METALS (CSE: $FE.C) (OTC: $ASKDF) Reports
Commencing EXPLORATION WORK AT AUGUSTUS LITHIUM PROPERTY
Vancouver,
B.C. (February 03, 2021) – (Investorideas.com Newswire) Breaking Lithium stock
news at Investorideas.com Newswire and Renewableenergystocks.com - First Energy
Metals Ltd. . (CSE: FE) (OTC: ASKDF ) ("First Energy" or
the “Company) is pleased to announce that it has planned Phase 1 Exploration
work on its recently acquired Augustus lithium property located near Val-d’Or
in Quebec, Canada. The work will commence in the second week of February and
includes prospecting, mapping and sampling of known lithium prospects (Augustus
and Canadian Lithium Prospects) on the Property. The scope of work is to
confirm the historical surface sampling results on three known historical
lithium and silver prospects, to confirm location of historical drill holes,
and to develop future exploration targets on the property.
Read this news featuring
First Energy Metals in full at https://www.investorideas.com/news/2021/mining/02031First-Energy-Metals-Augustus-Lithium.asp
The
Phase 1 work plan is based upon the compilation of historical exploratory
drilling data available from the Ministry of Energy and Natural Resources
Quebec. The Company has acquired data for 62 drill holes with over 10,000
metres drilling carried out on the Property since the early 1950’s. Highlights
of historical exploration work on three historically known prospects are
provided below and was partially reported in January 21 news release of the
Company.
Augustus
Lithium Prospect
·
The Augustus pegmatite
is oriented N30°W, extending more than 850 meters along strike, and lithium
mineralization is confined to the pegmatite body with an average grade of 1.12%
lithium oxide (Li2O) (0.52% Li) across an average width of 7.6. meters. Its
depth extension is not fully known yet, however previous drilling has
intersected high-grade lithium down to 682 feet (207 m). (Source: Géologie Québec - Results of the query
(gouv.qc.ca)).
·
The highlights of the
previous drilling results include:1.69% Li2O over 9 feet (2.74m), 1.25% Li2O
over 27.5 feet (8.38m), 1.07% Li2O over 20 feet (6.1m), 1.66% Li2O over 12.5
feet (3.8m), and 1.41% Li2O over 27 feet (8.23m) (Source Report GM03952).
·
Based on the 1955 drilling
results, the continuity of lithium mineralization is established between all
drill holes for over 850 meters strike length down to a depth of 207 m (682
feet) of the Augustus pegmatite body. If mineralization continuity can be
proven by future drilling down to over 200 meters level as shown in historical
drill hole results, a potential resource target of 4 million tonnes at 1% Li2O
can be achieved.
Cautionary Statement: Investors are
cautioned that the potential quantity and grade mentioned above is conceptual
in nature, there has been insufficient exploration to define a mineral resource
and it is uncertain if further exploration will result in the target being
delineated as a mineral resource. The potential target is based upon historical
drilling results taken from report GM03952 (April 27, 1956) and other sources
from MRNF Quebec.
Canadian
Lithium Prospect
·
The Canadian lithium
prospect is a worked deposit representing a group of parallel pegmatite dykes
associated with Lacorne Batholith contains aggregates of spodumene, lepidolite,
quartz and feldspar accompanied by traces of beryl, clevelandite,
colombo-tantalite.
·
Drilling at the
prospect have shown low grade lithium bearing pegmatite intersections of
extensive widths. A total of 14 historical drill holes are located on this
prospect having drilled depths in the range of 26m to 184m and a cumulative
drilling of 944m. It has been estimated that a section of 90.0 m by 30.0
m contains 5.0 to 10.0% lithium bearing spodumene. (Source Reports GM03952 and GM00744). This deposit
represents a potential for low grade bulk tonnage of lithium pegmatite
material.
·
The
highlights of historical drilling program are: 0.25% Li2O over 154.1 feet
including 1.25% Li2O over 13.5 feet, 0.12% Li2O over 227 feet, and 0.14% Li2O
over 173.6 feet. (Source Reports GM03952
and GM00744).
Landrienne Silver
Prospect
·
Silver mineralization occurs in quartz and carbonate
veins intersecting felsic to mafic lavas and locally in massive sulphides.
These volcanics belong to the Landrienne Formation. The mineralization is
mainly in the form of sulphides (pyrite, chalcopyrite, pyrrhotite) disseminated
in quartz and carbonate veins and also locally in the form of lenses of massive
sulphides.
·
Historical drilling documented for this prospect comprised
of 30 drill holes with over 6,000 m cumulative drilling.
·
Report GM 02989-B: the best results obtained from the
holes drilled in 1954 are 10.3 ppm silver over 0.8 meters, 11.7 ppm silver over
0.6 meters, 8.6 ppm silver over 0.6 meters, 9.6 ppm d silver over 0.6 meters,
2000 ppm copper over 1.5 meters, 1000 ppm copper over 0.6 meters, 8.6 ppm
silver over 0.6 meters. GM 28244: a drilling carried out in 1972 returned 2000
ppm of copper over 2.6 meters. GM 66408: a selected sample yielded 36.8% iron.
Cautionary Statement: Investors are
cautioned that the above information is taken from the publicly available
sources. The Company has not been able to independently verify the information
contained. The information is not necessarily indicative of the mineralization
on the Property, which is the subject of this news release. The Company will need to conduct exploration to confirm
historical mineralization reported on the property and there is no guarantee
that significant discovery will be made as a result of its exploration efforts.
The Company is in the process of compiling exploration and geological data
available on the property and surrounding area to develop an exploration work
plan.
Afzaal Pirzada, P.Geo., who is a consultant of the
Company, and a “Qualified Person” for the purposes of National Instrument
43-101 - Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and technical
information contained in this news release.
About First Energy Metals Limited.
First Energy
Metals is a Canadian mineral exploration company with a primary focus of
acquiring a technology and precious metals mineral property portfolio. Its goal
is to identify, acquire and explore North American mineral prospects.
The company's
strategy is to:
·
Acquire and advance projects through prospecting and
early-stage exploration;
·
Source joint venture partners to finance future
exploration and project development;
·
Create shareholder value through exploration
success.
First Energy
will continue to add to its multicommodity portfolio through organic
acquisitions of new projects and opportunities with the intention of adding
value and projects over time.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
"Gurminder Sangha"
Gurminder Sangha
President & Chief Executive Officer
For
further information, please contact the Company at: gsangha@firstenergymetals.com or at (604) 375-6005
Neither the Canadian Securities
Exchange (CSE) nor its Regulation Services Provider accepts responsibility for
the adequacy or accuracy of this news release and has neither approved nor
disapproved the contents of this news release.
Forward-looking Information
Except for the statements of historical fact, this news release contains “forward-looking
information” within the meaning of the applicable Canadian
securities legislation that is based on expectations, estimates and projections as
at the date of this news release. “Forward-looking information” in this news
release includes information about the Company’s proposed Transaction with Mr. Fayz Yacoub; and other forward-looking information includes but is not limited to information concerning
the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from
those described in such forward-looking
information include, but are not limited to, the Company’s proposed Transaction
with Mr. Fayz Yacoub may not be completed on the terms and timing currently
contemplated, or at all; and other risks as more fully set out in the
Company’s continuous disclosure filings at www.sedar.com.
The forward-looking information
in this news release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to the Company.
In connection with the forward-looking information contained in this news
release, the Company has made assumptions about the Company’s ability to obtain
required approvals and close the proposed Transaction with Mr. Fayz Yacoub. The
Company has also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance
and accordingly undue reliance should not be put on such information due to the
inherent uncertainty therein.
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FIRST ENERGY METALS LIMITED 1206
– 588 Broughton Street Canadian Securities Exchange: FE Vancouver, British Columbia U.S. 20-F Registration: 000-29870 Canada, V6G 3E3 OTC Bulletin
Board: ASKDF Email:
gsangha@firstenergymetals.com Frankfurt Stock Exchange: A2JC89
