Coloured Ties Applauds Investee Patriot Battery Metals Drilling Success at Corvette Lithium Discovery and Provides Update on Other Lithium Portfolio Assets
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("Coloured Ties" or the "Company") provides the following corporate update.
PATRIOT BATTERY METALS INVESTMENT UPDATE
Coloured Ties has been an early investor and has acquired a total of 1,740,700 common shares of Patriot Battery Metals via purchases thru the Canadian Securities Exchange from December to August 31, 2022, at an average cost of $1.48 per share.
On August 31, 2022 Patriot Battery Metals Inc. released core assay results for an additional six drill holes (CV22-037, CV22-038, CV22-039, CV22-042, CV22-043 and CV22-044) completed as part of the summer phase of the 2022 drill campaign at its wholly owned Corvette property, located in the James Bay region of Quebec. The target drill area - at the CV Lithium Trend - is located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and power line infrastructure.
- The Company is pleased to announce some of the strongest lithium mineralized intervals of the drill campaign to date at Corvette, including the strongest based on a lithium grade-times-width metric - CV22-042. This drill hole returned a continuous pegmatite interval (core length) of 159.7 m grading 1.65 per cent Li2O, including 9.0 m of 4.12 per cent Li2O, and was completed as follow-up along strike eastwardly of the 2.22 per cent Li2O over 70.1 m intercept in drill hole CV22-017 (see news release dated May 24, 2022) (Figures 1 and 2). Additionally, drill hole CV22-044 was completed as a step-back to CV22-017 to test the high-grade zone at depth and returned 86.2 m grading 2.13 per cent Li2O, including 18.0 m of 3.07 per cent Li2O (Figure 3). Collectively, both drill holes (CV22-042 and 044) have extended the high-grade lithium zone - first intersected in CV22-017 - along strike and to depth, respectively.
- Ken Brinsden, Non-Executive Chairman and Director, comments: "The scope of lithium mineralization at Corvette is incredible, with further strong intercepts from the summer program continuing to demonstrate the scale and grade of the mineralized envelope. Remaining open to the east, west, and to depth, in addition to the numerous other lithium pegmatite targets on the Property, the Corvette Project remains highly prospective beyond what we have found to date. Corvette is one of the world's great lithium raw materials discoveries with full credit to the team as we continue to realize its potential."
Coloured Ties investment in Patriot Battery continues to return amazing returns with Patriot Battery Metals' stock closing at $6.96 per share on September 1, 2022. Coloured Ties will continue to monitor the drilling success at Corvette Lithium over the coming months with further drill results pending and an aggressive drill program underway at the Corvette Lithium discovery.
For more information about Patriot Battery Metals, please visit: https://patriotbatterymetals.com/patriot-announces-best-drill-intercept-to-date-1-65-li2o-over-159-7-m-including-4-12-li2o-over-9-0-m-at-the-corvette-property-quebec/
LITHIUM CLAIMS ACQUIRED IN QUEBEC LITHIUM BELT
On July 25, 2022, Coloured Ties reported that the Company had purchased 62 mineral claims, in the Cadillac-Pontiac region, about 50km southwest of Val-d'Or. The claims are immediately adjacent to claims currently held by Winsome Resources, a well-funded ASX listed Lithium exploration company and Vision Lithium, a TSX-V listed Lithium explorer. The Mazérac claims are accessible by a dense network of trails and other logging roads. The area also accessible through boat or seaplane within watershed of Decelles water reservoir, hosting the Rapid-7 hydroelectric dam of Decelles.
The general area has recently attracted many lithium prospecting and exploration companies such as Brunswick Exploration, High Tide Resources, Medaro Mining, NeoTerrex Corporation (private company), Renforth Resources, Sayona Mining, Vision Lithium, and Winsome Resources.
The Cadillac-Pontiac area has gained attention due to recent discoveries of several high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision Lithium Inc, spurred several other exploration and drill programs within the Cadillac area. Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac area and the Pontiac Sub province region, south of Val-d'Or and Rouyn-Noranda.
The claims have been acquired from prospectors, Mr. Griesbach and Junita Asihto. Mr. Griesbach is a Canadian-certified geologist with more than 40 years of mineral exploration experience across Canada, Africa, China, and Southeast Asia; Mr. Junita Asihto is a Quebec-based prospector with a strong understanding of the Mazérac region. The acquisition is subject to final TSX-V exchange approval.
On August 19, 2022, Coloured Ties has acquired another 46 mineral claims adjacent to the previous 62 claims from the same Vendor Group. The current claim block provides for a sizeable lithium exploration target and the Company will seek to monetize this asset going forward. The current claim block is surrounded by other public companies focusing on early-stage lithium exploration and substantial exploration dollars are being expending by these companies.
The Company will continue to monitor exploration activity and results obtained adjoining projects and develop an exploration plan within the area. As per initial plan, Coloured Ties is compiling a detailed geological data of the area. The adjoining property is owned by Winsome Resources, who have provided early technical summary of the area, which will be considered in understanding of prospects of the claims acquired by the Company. Winsome News Release regarding Mazerac Area can be found here: https://wcsecure.weblink.com.au/pdf/WR1/02480499.pdf
Coloured Ties is investigating the potential of spinning the newly acquired Lithium project into a public entity via a transaction that is deemed suitable with the goal to dividend out shares in the new lithium project to existing shareholders. There is no guarantee a transaction will occur, and management will keep shareholders updated as discussions progress.
Hertz Lithium Investment
Coloured Ties has acquired a total of 3M shares in privately held Hertz Lithium Inc., which is applying to complete an Initial Public Offering on the Canadian Securities Exchange in the coming months. The shares have been acquired for investment holdings and management will continue to monitor the progress at Hertz Lithium and update shareholders.
Hertz Lithium holds the Lucky Mica Lithium Property which consists of holds one hundred and twelve (114) contiguous LM (lode mining) claims (the "Property") for a total of 939 ha in the Maricopa County of Arizona. The Property is located approximately 10 kms southwest of the city of Wickenburg, Arizona.
From Hertz Lithium 43-101 Technical Report Dated May 18, 2022:
"Hertz now has sufficient information and data required to proceed with further exploration work with the objective of finding potential Mineral Resources on the Property. From the previous NI43-101 conducted on the property by SGS Canada Inc. (Paiement and Laporte, 2017), they were able to define a target envelope tonnage of between 330,000 and 551,000 tonnes to a depth of 60m with average grades between 0.3% and 2.5% Li2O. SGS Canada, Inc were able to identify at least seven (7) distinct pegmatite bodies on the Property, with most of the sampling and mapping to date focused on the first of these to be identified (the Lucky Mica dike). These dikes could increase the mineral potential to between 330,000 and 3.0M tonnes across the Arizona Pegmatite Belt. Hertz's exploration plan is to target all the pegmatite bodies identified on the Property, and to explore the multiple zones of lithium mineralization to assemble an economic resource tonnage and grade." Hertz Lithium has not completed any exploration to confirm the results from SGS Canada NI-43-101 report from 2017.
Hertz Lithium also holds an exclusive license to develop Penn State University Invention Disclosure No 2019-499 titled "A Novel Process for Extraction of Lithium from Spodumene". This exclusive license is to develop economical technologies to extract lithium from hard rock lithium sources including spodumene, lepidolite and amblygonite.
Hertz Lithium has the worldwide rights to develop this technology as the world seeks to meet lithium demand from various hard rock lithium sources.
Kal Malhi, CEO, states: "We have positioned Coloured Ties as a significant player in the lithium exploration investment field. With our early investment in Patriot Battery Metals and recently in Hertz Lithium, and our Quebec lithium project, we offer investors a solid vehicle as an investment in the emerging lithium market. We continue to seek sound investments and partnerships that offer significant returns for our shareholders and build our Net Asset Value."
The Company also advises that it has issued 1,900,000 stock options to directors, officers and consultants exercisable at a price of $.31 per share for a period of three years. Such options issuance is subject to exchange approval.
For further information please contact: https://www.colouredtiescapital.com
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
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