CBLT Announces Assay Results from Shatford Lake (Lithium)

Burlington, Ontario--(Newsfile Corp. - July 31, 2023) - CBLT Inc. (TSXV: CBLT) ("CBLT") is pleased to announce excerpts from the assay results from samples taken at Shatford Lake in May, 2023.

Assay Results

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A total of ten grab samples were collected during the most recent site visit from pegmatite outcrops along the southern shore of Shatford Lake. Rubidium is enriched in most of the recent samples, which could indicate a high degree of fractionation in the pegmatites and be used as a vector towards lithium or other rare element mineralization.

A continuation of east-west striking pegmatites was observed south of Shatford Lake as determined by prospecting, mapping and sampling. Continuation of the larger evolved pegmatite (detailed in CBLT's February 13, 2023 press release) occurs up to 500 meters west of the shoreline occurrence in at least two 1 to 5 meter wide vein sets (map below). These vein extensions are megacrystic microcline quartz pegmatites and are petrographically similar to evolved haloes in the high grade LCT pegmatites seen at the Tanco mine and other LCT deposits in the region. These vein extensions also contain local spectacular mica series mineralization from black biotite to phlogopite, chrome mica to spectacular muscovite series.

Pegmatite occurrences thus far sampled in CBLT's claims contain anomalous tin, tantalum, and rubidium with local anomalous lithium. CBLT is highly encouraged by these multi-element anomalies.

Shatford Lake and the general pegmatite area are located in the Bird River Pegmatite Field in Manitoba, three kilometers south-southwest of the Tanco Mine. CBLT recognizes the significance and importance of Sagkeeng First Nation's Traditional Land Rights in the area, and openly welcomes continued engagement with the Sagkeeng Chief and Council. CBLT has collaborated with the Province of Manitoba's Agriculture and Resource Development and the University of Manitoba to coordinate other geoscientific assistance, with assistance procured from a Ph.D. level program graduate.

Location of Shatford Lake and proximity to Tanco Mine

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The 2023 Program

The pegmatite sampled at the southeast of Shatford Lake is sub-vertical in dip and subparallel in strike to the evolved LCT pegmatites located at the Tanco Mine. Shatford pegmatite field assemblages are generally steep in dip, possibly due to insertion along favorable tensile locations that are along axial limbs in relation to the Tanco area. The steeper dip equivalent to Shatford Lake may be represented by the LCT pegmatite field located 20 kilometers to the north near Cat Lake.

The main larger pegmatite should see additional work in upcoming site visits to properly delineate the fullest possible strike length in surface exposure. Numerous affiliated pegmatites near this occurrence should also be sampled in future visits. The vein sets are open to the east and west of the sampled locations on the claims.

Sample locations May 2023, southeast Shatford Lake

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The proximity to the Tanco Mine is important to CBLT. The Tanco Mine hosts an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it. It was reported by The Northern Miner in April, 2022 that lithium production had resumed at the Tanco. The Northern Miner is a credible source of mining-related news; however, as the Tanco owner is a Chinese company, there is limited reliable public information available.

The Shatford Lake claims contain a number of pegmatite granite fields within mafic volcanic assemblages which are often exposed as higher topographic lineaments in the Shatford area and also throughout the Bird River/Winnipeg River region. The regional geology indicates the presence of a similar structural emplacement and extensional structural environment for emplacement of LCT-bearing pegmatites in many locations including Shatford Lake.

The potential for more prolific LCT style pegmatites is commonly found near favourable structural environments along these mafic-granitic contacts. The Tanco pegmatite itself is hosted by a large massive amphibolite and possible mafic intrusive protolith that likely offered favorable tensile conditions during LCT evolution and insertion into the region's country rock masses. Further investigations of CBLT's claims are warranted to explore for additional evolved pegmatite fields given the proximity to the Tanco Mine.

It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O (GSWA Mining Bulletin No. 22, page 66). This is a historical third-party estimate and CBLT has no information as to the methodology used to calculate this estimate or whether it was carried out under the supervision of a Qualified Person, as that term is defined in NI43-101. Readers are cautioned not to rely upon this estimate.

Samples were analyzed by AGAT Labs in Mississauga, Ontario, an independent accredited lab, by sodium peroxide fusion with an ICP-OES or ICP-MS finish. Samples were analysed for 57 elements. Readers are cautioned that surface samples are random by nature and may not accurately reflect the entirety of the mineralization at Shatford Lake.

Jessica Daniel, P.Geo., a CBLT independent director, is overseeing the Shatford Lake programs and is the Qualified Person under NI43-101 for this press release.

CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com
@ClausiPeter

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