TORONTO, ONTARIO – May 25, 2023 – Weekapaug Lithium Ltd. (“Weekapaug” or the “Company”) (CSE: GRUV) is set to commence its Phase One exploration program at its 100% owned Nakina lithium property (the “Property”) adjacent the rapidly advancing Seymour Lake Lithium program. The comprehensive multi-phase plan aims to further determine the Property’s economic potential.
NAKINA PROPERTY OVERVIEW
The Property is road-accessible via the seasonal Maun Lake forest access road. The Property is located approximately 90 km north of the town of Geraldton and 300 km northeast of Thunder Bay. The Property covers 7,390 hectares over 360 mineral tenures within the Northern Thunder Bay Mining Division. The Property is underlain by a 10 by 13 km granitic body (the Maytham-Queenston lakes pegmatitic pluton) of the western Archean Superior Province, noted to contain lithium-bearing pegmatites in historical bedrock mapping and minerology reports. The Property is located within the highly advanced Green Technology Metals “Seymour Project” area and directly adjacent their Superb Lake Lithium prospect. To date, there has been no industry or systematic exploration coverage over the claim area making for a highly prospective grassroots project.
PHASE ONE EXPLORATION
The Company has engaged Planet X Exploration Services Ltd. (“Planet X”) to undertake the lithium exploration program. Phase One is expected to last two months and begin on July 1st, 2023. Initial exploration and mapping will investigate the mineralization potential of S-type granites and lithium-cesium-tantalum (LCT) pegmatites. Pre-field work will identify priority areas for mineralization based on lithological and structural characteristics. This stage will involve a detailed review of existing geological maps and reports, as well as the compilation of current and historical data. Based on this analysis, areas of focus will be targeted for fieldwork and necessary permitting and logistical preparation will be completed.
Fieldwork will involve mapping and prospecting to collect geological and geochemical data for occurrence identification, and to delineate pegmatites and identify LCT targets. The prospecting phase will be further broken down into reconnaissance, initial sampling, detailed geological mapping, and coverage of prospective areas with soil and till geochemical sampling. Collected samples will be analyzed to quantify the potential for economic lithium mineralization.
AIM OF PHASE ONE
The geology around the Property has yet to undergo systematic geological and mineralogical work directed at mineralization associated with the local rare-element pegmatites and related S-type, peraluminous granites. Interest in the type of pegmatitic granite that underlies the Property has only recently come to the forefront, with the growth of the rare-element market. Phase One will generate a comprehensive report and dataset, including detailed and concise maps, figures, and images building on recently collected and historical data. Combined with geochemical sample results, comprehensive data will be used to produce a Phase Two target-generation model for further evaluation and testing.
QUOTE FROM CEO ON PROJECT ADVANCEMENT
“We are thrilled to commence our Phase One program, this is an important milestone for the Company. With our amalgamation complete, Weekapaug is fully dedicated to exploring the economic potential of LCT pegmatites at Nakina. We have partnered with exploration service provider Planet X to help us define our Phase One targets while adhering to the highest responsibility and sustainability standards.” – Marc Branson, CEO and Director
GEOLOGICAL SETTING OF THE PROPERTY
The English River Terrane underlying the Property is a metasedimentary-dominated zone regarded as an accretionary complex or fore-arc basin which underwent deformation between the metavolcanic-rich Uchi sub-province and the orthogneiss-and-metaplutonic-dominated Winnipeg River (Wabigoon) sub-province, during a prolonged transpressive orogeny. The area has two types of granites: fertile peraluminous pegmatitic granite, and barren granite, with the former situated along the Wabigoon-English River sub-province boundary hosted by clastic metasedimentary rocks; while the latter is located in migmatites and tonalite to the north of the fertile granites, farther away from the sub-province boundary zone.
The Maytham–Queenston Lakes pluton pluton which underlies the Property is composed of peraluminous, massive, undeformed granites, containing coarse muscovite, pink to lilac garnets and small enclaves of metasedimentary rocks. Radiating fans of green plumose muscovite-quartz intergrowths, graphic blocky potassium feldspar-quartz, local graphic tourmaline-quartz, and garnet-green muscovite aplite layers have also been observed, indicating the potential for fertile pegmatites. These granites are typical parental bodies to rare-element and lithium-bearing pegmatite dikes documented along the Wabigoon–English River Sub-province boundary. The Maytham–Queenston Lakes pluton bears resemblance to fertile pegmatitic granites observed elsewhere, suggesting it could represent the parent body to considerable, undiscovered lithium and rare-metal–bearing pegmatite dikes.
Stephen Amor, Ph.D, P. Geo., a Qualified Person in accordance with National Instrument 43-101, has reviewed and accepted the technical material contained in this news release.
Weekapaug Lithium Limited is dedicated to exploring and developing its 100% owned Naikina Li Property in northern Ontario, Canada.
On Behalf of the Board of Directors,
CEO and Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information and Statements
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation.
These forward-looking statements, by their nature, require the Company to make certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the focus and results of the phase one exploration program at the Property; the timing and ability of the Company and Planet X to commence its projects; the Property being located next to a highly advanced lithium property; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Property; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of the Company to complete further exploration activities, including drilling; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company’s mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.