79North Inc. Acquires Lithium (LCT) Pegmatite Projects in Ontario

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TORONTO, Sept. 27, 2023 (GLOBE NEWSWIRE) -- 79North Inc. (CSE: JQ; FRA: 6120) (“79North” or the “Company”) is pleased to announce it has acquired 100% interest in two claim blocks with a total area of 980 hectares (the “Caribou Project”) in the area of the Seymour and Crescent Lake pegmatite groups in northern Ontario. The claims are approximately 25 kilometres northeast of the town of Armstrong which is 250 kilometres north of Thunder Bay and accessible by paved Highway 527 and the Canadian National Railway. The claims were staked on the Company’s behalf by President and Chief Executive Officer, Jon North, and have now been transferred to the Company. The Caribou Project is free from any property payments, work commitments (other than those required under the Mining Act (Ontario) to maintain the claims in good standing), or royalties.

There are known pegmatite-hosted lithium occurrences and deposits in the area. For instance, Green Technology Metals’ Seymour Project has disclosed a favourable inferred and indicated mineral resource in spodumene-type pegmatite 20 km east of the Caribou Project. Furthermore, Midex Resources’ Crescent Lake Project has disclosed multiple lithium-bearing, spodumene-type pegmatites with interesting surface area samples, 30 km east of the Caribou Project. Finally, FE Battery Metals’ Falcon Lake Project has disclosed multiple lithium-bearing, spodumene-type pegmatites with channel samples and drilling intersections with favourable Li2O 40 kilometres east of the Caribou Project.

The claim blocks were staked on the basis that there are mapped pegmatites and lake sediment anomalies of lithium and cesium in published work by the Ontario Geological Survey. The Company is still compiling data in the public domain and developing targets for exploration in the claim blocks. It is anticipated that an initial phase of prospecting and rock sampling will commence in the next few weeks, to be followed up by geophysical surveys and more detailed prospecting ultimately leading to the selection of drilling targets. In addition, the Company is developing additional exploration targets and anticipates staking additional claims.

Jon North, President and CEO of the Company commented “surprisingly, in spite of the fact there are many lithium-bearing pegmatites in the area, there is still a lot of open ground with mapped pegmatites and lake sediment geochemical anomalies of lithium and associated metals and we look forward to completing initial sampling of the pegmatites on the Caribou Project and expanding the project through additional claim staking.”