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Comet Lithium’s Sustainable Lithium Extraction in Quebec’s James Bay Region

3 October 2023 13:04
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Comet Lithium (TSXV: CLIC | FSE: 8QY), a prominent player in the lithium-focused exploration sector, is dedicated to spearheading the transition to a sustainable energy future through its focus on lithium exploration within Quebec’s James Bay District, with special emphasis on their flagship asset, the Liberty Property, as they respond to the growing demand for lithium in the evolving energy landscape.

The Global Lithium Demand Surge

As the world races toward a greener and more sustainable future, the demand for lithium, a crucial component in electric vehicle (EV) batteries, is set to skyrocket.

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Figure 1: Global Lithium Demand – Electric Vehicles

McKinsey & Company projected the annual growth rate of battery-electric vehicle production at 26 percent in until 2030, translating to a 20 per cent annual surge in lithium demand.

Major automakers are actively pursuing ambitious EV initiatives, with Toyota, Volkswagen, Ford, BMW, Volvo, Geely, Mercedes, and General Motors all pledging significant investments in electrification, with these announcements underscoring the undeniable shift toward electric mobility, driving the demand for lithium to new heights.

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Figure 2: Major Automakers are planning for the market transition to EV’s

Quebec’s Lithium Advantage

Quebec’s James Bay region holds a compelling edge in the lithium extraction landscape, driven by several key advantages.

The area boasts substantial spodumene-bearing pegmatite deposits, a primary source of high-grade lithium ore, positioning it as a coveted destination for lithium exploration.

Moreover, Quebec enjoys a well-established infrastructure network, encompassing roads and ports, which efficiently facilitates transportation and logistics for mining operations, effectively reducing both time and costs.

Additionally, the region benefits from abundant hydroelectric power, offering a clean and sustainable energy source that aligns seamlessly with lithium’s eco-friendly nature and its critical role in powering electric vehicles.

The Liberty Property

Comet Lithium’s primary asset, the Liberty Property, is located strategically adjacent to Winsome Resources’ high-grade lithium pegmatite discovery at its Adina Project.

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Figure 3: Liberty Lithium Property – Strategically Positioned

The property features five primary regional structures cross-cut by east-northeast structures, with ten identified structural intersections that hold potential for pegmatite intrusions.

The Company’s exploration campaign for 2023 is currently in the evaluation phase, with a primary focus on evaluating the inaugural drill program.

Multiple drill holes have been identified within the Trieste volcanic formation, known for spodumene-bearing pegmatites, with extensive soil and rock sampling having successfully taken place, with results expected soon.

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Figure 4: Liberty Lithium Property

Strong Leadership

The Company is led by a dynamic management team with extensive experience in the mining industry.

Mansoor Jan Niazi, the Interim President and CEO, brings 18 years of industry expertise to the helm. His career journey began in 2007 at a Rio Tinto majority-owned alumina refinery in Queensland, Australia, and subsequently evolved into corporate roles in Brisbane, where he contributed to Rio Tinto’s Energy Business Development division.

Mansoor later joined BHP in 2015, gaining diverse experience in business planning, logistics, business development, and technology, both in Brisbane and Chile. He holds a BA/MSc in Economics and a Master of Commerce from the University of New South Wales.

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Figure 5: Mansoor Jan Niazi – Interim President/CEO

Sylvain Champagne, the Chief Financial Officer and Director, is a seasoned executive who also serves as the CFO and Director of Visible Gold Mines Inc. Together, this experienced team forms the backbone of Comet Lithium’s leadership, guiding the Company toward its strategic goals and sustainable growth.

Future Outlook

As preparations intensify, the drilling orientation is expected to follow a north-south to north-west direction with a 45-degree dip, strategically targeting magnetic contrasts to unlock the property’s full exploration potential.

As Comet Lithium continues to de-risk its drill program, they are armed with promising surface sampling results, ongoing mineralogical identification, and an implementation plan that emphasises continuity along the Adina Corridor.

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Figure 6: Planning and Permitting for Inaugural Drill Program

Interim President and CEO, Mansoor Jan Niazi commented, “As the Interim CEO of Comet Lithium, I’m proud to lead a team pioneering the clean energy movement. Our vision is clear: harness lithium’s potential to craft a greener future,” he said.

“Each day, we’re driven by our duty to both stakeholders and future generations. Our focus isn’t just extraction but ensuring eco-friendly processes, advanced technology, and lasting positive impact.”

“Lithium is a symbol of hope in the evolving energy landscape. At Comet Lithium, we are tremendously excited about the discovery potential of our 100%-owned Liberty Property.”

CLIC’s Toronto Stock Exchange-listed share price is currently trading at 0.36 CAD (1.00pm UTC+ 8 hours).

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