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Consolidated Lithium Metals: Drilling Commences on Vallée Joint Venture
TORONTO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM” or the “Company“) is pleased to announ
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":" TORONTO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM” or the “Company“) is pleased to announce that the 2023 drilling program is underway at the Company’s Vallée joint venture (the “Vallée JV”) lithium project, located approximately 30 km north of Val-d’Or, Quebec within the heart of the Vallée Lithium Corridor. The Vallée JV is located immediately adjacent to, and along strike of Sayona Mining Inc.’s (“Sayona”) North America Lithium (“NAL”) operation, the largest lithium operation in North America (see Figure 1). The project is owned by CLM, with NAL having an option to earn up to a 51% interest in the Vallée JV (see the Company’s news releases dated November 14, 2022 and December 19, 2022). NAL is required to spend $4 million on exploration activities prior to November 14, 2023 to earn an initial 25% interest in the Vallée JV. NAL has a second option to spend an additional C$6 million by November 14, 2024 to earn a cumulative 50% interest. Figure 1 - CLM Regional Projects Map [property boundaries from Company resources and historical drill hole, geology and showing information from the Government of Quebec website https://sigeom.mines.gouv.qc.ca/signet/classes/I1108_afchCarteIntr.] The objectives of the 2023 drilling program are to expand upon the lithium pegmatites discovered by the Company’s drilling programs in 2021, 2022 and 2023, which remain open along strike to the southeast and at depth, as well as testing the on-strike extension of the NAL pegmatite swarm on the project. While CLM’S 2021 and 2022 drill programs were successful at discovering multiple spodumene-bearing pegmatites, these programs appear to have tested the area just north of the main NAL Mine Trend. Testing the heart of the trend will be a core objective of the 2023 program, as this area is located only 1,200 m southeast and along strike of the current NAL open pit. Until this year, neither Sayona or the previous mine operators have conducted a significant drilling program between the pit margin and the western boundary of the Vallée JV. The 2023 exploration program will consist of 14,500 m of drilling in approximately 45 drill holes, spaced on lines approximately 150 m apart with closer spaced infill holes to be drilled where results warrant. The first holes of the program...