Last year, Idaho Champion initiated a strategic review of its property portfolio, and after assessing the market conditions and investor sentiment, the Company subsequently decided to transition to critical minerals exploration within
The Company successfully closed several rounds of flow-through and non-flow-through private placements and has fully financed the first phases of exploration on both its cobalt and lithium projects and the subsequent follow-up work through early 2023.
'It is clear that the critical metals commodity basket will be a major driving force as many countries try to meet carbon neutral deadlines, resolve supply shortages, and achieve some supply chain independence. We based our strategic review around the likely direction of investor interest over the next several years given these macro conditions. Our technical team has always believed in the potential of our
Idaho Cobalt Projects
As a result of the new core focus for Idaho Champion, the Company was able to secure an MOU on
In anticipation of a larger program during 2023 stemming from the potential JV, a fall exploration program was commenced on the properties with an emphasis on the Twin Peaks and
The program was completed on time with 19 samples collected and a prospective copper-cobalt vein identified. Results from the sampling results are currently pending. This reconnaissance work and further compilation of historic data will form the basis of the second phase of exploration in 2023.
IQ Lithium Pegmatite Projects
The Company closed the acquisition of the IQ Lithium Pegmatite Projects and immediately commenced a work program including high-resolution magnetic, VLF-electromagnetic, radiometric and LiDAR/imagery surveys covering approximately 2,188 line-kilometres.
The resulting data sets will provide the Company with geophysical and topographic information that will be useful in advancing the regional structural interpretation and analysis of the prospective lithium pegmatite projects.
About the
*These projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information reported by third parties, and proximity to projects containing lithium resources offers no assurance that the rock types or lithium resources reported by Patriot, Electra and others extend onto the Idaho Champion projects.
About the IQ Lithium Projects (Blanche and Charles)
Qualified Person
About
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective cobalt properties located in
The Company's shares trade on the CSE under the trading symbol 'ITKO', on the OTCQB under the trading symbol 'GLDRF', and on the
Contact:
Marketing and Communications
Idaho Champion
T: (416) 567- 9087
Email: nkonkin@idahochamp.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN
Cautionary Statements for Idaho Champion
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information concerning the business of the Company within the meaning of Canadian securities legislation, including with respect to the completion of the transactions contemplated by the Agreement, the prospectivity of the Projects for lithium, the ability of the Company to successfully shift focus to exploration for battery-related metals, and with respect to the completion of a private placement of the size and at the price contemplated. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including being able to satisfy any conditions related to the acquisition, sufficient investor interest to complete the private placement financing necessary to fund the cash portion of the acquisition of the Project, having the necessary technical expertise to explore for lithium in pegmatite, and that reported lithium resources in the district of the Projects is indicative of mineralized pegmatite prospectivity on the Projects. Although the Company believes that the expectations and assumptions on which such forward-looking 1information is based on are reasonable, undue reliance should not be placed on the forward-looking information and the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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