Vancouver, British Columbia--(Newsfile Corp. - April 9, 2024) - Infinico Metals Corp. (TSXV: INFM) ("Infinico" or the "Company") is pleased to announce it has received a six-month extension on the first-year work commitment on its Dalhousie Project, located 180 kilometres northeast of Val-d'Or, Québec.
Under the original terms of the agreement dated July 31, 2023 (the "Agreement") between the Company and Globex Mining Enterprises Inc. (the "Optionor") Infinico was required to undertake $1,000,000 in exploration expenditure within the first twelve-month period. Due to forest fires in 2023 and weather conditions delaying the start of the 2024 field season, the Optionor has agreed to waive the deadline by which the Expenditures must be made, until December 31, 2024. All other terms of the option agreement remain the same as detailed in the June 05, 2023, press release.
Sam Walding, Infinico's CEO commented "The extension to the Dalhousie option agreement is great news, allowing Infinico ample time to mobilize once the snow has melted. This extension enables the continuation of systematic mapping and sampling of the lithium-bearing pegmatite identified on the property in late 2023. The mapping will play a crucial role in planning any further work later in 2024."
Dalhousie Summary of Results and Future Work
In November of 2023 a spodumene bearing pegmatite outcrop on the west-end of the Dalhousie Property was identified. The results from a total of six rock chip samples collected are shown in Table 1. Five of the six samples grade above 1.30% Li2O and up to 4.45% Li2O.
The pegmatite outcrop has a minimum strike length of 110 metres based on a one-day mapping and rock chip sampling program at its Dalhousie project (Figure. 1).
A detailed mapping and sampling program is planned for spring 2024. The work program will assist in understanding the true extent of the newly discovered lithium bearing pegmatite, as well as helping to identify previously unrecognized lithium bearing pegmatites elsewhere on the Dalhousie Project.
Table 1. Assay results from the November sampling program
| Sample ID | Sample Type | Rock Type | Li2O* (%) | Cs (ppm) | Ta2O5** (ppm) |
| K28401 | Rock Chip | Pegmatite | 0.92 | 41.10 | 21.2 |
| K28402 | Rock Chip | Pegmatite | 1.59 | 33.30 | 44.8 |
| K28403 | Rock Chip | Pegmatite | 4.39 | 59.40 | 107.6 |
| K28404 | Rock Chip | Pegmatite | 4.45 | 32.90 | 57.5 |
| K28405 | Rock Chip | Pegmatite | 1.37 | 91.90 | 68.5 |
| K28406 | Rock Chip | Pegmatite | 3.91 | 75.40 | 57.0 |
*A standard conversion factor of 2.15 was used to convert Li (ME-MS89L) to Li2O values.
**A standard conversion factor of 1.22 was used to convert Ta (ME-MS89L) to Ta2O5
Figure 1. Plan map showing Infinico rock chip samples on a satellite image background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8769/204705_d11b485d242798e9_001full.jpg
Resignation of Director
Infinico also announces that Michael Skead has stepped down as a director of the Company with immediate effect due to personal reasons.
Tom Panoulias, Executive Chairman of Infinico Metals stated "On behalf of the board of directors of Infinico Metals I would like to thank Mr Skead for his contribution and advice to the Company while it went through a transitional period refocusing on critical metals exploration in Québec."
Qualified Persons
The technical information in this news release has been prepared by Szabolcs Orban, MSc, EFG, EurGeol (#1883), OGQ (AS-1617), Vice President of Exploration at Infinico Metals Corp. Mr Orban is a "Qualified Person" as defined in NI 43-101. Mr. Orban has read and approved the content of this news release.
About the Dalhousie Project
The Dalhousie Project is located approximately 180 kilometres northeast of Val d'Or, Quebec, Canada. The project is fully accessible by road with nearby mining infrastructure and expertise. The project is host to a cluster of magmatic nickel sulphide occurrences within a mafic-ultramafic intrusive complex, as well as a newly recognised lithium bearing pegmatite.
About Infinico Metals Corp.
Infinico Metals Corp. is a public company on the TSX Venture Exchange (TSX-V: INFM) focusing on the exploration for critical metals in the province of Québec. The Company has signed option agreements on the Nicobi Project, hosting magmatic Ni-Cu-Co sulphide mineralization, and on the Dalhousie Project, which also hosts magmatic Cu-Co-Ni sulphide mineralization, and a recently discovered lithium bearing pegmatite.
For more information, please contact:
Sam Walding, Chief Executive Officer
Telephone: +44 7568 508610
swalding@infinicometals.com
www.infinicometals.com
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfil the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204705
SOURCE: Infinico Metals Corp.
