EXPLORATION
DRILLING UNDERWAY, BIHOR SUD PROJECT, ROMANIA
- Diamond
Drilling in gallery G7 targeting Cobalt-Nickel-Gold
mineralization
- Mapping of
significant Zinc-Lead-Silver-Copper mineralization in gallery
G2
- Drilling to
follow in G2 after G7
- Focus is on
defining a large-scale, potentially mineable body of
mineralization
Vancouver, September 24, 2024 – Leading
Edge Materials Corp. (“Leading Edge
Materials” or the “Company”)
(TSXV: LEM) (Nasdaq First North:
LEMSE) (OTCQB: LEMIF) (FRA:
7FL) is pleased to announce that exploration diamond
drilling is underway at the Company’s Bihor Sud Project in
Romania. The primary objective is to identify a
large-scale, potentially mineable body of mineralization. Early
findings have already highlighted the strong potential for
discovering significant polymetallic mineralized zones with
evidence of extension of both strike and depth, reinforcing the
project's exciting prospects.
Drilling will first take place in gallery G7,
following up on the zones of Cobalt-Nickel-Gold mineralization and
high-grade chip sampling assays reported in late 2023, before the
drill is moved to gallery G2.
The delayed start was due to the late arrival of
the drill rig and the implementation of robust health and safety
protocols. Inspections and final works have now been completed,
ensuring a safe and compliant start. In July, the Company welcomed
a new Chief Geologist, who is on site and closely managing the
exploration program.
Recap (See Fig. 1 for plan of
underground galleries)
On December 14, 2023, the Company announced
further positive assay results for Cobalt-Nickel-Gold from gallery
G7. The results prolongate the zone of Cobalt-Nickel-Gold
observations in G7 to a total length of approximately 400 meters
NNW-SSE. Structurally controlled mineralized zones are commonly
traced on the gallery walls over few meters to tens of meters and
range 20-80 cm in thickness. Assay highlights from chip sampling
included 6.7% Cobalt, 13.0% Nickel, 7.5 g/t gold. All assay results
are available in the announcement:
https://leadingedgematerials.com/leading-edge-receives-continued-high-grade-cobalt-nickel-results-from-systematic-gallery-chip-sampling-bihor-sud-project-romania/
On June 18, the Company announced the
identification of extensive Zinc-Lead-Silver-Copper mineralization
zones in gallery G2. G2 offers safe access along its principal axis
for approximately 3.2 kilometers, from which extensive transversals
emanate, mainly to the north, for a total of over 8 kilometers of
galleries in the G2-system.
The first two crosscuts, 1,600 meters from the
mouth of G2, encounter carbonate several meters in thickness, which
is pervasively altered and mineralized where the gallery cuts it in
several places. Alteration with Zinc-Lead-Silver-Copper
mineralization is exposed on a scale of tens of meters to greater
than 100 meters. Hand-held XRF-data showed lead-zinc grades of
several percent along with significant silver grades in the altered
carbonates.
Ten chip samples of 1-2 kg each were collected
on a G2-reconnaissance visit from an 80-meter-long mineralized
sector. The zinc-equivalent average grade* for these ten samples is
7.34%. See previous announcement for assay tables:
https://leadingedgematerials.com/extensive-zn-pb-ag-mineralization-in-galleries-g2-and-g7-bihor-sud-project-romania/
The Dibarz gallery system is at a level 120
meters higher than G2 and reportedly served to mine high-grade
Zinc-Lead-Silver-Copper ore north of the Dibarz galley mouth.
Further Zinc-Lead-Silver-Copper mineralization of the type
encountered in G2 has been observed in the southern part of the
Dibarz gallery system. There appears to be a NNW-SSE mineralized
trend of at least 2.2 kilometers from Dibarz to G2, which
corresponds to the regional first order fault direction, also
observed on the Zinc-Lead-Silver-Copper veins in G4.
Kurt Budge, Chief Executive Officer, states:
"While the delayed start to drilling has been frustrating, we're
excited to finally have our Chief Geologist on site and be diamond
drilling. Ensuring the safety of our workforce remains our top
priority. The Company is focused on defining a large-scale,
mineable mineral resource and making up for the lost time as
efficiently as possible. We are excited to follow-up on the work
done in G7 last year and the extensive Cobalt-Nickel-Gold
mineralized zone, before moving to G2 which has shown its potential
for extensive Zinc-Lead-Copper-Silver mineralization."
* Metal prices used for Zn- and Ag-equivalent calculation: Zn –
2700 US$/t, Pb – 2100 US$/t, Ag – 29 US$/oz, Cu – 9500 US$/t.
Figure 1: Overview of the southern license area with its
historical galleries and the Zn-Pb-Ag+/-Cu mineralization
inventory. GD = Dibarz Gallery. Note that the Dibarz gallery system
is 120 m above the level of G2, which opens significant vertical
potential to the mineralization observed in both galleries.
Qualified Person
The scientific and technical information in this
release has been reviewed, verified, and approved by, a Martin S.
Oczlon, PhD Geol, CEngMIMMM, a consultant to Leading Edge Material
and Qualified Person as defined in Canadian National Instrument
43-101 “Standards of Disclosure for Mineral Projects" (“NI
43-101”).
Sample preparation and gold assays were
performed by ALS Romania; assays for all other elements were
performed by ALS Geochemistry in Ireland (Loughrea). The QP has
reviewed and verified the QA/QC data including sample handling,
security and analytical procedure, and has no doubt the reported
results have been obtained by the laboratory to best industry
practices.
On behalf of the Board of
Directors,Leading Edge Materials
Corp.
Kurt Budge, CEO
For further information, please contact the Company
at:info@leadingedgematerials.com
www.leadingedgematerials.com
Follow usX:
https://x.com/LeadingEdgeMtlsLinkedin:
https://www.linkedin.com/company/leading-edge-materials-corp/
About Leading Edge Materials
Leading Edge Materials is a Canadian public
company focused on developing a portfolio of critical raw material
projects located in the European Union. Critical raw materials are
determined as such by the European Union based on their economic
importance and supply risk. They are directly linked to high growth
technologies such as batteries for electromobility and energy
storage and permanent magnets for electric motors and wind power
that underpin the clean energy transition towards climate
neutrality. The portfolio of projects includes the 100% owned Woxna
Graphite mine (Sweden), Norra Karr HREE project (Sweden) and the
51% owned Bihor Sud Nickel Cobalt exploration alliance
(Romania).
Additional Information
The information was submitted for publication through the agency
of the contact person set out above, on September 24, 2024, at
11:30 PM Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol
“LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North
Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is
the Company’s Certified Adviser on Nasdaq First North and may be
contacted via email CA@mangold.se or by phone +46 (0) 8 5030
1550.
Reader Advisory
This news release may contain statements which constitute
“forward-looking information” under applicable Canadian securities
laws, including statements regarding plans, intentions, beliefs and
current expectations of the Company, its directors, or its officers
with respect to the future business activities of the Company. The
words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions, as they relate to the Company, or its management, are
intended to identify such forward-looking information. Investors
are cautioned that any such forward-looking information is not a
guarantee of future business activities and involves risks and
uncertainties, and that the Company’s future business activities
may differ materially from those in the forward-looking information
as a result of various factors, including, but not limited to,
fluctuations in market prices, successes of the operations of the
Company, continued availability of capital and financing and
general economic, market or business conditions. There can be no
assurances that such information will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. The Company does not assume any obligation to
update any forward-looking information except as required under the
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this news release.
- 20240924DrillingBihorSud
- Figure1
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