Vancouver, British Columbia, Apr 22, 2023 - (ACN Newswire) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("Coloured Ties" or the "Company"), an investment company focused on business incubation and opportunities that disrupt their industry, is pleased to provide the following update:
APPOINTS MIKE STIER AS CEO OF QUEBEC PEGMATITE CORP.
Coloured Ties is pleased to announce that Mike Stier has been named to the position of Chief Executive Office and Director of Quebec Pegmatite Corp. ("QPC"), a wholly owned subsidiary of Coloured Ties.
Mr. Stier has spent the past 15 years focused on and building expertise in the capital markets. He is experienced in corporate structure, finance, business development, IPO's, M&A, and wealth management, Mr. Stier served as a CIBC IIROC licensed Senior Financial Advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. Mr. Stier acts for several other entities, including Independent Director of Rektron Group Inc., CEO & Director of New Leaf Ventures Inc. and is a Co-Founder and former CEO & Director of Optimi Health Corp.
QUEBEC PEGMATITE MOBILIZES ON EXPLROATION PROGRAMS
Quebec Pegmatite is pleased to announce that Longford Exploration has designed and is mobilizing on exploration programs for the company's Mazerac and Vieux Comptoir projects.
MAZERAC LITHIUM PROJECT:
- The Mazerac Project is project has 108 contiguous claims located around the Decelles Reservoir, about 50km southwest of Val-d'Or and easily accessible by a network of forestry roads This property is immediately adjacent to claims currently held by exploration companies including Winsome Resources, Brunswick Exploration and Vision Lithium and near infrastructure including (see regional map in Schedule1).
- This expanded area, known as Mazérac, has recently attracted many lithium prospecting and exploration companies due to recent discoveries of several lithium bearing pegmatites in the region.
- The consolidated rocks of the region are of Precambrian age. The oldest include weathered rocks of sedimentary origin and a few of volcanic origin which are considered part of the Pontiac group.
- The majority of the bedrock in the region is composed of granitic and syenitic rocks, which have been intruded and mixed with rocks of the Pontiac Group. Pegmatites and associated aplites have varying textures and reported to be abundant in the region (See Figures 3 and 4).
- The schist enclaves of the Pontiac group showing various degrees of assimilation, are locally abundant. Large clusters of pegmatite are essentially homogeneous, however, some of the smaller dykes and lenses are zoned. Diabase and gabbro dykes cut across all these rocks.
- Extensive Lidar coverage reveals the influence of tectonics on the topography of the region.
- The general northeast orientation of the topographic features of the eastern part of the region is controlled by the granite and pegmatite sills in the biotite schists. There are many north, north-east and north-west trending joints in all the rocks of the region.
- Earlier intermittent surveys conducted in the 1950s-60s reported on the presence of spodumene in the region. However, this was not of sufficient quantity to sustain systematic exploration at the time. Beryl crystals were also found associated with quartz segregations in pegmatites in several locations.
- The Property is believed to have a favourable geological setting for Li-Cs-Ta (LCT) Pegmatite style deposits, which have been noted in association with the DRB in the Lac Simard area to the west of the Property. There are no catalogued mineral showings on the Property and no previous exploration programs have been carried out on or in the immediate vicinity of the property.
- During the first week of November 2022, a total of 488 soil samples were collected over seven small grids on QPC's Mazerac 43-101 listing Property. The soil sampling grid areas were selected to provide coverage across multiple zones of the Property. Additionally, a total of twenty-four litho-geochemical grab samples were collected across the Property through prospecting in the immediate vicinity of the soil survey grids.
- Results were numerous single and multi-point lithium geochemical anomalies looking at subtle anomalism for Li, Ta, Rb, REE's and various geochemical ratios as indicators to prospectivity and pegmatite fertility in the seven zones explored.
VIEUX COMPTOIR LITHIUM PROJECT:
The Vieux Comptoir Lithium Property comprises a total of 381 Quebec mineral exploration claims, which amount to a total of 19,533.81 hectares or 195 square kilometers. Located in the centre of significant lithium discoveries by Patriot Battery Metals (V.PMET) and Winsome Resources (ASX:WR1).
The Vieux Comptoir Lithium Property has been optioned to Superior Mining International (V.SUI) and was successfully approved by the TSX-V. Pursuant to the terms of the option QPC will receive a total of 14 million shares of Superior Mining over an 18-month disbursement schedule. See news release dated April 11, 2023 for additional details on the option. With this approval Superior Mining will fund exploration on the Vieux Comptoir property going forward.
Located approximately 45 km east of Patriot Battery Metals Corvette Lithium Discovery where extensive drilling has encountered high grade lithium intersections including recently announced 83.7m of 3.13% Li2O, including 19.8m of 5.28% Li2O.
The Vieux Comptoir Lithium Property is also located 45km west of Winsome Resources' (ASX: WR1) Adina Lithium Project which discovered a large outcropping pegmatite dyke with significant lithium mineralised intercepts including 1.34% Li2O over 107.6m.
The Property encompasses lithium pegmatite prospective source rocks of the Vieux Comptoir Granitic Suite which have been identified on the Property. The Property sits along the volcanic belt and encompasses various intrusive suites including the lithium pegmatite prospective source rocks of the Vieux Comptoir Granitic Suite which have been mapped on the property. Regionally, the Vieux Comptoir Granitic Suite is known to host K-feldspar granite phases in pegmatite form which may host an abundance of spodumene.
Viuex Comptoir Lithium Property is underlain by the source rock (Vieux Comptoir suite) which would have injected pegmatite dykes into those greenstone rocks in the region. This geological interpretation strongly supports the prospectivity of the Project for further lithium discoveries.
"The Eeyou Istchee James Bay region is experiencing heightened staking activity based on its abundance of lithium-bearing pegmatites including four deposits with defined resources. Quebec Pegmatite acquired the projects in mid 2022, well before the staking rush of 2023. In addition, this region has recorded numerous recent discoveries including Corvette by Patriot Battery Metals just east of our projects underscoring the exploration potential of the area. The Mazerac Region has also seen increased staking activity and recent work by other companies active in the area suggests prospects for lithium discoveries in the area. We believe both properties have excellent potential for the discovery of lithium-bearing pegmatites," states Mike Stier, CEO of Quebec Pegmatite Corp.
MOBILIZING WORK PROGRAMS ON MAZERAC AND VIEUX COMPTOIR LITHIUM PROJECTS
QPC and Superior Mining are pleased to have engaged Longford Exploration to conduct a detailed exploration on the Mazerac and Vieux Comptoir Lithium Projects. (See project maps below)
To view an enhanced version of this graphic, please visit:
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Programs for Mazerac and Vieux Comptoir include:
- Phase 1
- Historical government assessment and data compilation
- Remote sensing
- Lithostructural interpretation
- Data interpretation and targeting
- Phase 2
- Mapping and prospecting field program (3 weeks)
- Phase 2 Lab Results
- Data Interpretation and Targeting
- Winkie Drill testing on identified pegmatites
Upon completion of the Phase 1 remote sensing, and lithostructursal interpretation the results of the interpretation, and subsequent Phase 2 field work will be incorporated to develop areas of interest for further field work utilizing ground-based IP geophysical techniques. A 2D/3D dipole IP survey will be recommended to resolve the host rock resistivity anomaly which is commonly found to be associated with pegmatite emplacement where coincidental magnetic anomalism, and remote sensing indicators are present.
QPC and Superior Mining are planning an aggressive field program during the 2023 work season in the James Bay and Mazerac regions and have established agreements to ensure availability of crews, accommodations and equipment for the upcoming season.
Finally, QPC is in advanced discussions to complete a reverse takeover transaction in the coming months. There are currently, 11 million shares outstanding, of which Coloured Ties owns 91% and will be a significant shareholder in the transaction capital structure. No transaction has been finalized and there is no guarantee a transaction will be completed.
About Coloured Ties Capital Inc
Coloured Ties Capital is a TSX-V listed issuer that invests in early-stage commercial ventures and provides investee companies with capital market access and advisory services. The Company offers investors an opportunity to participate in early-stage opportunities that are often only offered to high net worth or institutional investors via investment in the Company's common shares listed on the TSX Venture Exchange under symbol (TSXV: TIE). Coloured Ties Capital is a 2022 TSXV 50 Company.
About Quebec Pegmatite:
Quebec Pegmatite Inc is subsidiary of Coloured Ties and holds the Viexu Comptoir and Mazerac Lithium Projects located in the James Bay and Mazerac regions of Quebec. The company plans aggressive and extensive exploration programs for 2023 to explore the lithium potential for these properties.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
Neither the 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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163360
Topic: Press release summary
Source: Coloured Ties Capital Inc
Sectors: Metals & Mining
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