LEADING EDGE IDENITIFIES EXTENSIVE NICKEL AND COBALT IN HISTORIC GALLERIES
LEADING EDGE IDENITIFIES EXTENSIVE NICKEL AND COBALT IN HISTORIC GALLERIES
- Initial two historic exploration galleries opened ahead of schedule
- Initial visual inspection highlighted nickel and cobalt mineralization over 100 meters
- Field mapping indicates 11 galleries and mineralization throughout the license area
Vancouver, January23, 2023 – 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 it is ahead of schedule in exploration of its exclusive and 100% owned Bihor Sud license in the Apuseni Mountains of central-western Romania.
Eric Krafft, Interim CEO of the Company, states: “We are extremely pleased with the rapid work progress to date and the support we are receiving from the involved state organizations and our Romanian JV-partner Remat. Amongst all participants in this exploration program, there is growing excitement fueled by the findings in the first reopened gallery. Following initial sampling, the Company will target underground and surface drilling to determine the extent of mineralized structures.There are at least 11 galleries accessing different mineralized structures, so there are already other identified exploration targets. Further drill targets are identified by our mapping and geophysical program, adding significant potential for mineralization beyond whatever is encountered in these initialtwo galleries.”
Previous mining in the license area for commodities other than cobalt and nickel left behind a vast network of galleries opening tens of kilometers of underground exposure. Verbal reports from miners working in those galleries up to 1997, as well as numerous samples retrieved from gallery waste dumps, indicate significant Co-Ni mineralization left in place ranging from disseminated, percent-grade Co-Ni in dark schist to very high-grade stringers, veins, and pods.
The Company’s prime target to reopen and explore the old galleries, forms part of the Year 2 license work program established with the Romanian National Agency of Mineral Resources (NAMR). Year 1 (ending May, 2023) foresees chiefly geophysical and mapping work, which has all been completed already with promising results.
Following receipt of the appropriate regulatory environmental and safety approvals, the Company has commenced the process of reopening of Galleries G2, G4, and G7. Galleries G4 and G7 (see Figure 1) have now been opened and made safe for commencement of planned exploration works. The “waste” dump situated outside the entrance of G7 has proven most prolific for retrieval of Co-Ni mineralized rocks, and a boulder with very high-grade, vein-style Co-Ni-sulphides was recently recovered from the G2 “waste” dump. G4 features Zn-Cu-Pb-Ag mineralization.
Figure 1; License overview map showing the principal gallery mouth locations; those currently reopened are highlighted in black (G2, G4, G7). Geophysical work consists mainly of IP (induced potential) and NP (natural potential) sections of 500 and 2000 m length. A ground magnetic survey covering these sections and G4+G7 has already been carried out by the Company in 2018.
The first reopened gallery is G7, which was inspected on January 18, 2023 by the Romanian state authority INSEMEX, responsible for mine safety matters and respective permitting. The gallery is in a very good state, which allowed the Company and its consultants to enter behind INSEMEX, so that the present mineralization could be observed and documented.
Figure 2: INSEMEX inspection team at reopened Gallery 7.
Observations in G7 highlight Co-Ni mineralization initially 425 m from the mouth of G7 and was observed until 560 m, the end of the current survey. Reconnaissance work beyond 560 m will continue once this section of the gallery is declared safe for access. Due to 30 years of exposure on the gallery walls, the original Co-Ni-minerals were oxidized, easily detectable by their typical pink (Co) and green (Ni) colours.
Disseminated mineralization follows low-dipping foliation in graphitic schists, and in often foliation-parallel high-grade veinlets, accompanied by quartz and carbonate stringers. The thickness of mineralized zones ranges from about 0.5 m to potentially thicker than 2 m, restricted by the height of the gallery. The 135m mineralized sector ( 425m to 560 m) has numerous niches and one parallel gallery, where Co-Ni mineralization is exposed in several zones following the general NNW-SSE structural trend. A second center of Co-Ni mineralization was identified in an east-directed cross-cut towards G4. The intersected vein-style and disseminated Co-Ni-zone in the cross cut appears to run parallel to the mineralization observed in G7, but is located about 400 m away. This occurrence was not followed up in the historic works and remains to be outlined in its full extent along strike.
|Figure 3 (Above): Well preserved state of G7. Most of the rails are removed.|
Figure 4 (Right): Powdery, greenish nickel oxide minerals on the gallery wall and rocks on the gallery floor. Yellow magnetic pen for scale.
Figure 5: Powdery, pinkish cobalt oxide mineral on foliation in graphitic schist. Individual Co-oxide mineral grains are about 1 mm across.
Figure 6: Pinkish cobalt oxide mineral weathering from schists. Hammer for scale.
Figure 7 (Left): Piece of a Co-Ni-vein discovered 525 m from the branching point in the cross-cut from G7 towards G4. Image width: 10 cm.
Figure 8 (Right): Hand-held XRF reading on this sample: 4.76 % Co, 20.17 % Ni.
The reader is cautioned that such measurements cover only the surface of a rock with an area on the order of 1 cm2 and are neither representative, nor do they indicate reliable mineralization grades. In the context of the work performed here, this XRF-reading has the sole purpose of demonstrating the presence of cobalt and nickel in the encountered mineralization.
Joint Venture Background
In 2018 the Company entered into a share purchase agreement (the “SPA”) with a local Romanian arm’s length party, Remat, to acquire an initial 51% interest in LEMR which was the holder of a prospecting permit covering the License perimeter. The Company, Remat and LEMR also entered into a shareholder joint venture agreement (the “JV Agreement”) as announced on August 9, 2018 (see news release). Pursuant to the JV Agreement, Leading Edge Materials will be transferred an additional 39% ownership interest in LEMR (for an aggregate 90% ownership) triggered by the filing on SEDAR of a positive Feasibility Study technical report. Under the JV Agreement Leading Edge Materials has agreed to issue common shares in the Company upon achieving certain milestones on the Project, such as the granting of an exploration license, exploitation license, documentation of historic mineral resource estimates meeting certain Ni-Co and/or Ag-base metal resource tonnage thresholds, the filing of a NI43-101 compliant technical report, such a report meeting certain Ni-Co and/or Ag-base metal resource tonnages, and the filing of a positive NI43-101 compliant Feasibility Study.
Martin S. Oczlon, PhD Geol, CEngMIMMM, a consultant to Leading Edge Material and Qualified Person, as defined in NI 43-101, has reviewed and verified the technical content in this press release.
On behalf of the Board of Directors,
Leading Edge Materials Corp.
Eric Krafft, Interim CEO
For further information, please contact the Company at:
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).
The information was submitted for publication through the agency of the contact person set out above, on January 23, 2023 at 7:00 am 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.
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.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Galapagos announces topline results from Phase 3 DIVERSITY trial of filgotinib in Crohn’s disease8.2.2023 22:01:00 CET | Press release
The two induction cohorts missed the co-primary endpoints of clinical remission and endoscopic response at Week 10In the maintenance phase, filgotinib 200mg once daily achieved the co-primary endpoints of clinical remission and endoscopic response at Week 58The safety findings were generally consistent with the known profile of filgotinib in rheumatoid arthritis (RA) and ulcerative colitis (UC)Galapagos decided not to submit a Marketing Authorization Application in Europe based on these topline dataGalapagos remains fully committed to filgotinib, a JAK1 preferential inhibitor orally administered once daily, and its approved indications, RA and UC, and is on track to start a Phase 3 trial in axial spondyloarthritis (AxSpA) later this year Mechelen, Belgium; 8February2023, 22:01CET; regulated information; Galapagos NV (Euronext & NASDAQ: GLPG) todayannouncedthe topline results from DIVERSITY,a global Phase 3 trial to evaluate the safety and efficacy of filgotinib,100mg or 200mg once dail
X8 AG Submits a Swiss Fintech Licence Application8.2.2023 21:21:16 CET | Press release
X8 AG submitted the application for a Swiss FinTech license according to Art. 1b Banking Act with the intention of operating a regulated global stablecoin system BAAR, Switzerland, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The X8 AG team has successfully submitted the application to FINMA, the Swiss Financial Market Supervisory Authority, for the Swiss FinTech license according to Article 1b Banking Act. This marks an important step for X8 AG on its way to become a fully regulated global stablecoin system and significantly differentiating itself from the current non-regulated crypto space. Switzerland offers one of the most advanced regulatory frameworks for digital assets. X8 AG believes that designing its stablecoin system under Swiss law is the best starting point to achieve a global X8 cross-border framework for payments. Full compliance with the Swiss regulatory framework strengthens the high standards of protection for clients. X8 AG aims to empower users and their money with frictionles
GN Store Nord announces intention to initiate a rights issue8.2.2023 20:08:16 CET | Press release
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017. The offer to acquire securities pursuant to the offering is made, and any investor should make their investment decision, solely on the basis of information that is contained in the prospectus to be made generally available in Denmark in connection with the offering. GN Store Nord announces intention to initiate a rights issue In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the current macroeconomic environment and GN’s leverage, GN announces today that it intends to raise gross proceeds of DKK 7 billion in the first half
Nokia Corporation: Repurchase of own shares on 08.02.20238.2.2023 20:00:00 CET | Press release
Nokia Corporation Stock Exchange Release 8 February 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares on 08.02.2023 Espoo, Finland – On 8 February 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL282,2294.39CEUX20,3804.39AQEU6,3784.39TQEX5,0134.38Total314,0004.39 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 January 2023
Interim report 2022/23 - 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter8.2.2023 18:57:07 CET | Press release
ANNOUNCEMENT NO. 234 9 February 2023 Interim report for the first half of 2022/23 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter Steen Søndergaard, CEO: “Following a very satisfactory 2021/22 with historically high revenue and operating profit growth rates, revenue for the first half of 2022/23 unfortunately disappointed, despite 15% growth. Second quarter sales of instruments, particularly in the North American market, were challenged by a generally more subdued investment sentiment in our primary business segment, cell-based therapy. Our order intake was mainly impacted by weakened demand from capital-sensitive development companies. On the other hand, we saw continued satisfactory growth in sales of consumables and services. Despite the unfavourable market conditions, our earnings continued to grow. While our market is currently affected by the prevailing macroeconomic environment, we have a strong underlying