IQ Lithium Projects

Idaho Champion Gold CSE - ITKO OTCQB - GLDRF FSE - 1QB11 News Release Nov 10, 2022

Figure 1: IQ Lithium Projects Location Map

The 100%-owned IQ Lithium Projects are comprised of the Blanche and Charles Projects, acquired from Quebec Precious Metals Corporation in the fall of 2022, and total 317 claims (162.1 km2) located in the Eeyou Istchee James Bay territory of Quebec, a developing lithium pegmatite district that hosts prospective lithium resources.

The Blanche Project is comprised of 256 claims totaling 130 km2. The project lies within a volcano-sedimentary belt striking East-North-East, present with three units of felsic rocks: hornblende tonalite, granite, and pegmatite dykes.

The Charles Project is comprised of 61 claims totaling 31 km2.
The area is associated with felsic intrusives and iron formations with an East-North-East and West-South-West direction. A number of outcrops are exposed.

In the fall of 2022, Idaho Champion began the work program at both projects with high-resolution magnetic, VLF-electromagnetic, radiometric and LiDAR/imagery surveys covering approximately 2,188 line-kilometres.
These 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.

Idaho Champion has also engaged and mobilized a Quebec-based consulting geology team to advance prospecting, geological mapping, and sampling programs aimed at prioritizing targets for a second phase of field work in 2023.

Project Highlights

Blanche

  • Located at kilometre 230 of the Trans-Taïga Road which extends east from the Billy Diamond paved road at kilometre 544
  • Lies within a volcano-sedimentary belt striking ENE
  • Geological setting is massive, homogenous, and mostly non-magnetic
  • Pegmatites have almost the same composition as granites but show texture ranging from coast to pegmatitic with the presence of 5 to 7% muscovite
  • Sulphides (pyrite, pyrrhotite, arsenopyrite and chalcopyrite) are observed locally and reach up to 10% in volume
  • Prospecting and selected grab sampling campaigns returned anomalous copper and gold values

Charles

  • Located approximately 15 km east of the Blanche project, along the Trans-Taïga Road
  • Northern and central portions of the property host thick glacial sediments containing boulders of granite and pegmatite
  • Linear magnetic highs have been identified in the SE portion of the project and show a spatial correlation with the iron formations
  • The prospecting work carried out to date returned two grab samples with anomalous values of 0.96 g/t Au in pyrite ± chalcopyrite mineralized basalts and 0.62 g/t Au at the contact between iron formations and an ultramafic sill.
  • Several grab samples containing anomalous nickel values (0.1% to 0.16%) located in an ultramafic sill suggest some potential for future base metal discoveries.

Additional prospecting will be required to identify a gold-bearing horizon to better understand the mineralization controls with a focus on the contact between volcanics and sediments.