TORONTO, July 22,
2024 /CNW/ - IC CAPITALIGHT CORP. (the "Company" or
"Capitalight") (CSE: IC), is pleased to announce that it has staked
an additional 702 claims to expand our Blue Lake Cu Ni Pt Pd
property, located 65km north east of Schefferville, Quebec. This brings the total
claims now held by the company to 983 covering 483 sq. km.
The new claims were staked to cover land contiguous to and on
strike with Cu Ni Pt Pd deposits and showings previously outlined
within our project area and centered on a major regional copper in
lake sediments anomaly. This large anomaly shown in red, Figure 1
below, is based on 26,727 lake sediment samples from Northern Quebec and 2,484 samples from
Labrador (GSC Open File 7946,
McCurdy et al, 2015). The +200 ppm copper contour, see Figure
2 below, covers an impressive area of more than 800 sq km. The
magnitude and area of this anomaly suggests that there are
potentially multiple sources of copper and related metals
mineralization yet to be discovered, both of high-grade massive
sulfide, and disseminated low grade high tonnage types.
![Figure 1 – Project Location/Infrastructure on copper in Lake Sediments map, Northern Quebec/Labrador (CNW Group/IC Capitalight Corp.) Figure 1 – Project Location/Infrastructure on copper in Lake Sediments map, Northern Quebec/Labrador (CNW Group/IC Capitalight Corp.)](https://mma.prnewswire.com/media/2465603/IC_Capitalight_Corp__BLUE_LAKE_Cu_Ni_Pt_Pd_CLAIMS_EXPANDED.jpg)
![Figure 2 – IC Blue Lake Project claims on contoured colour image of copper ppm in lake sediments. Note copper values are likely displaced from their in-situ source due to fluvial/glacial transport. (CNW Group/IC Capitalight Corp.) Figure 2 – IC Blue Lake Project claims on contoured colour image of copper ppm in lake sediments. Note copper values are likely displaced from their in-situ source due to fluvial/glacial transport. (CNW Group/IC Capitalight Corp.)](https://mma.prnewswire.com/media/2465604/IC_Capitalight_Corp__BLUE_LAKE_Cu_Ni_Pt_Pd_CLAIMS_EXPANDED.jpg)
Capitalight CEO Brian Bosse
remarked; "We have nurtured Blue Lake for many years given the
presence of nearly five million tonnes of historical Cu Ni Pt Pd
deposits, mineralized showings occurring over more than 50 km along
strike, and the steadfast conviction of Canadian mine finders
Ernie Black and Ned Goodman that the project was worthy of major
exploration. I am very pleased with the expansion of the Blue Lake
project footprint. Copper's time is now, and this project will
advance."
In a recent interview Rio Tinto's Chairman was quoted,
"...the world needs copper. If we don't have copper, we're not
going to do the energy transition. Since humankind has been on the
planet, we've produced 700 million tons of copper. If we're going
to meet the Paris (climate) goals,
we're going to have to produce the same 700 million tons in the
next 20 years.1 "
The Company plans to immediately commence a field program
consisting of rock sampling of favourable ultramafic intrusions,
detailed ground geophysics in areas of known Cu Ni Pt Pd showings
with co-incident airborne EM conductors, and commission a
geologically constrained inversion of the airborne magnetics to
assist in structural modeling and future drill targeting.
On May 19, 2023 Capitalight
announced amalgamation of its prior mineral claims with additional
claims (press release linked here). Those claims, consisting of the
former LaFosse Special Mining Lease, had been previously bulk
sampled and were then estimated to contain a Historical resource of
4.8 million tons at 0.85% Cu, 0.52% Ni, 0.84g/t Pt+Pd. Locally
grades up to 4.03g/t Pt, 16.5g/t Pd, 2.94% Cu, and 0.12% Ni have
been noted.
Capitalight will host Q&A for the Blue Lake project on
Thursday July 25 at 2pmEST. Register to join the discussion with
Douglas McQuarrie and Brian
Bosse. THE EVENT LINK IS HERE.
Scientific and technical information contained in this news
release has been reviewed and approved by Douglas
R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics,
Director of IC Capitalight Corp., who is a "qualified person" under
NI 43-101. Assessment sampling and reporting was overviewed by
Mike Muggridge, P.Geo. (NL), and
supported by Pierre-Luc Lalonde,
P.Geo. (QC).
1
https://navltd.com/insights/in-conversation-with-dominic-barton-perspectives/
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Sufficient work has not been done to classify the historical
estimate (as reported by La Fosse Platinum Group and T. Clark,
1991) as current mineral resources or mineral reserves, and the
Company is not treating the historical resource estimate as current
mineral resources or mineral reserves. The economic viability of
deposits such as these has not been established. In general, these
historical estimates are included herein only as an example of the
type and grade potential of Cu-Ni-Pt-Pd mineralization occurring in
our Blue Lake Project area.
ABOUT IC CAPITALIGHT CORP.
IC Capitalight Corp. operates as a merchant bank that pursues
value-based investment opportunities in accordance with its
internal investment policies. The Company provides shareholders
with long-term capital growth by investing in a portfolio of
private company investments and mineral exploration properties that
are expected to generate positive cash flows.
The company is listed on the CSE under the symbol "IC." To learn
more about the Company please visit
www.capitalight.co .
SOURCE IC Capitalight Corp.