Company Announcements

Highlights:

• Field work to commence on June 4^th at the Liberty Lithium Property with Dahrouge Geological Consulting Ltd.
• Comet will complete an intensive and focused exploration program with a total of 32 planned traverses, with 20 being high priority targets.
• A 14-day program with 3 skilled teams, with Comet's VP Exploration, Vincent Cardin-Tremblay also participating in the exploration efforts.  

ROUYN-NORANDA, QC , May 29, 2024 /CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY) ("Comet Lithium" or the "Corporation") is pleased to announce the commencement of the 2024 Phase 1 Exploration Program on its 100%-owned flagship Liberty property (the "Liberty Property") on June 4, 2024. The Corporation has engaged Dahrouge Geological Consulting Ltd. to strengthen its team for the surface exploration program.

Three skilled field teams have been assigned to investigate and traverse twenty high-priority target areas (represented in red color on Figures 1 & 2 below) in the most prospective part of the Liberty Property, located in the southern area thereto. Specifically, three traverses will pass through all priority 1 targets during the early days of the program to maximize the chances of discovery. Additionally, seven priority 2 areas (represented in yellow color on Figures 1 & 2 below) have been identified in the northern part, and five priority 3 areas (represented in blue color on Figures 1 & 2 below) are located in the most prospective zone in the south with an east-west orientation.

The Corporation's priority prospecting targets were identified using LIDAR, with the high-priority targets in red color representing areas where the bedrock is most likely outcropping or sub-outcropping. The priority 2 targets in yellow color are areas of topographic anomalies that may indicate possible outcrops. Several interesting topographic anomalies are present in the central part of the south-west portion of the Liberty Property, showing relatively good correlation with magnetic and gravity anomalies.

During the extensive field program, the teams will also conduct a fractionation survey across the traversed areas to map potential target zones. A typical approach to identifying lithium-enriched pegmatites involves sampling non-lithium minerals, such as K-feldspar and muscovite, which serve as proxies for assessing the chemical evolution and rare-element enrichment of pegmatites.

"We are thrilled to launch the 2024 Phase 1 Exploration Program at our flagship Liberty Property," commented Vincent Metcalfe, Chair and CEO of Comet Lithium. "With the expertise of our dedicated field teams, we are confident in our strategy to thoroughly investigate and traverse the high-priority target areas. This field program is designed to maximize our chances of discovering lithium mineralization, particularly in the most prospective areas identified through LIDAR and gravity survey results. We look forward to the completion of this field program, the results therefrom and ultimately the potential value of the Liberty Property."

Figure 1 : Liberty 2024 Field Program – Planned Traverses

Figure 2 : Liberty 2024 Field Program – Lidar Targets

Vincent Cardin-Tremblay, P. Geo (ogq #1386, PGO #3347), registered in the Provinces of Québec, and Ontario is Vice President Exploration to Comet Lithium, is a qualified person under National Instrument 43‑101 – Standards of Disclosure for Mineral Projects. He has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

Dahrouge Geological Consulting Ltd. Is a global mining and mineral exploration consulting group providing expertise in professional geological, logistical, and project management services through all stages of the mining value chain.

Based in Edmonton, AB, CAN, Montreal, QC, CAN, and Denver, CO, USA, Dahrouge and its predecessor, Halferdahl and Associates, have advised and assisted clients in identifying, exploring, developing, and optimizing mineral projects and resources since 1971.

Comet Lithium is a dynamic lithium-focused exploration company active in the prolific James Bay District of Quebec. Comet Lithium's flagship asset is its 100%-owned Liberty Property contiguous to Winsome Resources' Adina lithium deposit, a growing high-grade lithium discovery. Comet Lithium is advancing its Liberty Property to first-ever drilling. 

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Comet Lithium, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including if any planned exploration programs on the Liberty Property, including the planned phase 1 exploration program described in this press release, will occur, the timing to conduct such exploration program and the results of such exploration programs, and if it does so, what benefits Comet Lithium will derive from any such exploration programs. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Comet Lithium's control. These risks, uncertainties and assumptions include, but are not limited to the risks, uncertainties and assumptions described under "Financial Instruments" and "Risk and Uncertainties" in Comet Lithium's Annual Report for the fiscal year ended December 31, 2023, a copy of which is available on SEDAR+ at www.sedarplus.ca, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Comet Lithium does not intend, nor does it undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

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 the release.

SOURCE Comet Lithium Corp.