Idaho Champion (CSE:ITKO, OTCQB:GLDRF) told investors it has completed a work program on its two 100%-owned lithium pegmatite projects (IQ Projects) in the Eeyou Istchee James Bay territory of Quebec.
The discovery-focused exploration company noted that the completed exploration program included high-resolution magnetic, VLF-electromagnetic, radiometric and LiDAR/imagery airborne surveys covering approximately 2,188 line kilometres.
Additionally, its geology team completed a sampling program on the known exposed pegmatites on both the Blanches and Charles projects. On Charles, the team encountered varied rock units, including amphibolite, metasediment, banded iron formation, ultramafic rocks, and pegmatite dykes, whereas the pegmatite encountered on the Blanche project was mainly near or within metamorphosed intrusive rocks.
"Our maiden exploration program was focused on the Blanche West, Blanche Central, and Charles East blocks of the property,” Idaho Champion president and CEO Jonathan Buick said in a statement.
READ: Idaho Champion says it is fully funded for first phases of exploration on cobalt and lithium projects following 'pivotal' 2022
“The 2,188 line-kilometre airborne survey was flown at a 50-metre nominal elevation and 100-metre line spacing. We were also able to fly the LiDAR and 4-band multispectral imagery at approximately 40 points per square metre to create orthomosaics with 5-centimetre resolution,” Buick added.
The company said its team delivered twenty-one rock samples to ALS in Val D'Or for multielement analyses.
“Interpretation and analysis are now underway on the data sets from the completed program,” Buick continued. “Our technical team is pleased with how the data has come together and the quality of the samples that have been submitted for assay. We have advanced our understanding of the regional geology and structural interpretation of both projects and have begun formulating a second phase program.”
Idaho Champion explained that Blanche comprises of 256 claims totalling approximately 131 square kilometres (km). The project lies within a volcano-sedimentary belt striking east of northeast. The bedrock geology at the Blanche project is mainly composed of a broad east-northeast trending mafic band, interpreted as a metamorphosed basalt, hosted within large xenoliths of silvers of host rock within the tonalite and interbedded with narrow sections of magnesian basalt, komatiite, iron formation (silicate and/or oxide facies) and metasedimentary rocks.
The Charles project comprises of 61 claims covering approximately 31 square kilometres. The company said less is known about this project, but the area exhibits variable topography with low rolling hills to very steep hills. The more prominent hills trend in an east of northeast/west of southwest direction and are defined by outcrops of felsic intrusives and iron formations within the northern and central parts of this project, there is a thick cover of glacial sediment containing boulders of granite and pegmatite.
The company also announced that it has approved the grant of stock options exercisable for a total of 4.2 million common shares to consultants of the company. The options are exercisable for five years at an exercise price of $0.08 per share and vest on the date of grant.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective cobalt properties located in Idaho in the US and lithium properties in Quebec. In addition, the company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco.
Contact the author at stephen.gunnion@proactiveinvestors.com