Corvette River Project, James Bay Region, Quebec (MLS 100%)

Metals Australia has identified outstanding lithium gold, silver, base metals and lithium potential on its tenements located in the James Bay lithium region of Quebec, Canada.

The Company’s tenements include the 100%-owned East Pontois, Felicie and West Pontois projects , located within Patriot Battery Metals Inc’s (ASX:PAT) CV Lithium Trend, and tenements at West and East Eade on the Company’s parallel Corvette South Trend (see Figure 1).

Figure 1: Metals Australia’s Corvette River Tenements in the James Bay Region of Quebec

Metals Australia completed an extensive Phase 1 mapping and sampling program on its Corvette River Project in July 2024. The program focused on three separate target areas within the broad tenement package, covering over 22km of strike length of the highly prospective Lac Guyer Greenstone Belt, located north and south of the Corvette River in northern Quebec (Figure 1).

The Phase 1 sampling program focussed on three key prospects: Felicie on the Corvette Lithium Trend, which hosts Patriot Battery Metals’ world-class Corvette Lithium Project, and the West Eade and East Eade claims on the parallel Corvette South Trend.

The program included mapping and extensive rockchip and channel sampling in areas of previous high-grade gold samples found at West Eade and East Eade, as well as follow up of previous high-grade gold-silver-copper results at the Felicie property.

Significant results obtained for each of the key target areas are as follows:

• Felicie Project – New results from the western zone of Felicie included trench sample assays grading up to 3.85g/t gold (Au), 19.8g/t Silver (Ag), 0.14% Copper (Cu), 0.84% Zinc (Zn), 0.5% lead (Pb). These results validate historical rock chip sample results that included grades of up to 4.2 g/t Au, 44.1 g/t Ag, 0.23% Cu, 1.39% Pb and 1.25% Zn3, hosted by a northeast trending shear zone mapped for approximately 200m and open to the NE and SW.
• West Eade Project – New results grading up to 4.42g/t gold were obtained from rock chip samples, validating gold results from prior programs which have included 11.45 g/t & 8.56 g/t Au (2005), 3.37 g/t Au (2019) & 2.56 g/t Au and 5.5 g/t Au (2020). Gold mineralisation has been demonstrated over an east-west trending corridor of over 1000m within a strongly folded and faulted banded iron formation (BIF) up to 300m in width and 2,000 m in length.
• East Eade Project – Trench sample assays revealed broad mineralisation grading >0.3 g/t Au, including 1m @ 0.83 g/t Au associated with quartz veins and up to 15% sulphides within a folded and faulted BIF outcrop. This outcropping mineralised zone extends for >400m, is open to the east and west, and appears to be the source of previous high-grade rock chip samples of outcropping boulders grading 29.7 g/t Au3 and 12 g/t Au3, 160m to the east.

Planning is underway for an exploration program aimed at further defining and extending the mineralised corridors, including pinpointing priority drilling positions for later work.

For additional informaton, please refer to MLS ASX Announcement 17 October 2024.

Image 1: Overview of West Eade prospect area showing tightly folded zones within Banded Iron Formation (BIF – red shading), position of trenches and prior peak gold sample shown (yellow star)

2024 Corvette River Exploration Program