CGrowth Capital Inc. Confirms Discovery of Lithium Bearing Rock in Exploration Breakthrough
NEW YORK, NY, Feb. 23, 2024 (GLOBE NEWSWIRE) — via NewMediaWire – CGrowth Capital Inc. (OTC: CGRA) is a public holding company for alternative and undervalued assets. The company is sector and industry agnostic and currently consists of two divisions including Mining and Sports Technology. The company is focused on investing in growth-oriented opportunities where the company’s capital, expertise, and capabilities can help create significant added value for shareholders.
CGRA Mining Inc. is excited to announce the successful completion of field mapping and sampling aimed at determining the potential for Lithium (Li) deposits on selected prospecting concessions owned by CGRA in the Dodoma Region of Tanzania. Following the appointment of Metminec (Pty) Ltd to execute this exploration project, the work has now been independently verified by competent persons in accordance with the industry standards of JORC, SAMREC, and NI 43-101. The comprehensive Geology Report, along with the Magnetic Data Processing & Interpretation Report, is now available for review on the CGRA Mining website.
During the field mapping phase, thirty-two rock samples were collected and subsequently submitted to the SGS Laboratory in Mwanza, Tanzania, for geochemical analysis using ICP-OES (Inductively Coupled Plasma Optical Emission Spectrometry). The primary objective of this analysis was to determine the presence of economically significant elements, particularly lithium, within these rock types. To date, analytical results for twenty-four samples have been received, revealing that twenty-two contain traces of lithium, with the highest recorded content at 44 parts per million (ppm). Additionally, most samples have shown ratios indicative of potential rare element enrichment, further underscoring the area’s potential for lithium extraction.
This discovery is particularly significant, as the concession area is characterized by pegmatites, geological formations renowned for their capacity to host substantial deposits of spodumene. Spodumene, a critical lithium aluminum inosilicate mineral, is one of the most concentrated sources of lithium, making it highly sought after for extraction. Its extractive efficiency gives it a notable advantage over other lithium sources, such as lithium brines. Unlike these other sources, spodumene can be mined and processed in a more straightforward and predictable manner, making the mining process well established and preferable for lithium extraction.
Encouragingly, the positive samples collected span both the southern and northern portions of the project area, suggesting a widespread dispersion of lithium across the entire project. This uniform distribution is a positive indicator of the extensive presence of lithium-bearing rock, enhancing the potential for a sizeable and economically viable resource. Further detailed exploration and analysis will now be undertaken to assess the full scope of this promising distribution and to ascertain the precise grade and volume of the potentially hugely significant lithium deposit that has been uncovered.
Following Metminec’s recommendation, the positive samples have been dispatched to South Africa for further analysis at the SGS Laboratory, utilizing the ICP-MS (Inductively Coupled Plasma Mass Spectrometry) instrument. This advanced technique is expected to provide a deeper analysis of the collected samples, ensuring the highest levels of precision. Additionally, SGS has been requested to employ XRD (X-ray Diffraction) analytical techniques to further assist in the identification and quantification of the minerals within the provided rock samples.
“The results announced today not only justify the unwavering belief management has held in this project from the outset but also bring immense satisfaction as this belief is now supported by concrete, undeniable, and unquestionable evidence. This milestone is a testament to our team’s dedication and the potential we envisioned from the very beginning of this project. These findings are particularly encouraging, given that they have been obtained from only 10% of our overall tenement area, which in total spans more than 500 square kilometers. This early success hints at the vast potential that remains untapped across the larger concession, underscoring the need for further exploration. Moreover, this exciting hard rock spodumene discovery, coupled with the resurgence in the lithium sector, instils great confidence in our team and highlights the exceptional potential this project has. In response to this significant milestone, we have instructed the Metminec team to immediately undertake follow-up sampling and drilling at the locations showing the highest traces of lithium and to continue working towards the completion of our Preliminary Economic Assessment during Q2 of this year,” commented Nicolas Link, Chairman of CGrowth Capital Inc.
For regular CGrowth Capital (CGRA) updates, you are invited to view the company’s website and/or to follow the company’s Twitter account:
Website: https://cgrowthcapital.com
Twitter: @CGRAOTC
Contact: info@cgrowthcapital.com
Source : CGRA
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