Vancouver, BC – TheNewswire – December 4, 2023, Clarity Metals Corp. (“Clarity ” or the “Company ”) (CSE:CMET) ( OTC:CLGCF) ( FSE:27G0) is pleased to provide an update on its 100% owned 5,979 hectare Fecteau Gold Project located in the Province of Quebec (the “Property ”).
Highlights of the Fecteau Project
- 5,833 m of diamond drilling by Clarity in 2022 bringing total drilling to date on the property to 11,943m
- Highlight results include the highest ever gold intercepts on the property:
- FEC-22-05 from 149.4 m 14.91 g/t Au over 1.0 m
- FEC-22-13 from 168.8 m 5.98 g/t Au over 0.6 m
- Confirmation of VMS targets
- Confirmation of mineralization in multiple favourable structures
- Highlight results include the highest ever gold intercepts on the property:
- Multiple targets remain untested along mineralized structures
- 0km east of Osisko Mining’s Windfall Lake Project and Bonterra Resources’ Gladiator Project (Figure 1).
- Two of the five new targets generated from till sampling in 2020 have also been surveyed with an IP array
- Targets A, B and D were drill tested
- Two of the five new targets remain undrilled.
- 14 mineral showings including:
- Lac Fecteau Est: 2.42g/t Au over 2.65m (7575-77-16), 1.82 g/t Au over 4.9m (111036-88-16) in drill core
- Buteux-Marceau: Anomalous grab samples, including 4.11 g/t Au
- Lac Pistolet: Anomalous grab samples, including 1.08 g/t Au and 1.91% Cu
- Desgagné: Anomalous samples, including 1.00 g/t Au trench sample over massive sulphide
- Lac Fecteau Nord: 1.71 g/t Au over 1.5m (7515-77-12) in drill core
- Porphyre: Anomalous grab samples, including 7.09 g/t Au
James Rogers CEO of Clarity comments “We are excited about the exploration upside of the Fecteau Gold Project. We have confirmed mineralization in structures. The project is well situated in an exciting area adjacent to Osisko’s Windfall Lake Project which published its maiden resource earlier this year.”
The Fecteau Gold Property is known to host two types of mineralization: VMS (Cu-Zn-Au) and mesothermal gold. Both styles of mineralization were tested during this program. VMS targets are represented in the field by numerous gossans of semi-massive to massive sulphides located along and near an east-west trending rhyolite-dacite contact observed over 10 km of strike. Past drilling near surface intersected anomalous copper-zinc intervals associated with anomalous gold.
Mesothermal gold bearing quartz veins are observed at both ends of the property (western and eastern portions) where the volcanic sequence is folded. East-west striking meter-scale shear veins developed parallel to the axial plan of the folds.
The Fecteau Property is located within the Urban-Barry Greenstone Belt and covers rocks of similar age and composition to those hosting the intrusive complex of Osisko Mining’s Windfall Lake Deposit.
Figure 1: Location of Fecteau Gold Project showing nearby projects.
Exploration Update
At the end of 2022, Clarity drilled a total of 5833m in 15 holes across 7 targets on the Fecteau Property. These targets included VMS type targets and orogenic gold type targets which were generated from geological, geophysical, geochemical and till surveys recently completed on the property as well as compilations of past work. Drilling was carried out with 2 rigs supplied by RJLL Drilling with technical support from GL Geoservices.
- FEC-22-01 and 02 tested Target 1B (Au and base metals)
- FEC-22-03, 05, 07, 13, and 15 tested Target 6 (Fecteau East or Soquem gold showing)
- FEC-22-04 tested Target 1D (Au and base metals)
- FEC-22-06 tested the Plunge base metals showing
- FEC-22-08 and 10 tested Target area 1A (Au and base metals)
- FEC-22-09 and 11 tested Fecteau Nord or Noranda base metals showing
- FEC-22-12 and 14 tested the Porphyre gold showing
The highest grade gold intercepts were in hole FEC-22-05 and FEC-22-13 at the Fecteau East showing. The most prominent structure was encountered in FEC-22-14 which intersected 0.80m of 1.08 g/t Au at the Porphyre showing. Drill holes into the VMS targets successfully intercepted exhalative material containing disseminated to locally massive sulphides and returned anomalous Cu and Zn values in holes FEC-22-04 and FEC-22-09. A total of 1360 samples were submitted to the lab, results are summarized in table 1. The Property has full coverage with triaxial airborne magnetic response.
Figure 2: Drilling on 2022 mag survey.
Figure 3: Drilling on bedrock geology.
Table 1: 2022 drill intercepts.
| Hole ID | Target | From (m) | To (m) | Length (m) | Au (ppm) | Cu (ppm) | Zn (ppm) |
| FEC-22-01 | IP Target B | 252.2 | 253.5 | 1.3 | 0.07 | 651 | 2945 |
| FEC-22-01 | 253.5 | 254.8 | 1.3 | 0.02 | 384 | 487 | |
| FEC-22-02 | IP Target B | 359.4 | 360.2 | 0.8 | 0.03 | 307 | 330 |
| FEC-22-03 | Lac Fecteau Est | 21.7 | 23.2 | 1.5 | 0.03 | 148 | 85 |
| FEC-22-03 | 23.2 | 24.6 | 1.4 | 0.04 | 178 | 106 | |
| FEC-22-03 | 24.6 | 25.6 | 1.0 | 0.04 | 104 | 86 | |
| FEC-22-04 | IP Target D | 265 | 265.8 | 0.8 | 0.04 | 461 | 266 |
| FEC-22-04 | 265.8 | 267 | 1.2 | 0.07 | 684 | 1975 | |
| FEC-22-04 | 267 | 268 | 1.0 | 0.12 | 1018 | 8202 | |
| FEC-22-05 | Lac Fecteau Est | 85.7 | 86.7 | 1.0 | 0.15 | 45 | 35 |
| FEC-22-05 | 86.7 | 87.7 | 1.0 | 1.66 | 30 | 28 | |
| FEC-22-05 | 87.7 | 88.7 | 1.0 | 0.03 | 29 | 72 | |
| FEC-22-05 | 88.7 | 90 | 1.3 | 1.14 | 39 | 70 | |
| FEC-22-05 | 90 | 91.5 | 1.5 | 0.06 | 27 | 46 | |
| FEC-22-05 | 149.4 | 150.4 | 1.0 | 14.91 | 658 | 58 | |
| FEC-22-06 | Plunge | 70 | 71.5 | 1.5 | 0.01 | 342 | 103 |
| FEC-22-06 | 71.5 | 73 | 1.5 | 0.01 | 144 | 82 | |
| FEC-22-06 | 73 | 74.5 | 1.5 | 0.01 | 268 | 79 | |
| FEC-22-07 | Lac Fecteau Est | 254.7 | 256.2 | 1.5 | 0.13 | 26 | 219 |
| FEC-22-07 | 256.2 | 257.7 | 1.5 | 0.29 | 54 | 220 | |
| FEC-22-08 | IP Target A | 253.7 | 255 | 1.3 | 0.11 | 219 | 55 |
| FEC-22-08 | 255 | 256 | 1.0 | 0.71 | 254 | 74 | |
| FEC-22-08 | 256 | 257 | 1.0 | 0.19 | 404 | 62 | |
| FEC-22-09 | Lac Fecteau NE | 197.4 | 198.8 | 1.4 | 0.04 | 1745 | 1805 |
| FEC-22-09 | 198.8 | 199.6 | 0.8 | 0.02 | 1182 | 224 | |
| FEC-22-09 | 199.6 | 200.7 | 1.1 | 0.02 | 1108 | 18 | |
| FEC-22-09 | 200.7 | 201.8 | 1.1 | 0.01 | 862 | 5767 | |
| FEC-22-09 | 201.8 | 202.9 | 1.1 | 0.02 | 1246 | 345 | |
| FEC-22-10 | IP Target A | No significant results | |||||
| FEC-22-11 | Lac Fecteau NE | No significant results | |||||
| FEC-22-12 | Porphyre | No significant results | |||||
| FEC-22-13 | Lac Fecteau Est | 168.8 | 169.4 | 0.6 | 5.98 | 8683 | 801 |
| FEC-22-13 | 169.4 | 170.8 | 1.4 | 0.17 | 43 | 373 | |
| FEC-22-14 | Porphyre | 262 | 262.8 | 0.8 | 1.08 | 35 | 662 |
| FEC-22-14 | 262.8 | 263.7 | 0.9 | 0.34 | 41 | 285 | |
| FEC-22-14 | 263.7 | 265.1 | 1.4 | 0.19 | 123 | 62 | |
| FEC-22-15 | Lac Fecteau Est | 84.1 | 85.4 | 1.3 | 0.13 | 45 | 49 |
| FEC-22-15 | 85.4 | 86 | 0.6 | 0.1 | 276 | 7518 | |
Table 2: 2022 drill collars.
| HoleID | Target | Azimuth | Dip | Length (m) | Easting (Z18) | Northing (Z18) | Elevation (m) |
| FEC-22-01 | IP Target B | 180 | -65 | 450 | 488991 | 5432047 | 402 |
| FEC-22-02 | IP Target B | 180 | -60 | 456 | 489240 | 5431941 | 338 |
| FEC-22-03 | Lac Fecteau Est | 180 | -65 | 300 | 481918 | 5431065 | 405 |
| FEC-22-04 | IP Target D | 180 | -65 | 411 | 487446 | 5432375 | 411 |
| FEC-22-05 | Lac Fecteau Est | 180 | -65 | 315 | 482072 | 5431069 | 398 |
| FEC-22-06 | Plunge | 360 | -65 | 156 | 485929 | 5431638 | 420 |
| FEC-22-07 | Lac Fecteau Est | 180 | -65 | 300 | 481775 | 5430980 | 407 |
| FEC-22-08 | IP Target A | 180 | -65 | 606 | 483780 | 5432550 | 411 |
| FEC-22-09 | Lac Fecteau NE | 360 | -65 | 222 | 481600 | 5432000 | 410 |
| FEC-22-10 | IP Target A | 168 | -60 | 597 | 483201 | 5432083 | 415 |
| FEC-22-11 | Lac Fecteau NE | 360 | -65 | 615 | 480873 | 5431903 | 403 |
| FEC-22-12 | Porphyre | 180 | -65 | 342.8 | 482350 | 5429775 | 415 |
| FEC-22-13 | Lac Fecteau Est | 3 | -65 | 282 | 481867 | 5430743 | 405 |
| FEC-22-14 | Porphyre | 180 | -65 | 378 | 482550 | 5429775 | 418 |
| FEC-22-15 | Lac Fecteau Est | 3.7 | -77 | 402 | 481867 | 5430743 | 405 |
QA/QC
Drill core was quick logged before being shipped to a logging facility in Rouyn-Noranda. Samples of half core were then shipped to Bureau Veritas in Timmins, Ontario (ISO/IEC 17025:2017) for analysis by aqua regia digest with an ICP-Es finish (AQ300) and fire assay for gold (FA430) as well as a metallic screen fire assay for gold results exceeding 2 g/t (FS652). Standards, blanks and lab duplicates were added to the sample stream at regular intervals.
1 Qualified Person
Mr. Ryan Versloot, P. Geo. (OGQ #2407), a consultant of the Company, is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the technical information in this news release.
Repricing of Share Purchase Warrants
The Company would also like to announce the repricing of 10,000,000 common share purchase warrants with an exercise price of $0.12 and an expiry date of January 7, 2026 to $0.06 per share, effective immediately (the ” Warrant Repricing “). Following the Warrant Repricing, the Company will have an aggregate of 10,000,000 outstanding warrants , having an exercise price of $0.06 and an expiry date of January 7, 2026 (the “ Repriced Warrants ”). The Repriced Warrants will contain a term such that if, for any 10 consecutive trading days the closing price of the listed shares exceeds the amended exercise price by 25% (a price of $0.075 per share), then the term of the Repriced Warrants will be amended to 30 days, after which time the Repriced Warrants will expire. The Company’s management considers the Warrant Repricing to be in the best interests of the Company and its shareholders.
Equity Compensation
The Company also announces that it has granted an aggregate of 300,000 stock options (the “Stock Options ”) to purchase up to 300,000 Shares of the Company and an aggregate of 1,700,000 restricted share units (“RSUs ”) to certain directors and consultants of the Company (collectively, the “Equity Compensation Grant ”) in accordance with the Company’s stock option plan (the “Stock Option Plan ”) and long term incentive plan (the “LTIP ”), respectively. Copies of the Stock Option Plan and LTIP are available under the Company’s profile on SEDAR.
The Stock Options are exercisable at a price of $0.09 per share for a period of three years and vest immediately. The RSUs vest four months following the date of the grant.
All securities issued in connection with the Equity Compensation Grant will be subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐102 – Resale of Securities .
None of the securities issued in connection with the Equity Compensation Grant will be registered under the United States Securities Act of 1933 , as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
2 About Clarity
Clarity Metals Corp. is a Canadian mineral exploration project generator company focused on the acquisition, exploration and development of precious and base metals projects. Clarity’s exploration mandate is global and focused on countries with established legal and regulatory systems supporting mining investment. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “CMET”.
Clarity has entered into an option agreement to acquire 50% of the Lithium381 Project adjacent to Allkem Limited’s James Bay Lithium feasibility stage project. See Clarity news release dated December 7, 2022.
Additionally, Clarity has title on several early-stage projects in British Columbia and Newfoundland:
- Empirical Gold Copper Molybdenite Property (6,511 ha) – Lillooet, B.C.
- Tyber Gold Copper Silver Property (928 ha) – Southeast Vancouver Island, B.C.
- Gretna Green Gold Copper Silver Property (1,331 ha) – Port Alberni, Vancouver Island, B.C.
- Harp Lake Nickel Property (3,452 ha) – Labrador, NL
- Eddies Cove MVT Property (450 ha) –NW Newfoundland
- Hare Bay Nickel Property (750 ha) –NW Newfoundland
To learn more about Clarity Metals Corp. and its projects please visit www.claritymetals.com.
ON BEHALF OF THE BOARD
“James Rogers ”
Chief Executive Officer
Tel: 1 (833) 387-7436
Email: [email protected]
Website: www.claritymetals.com