First Energy Metals acquires Falcon Lake Lithium Property, Northwest Ontario, Canada

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First Energy Metals acquires Falcon Lake Lithium Property, Northwest Ontario, Canada
Vancouver, BC (January 12, 2022) — First Energy Metals Ltd. (CSE: FE) (“First Energy” or the “Company”) is pleased to announce that it has entered into an option agreement to acquire a lithium exploration property in the Thunder Bay Mining District of northwestern Ontario, Canada . The Falcon Lake lithium property includes 48 mining claims that cover approximately 960 hectares and are located approximately 325 km northeast of Thunder Bay and 75 km northeast of Armstrong, Ontario. The property includes three spodumene-bearing lithium pegmatite phenomena that have been discovered since 1950. Lithium is the mineralization of primary interest in these pegmatites, along with other rare metals such as beryllium, cesium, rubidium, niobium and tantalum.

Falcon Lake Lithium Property Highlights

– Property Host Mineral Deposit Inventory (MDI) Listed Lithium Events by Ontario Mining Land Administration System and other sources PIE (1968) ODM Map 2100: Falcon Lake Discovery (MDI52I08NE00012), Falcon Lake West (MDI52I08NE00009) and Falcon Lake East (MDI52I08NE00013) has been registered on. ,

The first reported work on the property was carried out in 1956 by the British Canadian Lithium Mines Ltd. (BCLM) On Discovery, Falcon West and Falcon East Showings (Darling, 1962). A total of 22 diamond drill holes approximately 1,658.57 m (5,441.5 ft) were completed in the three exhibitions. Diamond drilling in 1956 delineated pegmatite areas to a vertical depth of about 37 meters (121 ft) from the surface. Highlight results of this drilling include 10.97 m (36.0 ft) grading 1.09% Lithium (Li) and 24.72 m (81.1 ft) 0.41% Li in Hole W-9 Zone Falcon West and 1.13% Li over 4.91 m (16.1 ft) . Drill hole E-4 in Falcon East Zone.

Canadian Ore Bodies acquired the asset and conducted geological mapping, litho-geochemical sampling, trenching, channel sampling and diamond drilling from 2009 to 2011. The main results of this investigation are listed below (see also Tables 1 to 3):

o In December 2010, 3 nq diameter drill holes totaling 263.10 m were completed, all of which cut the deposit deeper. Drilling has reported a strike length of about 75 metres, a down dip continuation of about 60 metres, and an average actual width of about 7 metres. The drill results returned an average grade of 1.045% Lithium Oxide (Li2O). Hole CO-10-003 returned up to 1.10% Li2O over 11.00 m. The field is deeply open. The southern extension of the zone was also confirmed at the surface where sample H467554 returned 1,290 ppm Li from a pegmatite outcrop approximately 100 m south of drill hole CO-10-002 (Table 1).

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o Four of the 30 Grab samples collected returned more than 10,000ppm Li (2.26% to 2.82% Li2O) as well as the heterogeneous beryllium, cesium, gallium, niobium, rubidium, tin and tantalum. Of the remaining 26 samples, six returned anomalous lithium values ​​in excess of 1,000 ppm (Table 2).

o Channel sampling program confirmed the lithium economics along the entire approximately 75 m strike length of the Falcon Lake West show. Significant results included seven samples with values ​​ranging from 10,438 ppm Li to 14,800 ppm Li and 2.25 to 3.19% Li2O. Channel sampling returned 1.537% Li2O over 6.98 m in slot #3 and 1.427% Li2O over 2.87 m in slot #12; Heterogeneous values ​​of beryllium, cesium, gallium, niobium, rubidium, tin and tantalum were also encountered. Channel sample from Falcon Lake East showing 0.441% Li2O over 1.97m (Channel #16) and odd values ​​of beryllium, cesium, gallium, niobium, rubidium, tin and tantalum. A single sample returned a maximum of 5,290 ppm lithium, 1.14% Li2O (Table 3).

Note: Investors are cautioned that the above information is from publicly available sources. The company was unable to independently verify the information contained. This information is not necessarily indicative of mineralization on the property that is the subject of this news release. The company is required to complete exploration work to confirm the historical mineralization reported on the property. No assurance can be given that significant discoveries will be made as a result of the Company’s investigative work.

Afzal Pirzada, a geological consultant to the Company and a qualified individual as defined by National Instrument 43-101 – Disclosure Standards for Mineral Projects, reviewed and approved the scientific and technical information contained in this news release.

description of transaction:

Pursuant to a purchase agreement between Optioner (Hemlo Exploration Inc.) and the Company dated January 3, 2021 (effective date), First Energy has the option to acquire 100% interest in the asset by paying $75,000 in cash by the Company. dollars, issuing 600,000 common shares and creating $250,000 in exploration expenses over a three-year period.

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for board

First Energy Metals Limited

Gurminder Sangh

Gurminder Sangh

Chief Executive Officer and Director

For more information contact: [email protected] or (604) 375-6005.

The Canadian Securities Exchange (CSE) and its regulators do not accept responsibility for the adequacy or accuracy of this press release and have neither approved nor disapprove of the content of this release.

forward-looking information

Except as statements of historical fact, this press release contains forward-looking information within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. This press release contains further information regarding the intention plans and future actions of the parties to the transaction described herein and the relevant terms.

The forward-looking information contained in this press release reflects the Company’s current expectations, beliefs and/or beliefs based on the information currently available to the Company. With respect to the forward-looking information contained in this press release, the Company has made assumptions about the Company’s ability to obtain the necessary approvals. The Company also assumes that no material event will occur outside the normal business of the Company. Although the Company believes that the assumptions contained in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly, due to the uncertainty involved, such information should not be relied upon without hesitation.

Table 1: Drill Hole LC21-09 Assay Results Highlights

MächtLi2O Ta2O5Be Cs Nb Rb from borehole

Number (M) (M) IgKE (%) (ppm) (ppm) (ppm) (ppm) (ppm)

Tea

(M)

CO-10-00169,383,314,000,99 52,5 145,4166,062,5 2080,

0 0 7

69,374,35.00 1.25 46.6 214,7189,869.4 including 2862,

l 0 0 0

,

and 79.383.34.00 1.50 47.9 128.7120.178.7 1657,

0 0 5

CO-10-00255,362,37,00 1,07 68,6 136,4377,946,1 3477,

0 0 1

CO-10-00339,450,411,001,10 50,0 115,283,3 62,5 1377,

0 0 1

including 44,450,46.00 1.52 48.5 156,684.7 79.9 1670,

l 0 0 0

,

Table 2: Analytical Results of Historical Surface Samples

Probe-Li2O Li(%Li(pRb(pBe(pCs(ppGa(ppTa(pNb(p))))))

No. (%)) pm) pm) m) m) pm) pm)

H467572,82 1,31 131001820 153 218 78 41.2 60,8

7

H467582,45 1,14 114001940 245 190 63,4 28,8 61.2

5

H467572,30 1.07 107002580 126,5339 75.8 76.1 53.9

8

H467582,26 1,05 105001640 118 109 64.9 20,8 54.7

6

H467571,50 0.70 6990 3420 143,5175 57,1 33.7 68.4

6

H467561,43 0.66 6640 2790 333 175,5 65,3 46.9 74.4

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1

H467561,11 0.52 5150 2900 144,594,9 48.9 65 75.2

2

H467551,00 0,46 4630 3750 167 420 59,9 58,3 53.9

6

Table 3: Analysis Results of Slot Bond Samples

SchlitLänge Li2OLi (pBe(pCs(pGa(Nb(pRb(ppSn(pTa(p))))))

Z-No. (m) pm) pm) pm) ppm) pm) m) pm) pm)

,

1 1,00 1,959089 243 61 77 66 2019 100 20

7

2 2,90 1,426595 154 104 58 56 2060 61 28

3 6,98 1,537139 139 166 61 67 2103 60 35

7

4 1,00 1,818429 206 169 62 67 1808 70 44

5

5 1,50 1,125232 109 184 53 79 2032 38 41

7

6 5,45 1,577319 110 147 57 75 2121 49 34

6

8 2,02 1,597427 156 198 63 64 1598 63 64

9

9 2,00 1,999257 136 140 66 75 1295 69 57

3

10 1,50 1,768218 123 266 77 162 1713 90 107

9

11 2,00 1,316097 181 380 71 68 2733 75 45

3

12 2,87 1,426628 131 237 60 58 3146 66 74

7

14 2,96 1,617480 145 133 64 72 1807 77 36

15 2,56 1,466819 146 267 68 55 3244 88 43

8

16 1,97 0,442046 167 154 53 70 2180 80 32

1

17 1,58 0,421971 166 151 52 79 2202 80 36

4

*Li2O% is calculated using the following formula: (Li ppm/1,000,000) x 2.153 x 100%

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Source: dpa-afx

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