Weekapaug Lithium Ltd. ("Weekapaug" or the "Company"), a Canadian mineral exploration company focused on exploration and development, is pleased to announce it entered into a partnership with Aster Funds Ltd. ("Aster") on October 15th, 2024 to conduct a regional remote sensing gas survey over a 12,000 sq. km area including Weekapaug Lithium's current Ontario Hydrogen claims and the recent hydrogen discovery in Quebec to further identify specific hydrogen targets in the region. In addition to covering our northeastern Ontario claims, the company is embarking on an aggressive plan to cover additional lands in both British Columbia, and Alberta to define key areas of interest for further land acquisition. Aster will also utilize its QDFC Predictive Fingerprint Target Mapping algorithms and Artificial Intelligence which utilize the known hydrogen occurrences as trainers to outline target areas having a similar "spectral" response to QIMC's hydrogen occurrences. This will allow Weekapaug to develop the best possible exploration strategy and better understand the region's prospectivity for hydrogen and other gases. The survey area encompasses the main graben areas in Temiskaming.
"Working with Aster to conduct these surveys represents the beginning of our exploration program near QIMC's recent discovery," said Marc Branson, CEO of Weekapaug. "We were so impressed with the technology that we extended the program to assist us in identifying additional targets for Hydrogen in Ontario, Quebec, BC, and Alberta. Our goal is to establish a multi-provincial portfolio for hydrogen exploration."
Aster will also conduct Long Wave Infrared (LWIR) remote sensing surveys over a 3,600 sq km area in the Timmiskaming region with the focus on known kimberlites and cobalt/silver mineralization. Again, applying the QDFC Predictive Fingerprint target mapping algorithms on our current claims to evaluate for kimberlite and cobalt/silver potential.
The Company is also pleased to announce the grant of 1,500,000 restricted share units (each, an "RSU") to a consultant of the Company pursuant to the Company's equity incentive plan. Each RSU vests four months and a day following its grant and all of the RSUs (and any common shares issuable upon their settlement) are subject to a four month and one day hold period pursuant to the policies of the Canadian Securities Exchange and applicable securities laws.
