Completion Of Phase One 2023 Field Program At Twin Peaks Project

TORONTO - Champion Electric Metals Inc. has completed Phase I of the Twin Peaks Cobalt Project 2023 field program in the heart of the Idaho Cobalt Belt. The Phase 1 field program consisted of stream sediment and outcrop rock sampling in conjunction with geologic mapping. The Company has submitted samples to the ALS Global preparation lab in Twin Falls, ID and will begin a desktop study on recent findings.

"The Phase I program consisted of field examination of 73 watersheds and 85 candidate stream sediment sample sites within the Twin Peaks claim block, from which 32 stream sediment samples were collected," commented President and CEO Jonathan Buick. "Stream sediment sample density along the western portion of the project is judged to be sufficient to recognize potential southeasterly continuation along strike of copper-cobalt mineralization known at the adjacent Iron Creek Project of Electra Battery Materials. Additionally, geologic mapping and outcrop rock sampling were commenced and will be continued in the Phase II program starting August 1. All samples from the Phase I program have been submitted for multi-element ICP analysis and gold fire assay. Preliminary results are expected in July.”

The 2023 Phase 1 field work also investigated the scale of the Twin Peaks Mine base and precious metals hydrothermal system located in the northeastern portion of the claim block. Georeferencing of historical underground geological mapping by Landreth (1964) was completed by capturing the GPS coordinates of the portals for Levels 1 and 2 south of Corral Creek. The minimum width and strike dimensions of the hydrothermal system are approximately 350 m and 500 m, respectively. Historical lead-copper-silver-gold production derived from a series of 1-2 m wide and northwest-striking chloritic shear zones within the larger hydrothermal system, which is hosted in the quartzite of the Apple Creek Formation. Assays are pending for seven samples of variably altered and mineralized rocks from waste dumps.

Landreth further described copper prospects located both 1 km north and 1 km south of the Twin Peaks Mine. A dozer trench was completed at the northern prospect prior to 1964. Champion Electric geologists collected four samples of quartz veining with variable amounts of iron oxides and secondary copper minerals from the trench spoil pile for assay. The southern copper prospect is a 2 m diameter prospect pit identified from orthophotography following completion of Phase I field work; sampling of this occurrence is a priority for the Phase II program.

Inclusion of the northern and southern prospects within the Twin Peaks Mine hydrothermal system infers a potential minimum strike length of 2 km. Reconnaissance soil lines with samples at 20 m spacing are being considered to define the limits of possible trenching and bedrock sampling both north and south of historical underground mining. The Twin Peaks Mine and satellite prospects are located on land administered by the Bureau of Land Management and it is possible to proceed with ground disturbance of less than five acres in 2023 under a Notice of Intent (NOI).

The Twin Peaks Project comprises 2,761 hectares (6,820 acres) and includes both the historical Twin Peaks Copper Mine and the Badger Basin Prospect. The property is at an early stage of exploration but located approximately 3 kilometres southeast from Electra Battery Metals' advanced exploration stage Iron Creek Project, which boasts an indicated resource of 4.4 Mt* grading 0.19% cobalt (Co) and 0.73% copper (Cu) and 1.2 Mt* grading 0.08% Co and 1.34% Cu in the inferred category (NI 43-101 Technical Report and Mineral Resource Estimate for the Iron Creek Cobalt-Copper Property, Lemhi County, Idaho.