SPOD Provides Update on Its 100% Owned Golden Moon Gold Project Amidst Historic Gold Prices

Rhea-AI Summary

SPOD Lithium Corp (OTCQB: SPODF) has regained 100% ownership of its Golden Moon gold project following the termination of a previous option agreement on October 31st, 2024. Located 5km south of Chibougamau in Quebec, the 377.69-hectare property shows promising gold and copper potential. Historical sampling revealed significant findings, including 37.7 g/t Au, 73.9 g/t Ag, and 2.5% Cu from the Demi-Lune showing. The project features three distinct showings: Demi-Lune, Axe, and GRH. With gold prices exceeding $3,300 USD/oz, SPOD aims to diversify its portfolio while maintaining its lithium focus. The property's location in the Chibougamau-Chapais area, historically known for gold and copper mining, benefits from easy access via existing roads and renewed interest in Critical and Strategic Minerals.

Positive

• Regained 100% ownership of the Golden Moon project with no further payment obligations
• High-grade historical samples showing significant gold values up to 37.7 g/t Au
• Strategic location with easy access via existing roads, 5km from Chibougamau
• Project timing aligns with record gold prices above $3,300 USD/oz
• Property shows multiple mineralization types (gold, copper, silver) across three distinct showings

Negative

• Limited recent drilling results with best value of only 0.98 g/t Au over 1.0m
• Project requires more systematic exploration approach
• Mineralization appears to be in narrow veinlets, which may impact mining economics

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2025) - SPOD LITHIUM CORP. (CSE: SPOD) (OTCQB: SPODF) (the "Company" or "SPOD") announces an update on its 100% owned gold and copper-rich Golden Moon project, located approximately 5.0 km south of downtown Chibougamau, Eeyou Istchee-James Bay Territory, Quebec. The Golden Moon project was entered into an option agreement with a group that had payments and milestones to meet over a number of years. The option terminated on October 31^st, 2024 and the assets are now 100% owned by SPOD.

Mathieu Couillard, President and CEO of SPOD Lithium, said: "With gold prices breaking new records above $3,300 USD/oz lately, and with an increasingly uncertain future in our exploration sector, adaptability has become crucial. With the approval of our Board of Directors, we see an opportunity to diversify our property portfolio. While we remain bullish on the medium- and long-term potential of the lithium market, we are also continually exploring various scenarios to create value for all of our shareholders. As the Golden Moon project is fully owned by us, we believe this is the perfect time to retain and leverage this gold and copper asset within SPOD's portfolio. At the same time, we are actively seeking new, well-located exploration project opportunities."

The Golden Moon Project

The property consists of ten exclusive exploration rights (EER) that cover an area of 377.69 hectares north of the Obalski Township (NTS 32G/16) and ideally located at 5.5 km south of the town of Chibougamau in the Eeyou Istchee-James Bay Territory, Quebec and along Road 167 (see Figure 1). Access is easy through a series of existing gravel roads.

The Chibougamau-Chapais area has been the site of intense gold and copper mining activity between 1940 and 2010. Today, thanks to the growing interest in Critical and Strategic Minerals (CSMs) such as copper, silver and zinc, the region is currently experiencing a significant resurgence in exploration and development.

The Golden Moon project, which is included within the superior part of the Lac Doré complex, has undergone several small phases of exploration since 1949, which yielded promising results in gold and copper, including the discovery of three distinct showings, namely, Demi-Lune, Axe and GRH showings (see Table 1).

The eastern part of the project contains the Demi-Lune gold showing discovered by a prospector in the 1970s, but unpublished until 2015. In 2015, the Government of Québec carried out a channeling sampling program and, in the summer of 2016, Fieldex Exploration, owner of the mining titles at that time, visited the showing. A verification grab sample stemming from mineralized schist returned values of 37.7 g/t Au, 73.9 g/t Ag, and 2.5% Cu (see Fieldex press release of September 7, 2016 on SEDAR). Since then, several exploration programs demonstrated the gold potential within quartz veins hosted in granophyre in the east central part of the Property, and within gabbro and granophyre along a silicified and carbonatized contact in the western part of the property.

Both types of mineralization may be structural and mechanical controls on intrusion - related deposits (SANSFANÇON, 2021, NI 43-101 technical report on the Golden Moon property).

Figure 1: Location map of the Golden Moon project, 5km west of Chibougamau and the prospection 2016, 2017 and 2020 samples location map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7939/250430_e9db7895e44719c0_002full.jpg

Table 1: Best metallic results from the 2016 and 2020 prospection program (ref. SANSFANÇON, 2021)

Sample number	Prospecting year	Showing	Au (g/t) ppm	Au (g/t) gravimetric	Ag (g/t)	Cu (%)	Zn (%)
65570	2016	Demi-Lune	-	37.7	73.9	2.5	0.03
65601	2016	Axe	4.63	4.90	2.8	0.05	0.14
65602	2016	Axe	9.60	8.26	4.5	0.05	0.09
65603	2016	Axe	0.42	-	0.5	0.05	0.22
65611	2016	Axe	1.53	-	1.31	0.01	0.53
65607	2016	GRH	12.72	15.11	38.11	0.56	0.34
65610	2016	GRH	0.13	-	1.0	0.03	0.31
501460	2020	Axe	1.21		1.5	0.05	1.09
501461	2020	Axe	0.49		0.7	0.02	0.44
501462	2020	Axe	15.07	15.01	9.0	0.06	0.13
501463	2020	Axe	8.46	8.42	6.8	0.05	0.25
501464	2020	GRH	22.78	20.93	21.7	0.26	8.94
501465	2020	GRH	0.54		7.3	0.23	0.78

 

In December 2020, three diamond drilled holes, totaling 495 meters, were carried out on the eastern part of the property, to test the eventual prolongation at depth of the different showings. The samples were only analyzed for gold and the best value recovered was 0.98 g/t Au over 1.0m.

The area is known for its gold potential within quartz veins hosted in granophyre and the several high-grade values recovered historically demonstrate its potential. Today, the project warrants a more systematic approach to better define gold-copper deposits that are made from narrow but high-grade veinlets.

Qualified Person

Julien Davy, P.Geo., M.Sc, MBA, consultant geologist of SPOD, is qualified persons under National Instrument 43-101 on standards of disclosure for mineral projects, and have prepared, supervised and approved the technical information in this news release.

About Spod Lithium Corp.

Spod Lithium Corp. is a leading exploration and development company focused on unlocking the vast potential of lithium resources. With a strategic approach to resource management and a commitment to sustainable practices, SPOD is dedicated to driving innovation and delivering value for its stakeholders. Founded in 2020, its primary lithium properties are strategically located in Quebec and Ontario, Canada, regions renowned for their rich deposits of these valuable resources. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company through its website at www.spodlithiumcorp.com.

On Behalf of the Board of Directors

Mathieu Couillard
President, CEO & Director
+1 (647) 567-6757
mathieu.couillard@SPODlithiumcorp.com

Stay connected with SPOD

Website: www.spodlithiumcorp.com
Linkedin: www.linkedin.com/company/spod-lithium
X (formerly Twitter): www.x.com/spodlithium

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-Looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-Looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250430

FAQ

What are the key findings from SPODF's Golden Moon gold project?

Historical sampling at Golden Moon revealed high-grade values including 37.7 g/t Au, 73.9 g/t Ag, and 2.5% Cu from the Demi-Lune showing. The project contains three distinct showings: Demi-Lune, Axe, and GRH across 377.69 hectares.

Where is SPODF's Golden Moon project located and how accessible is it?

The Golden Moon project is located 5km south of Chibougamau in Quebec's Eeyou Istchee-James Bay Territory. It's easily accessible through existing gravel roads and is situated along Road 167.

What were the latest drilling results from SPODF's Golden Moon project?

In December 2020, three diamond drill holes totaling 495 meters were completed, with the best value being 0.98 g/t Au over 1.0m.

Why is SPOD Lithium focusing on its Golden Moon gold project now?

SPOD is leveraging the project due to record gold prices exceeding $3,300 USD/oz and aims to diversify its portfolio while maintaining its lithium focus. The company regained 100% ownership after an option agreement terminated in October 2024.