(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 6, 2023 –Tearlach Resources Limited (“ Tearlach ” or the “ Company ”)(TSXV:TEA ) ; ( OTC:TELHF ) ; FRANKFURT: V44) announcesintersecting thick zones of claystone stratigraphy in twin and stepout holes with total holes depths of up to 140m (460 feet), which hostthe lithium mineralization, and drilling an expanded area of 5 km x3.2 km, previously discovered by Black Rock Silver Corp (TSXV: BRC),at the Gabriel Project in Tonopah area Nevada . The Company also announces it will not be proceeding with thebrokered private placement financing announced on March 2, 2023.
Drilling Update:
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The Company’s project is near one of the largestknown lithium deposits** in America, American Battery TechnologyCompany (OTC: ABML), who very recently announced this. As well as nextto American Lithium Corp’s TLC project.
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Six core holes have been completed, of which laboratoryanalysis for two (2) are being rushed. The drill core for five (5)of the holes has currently been submitted to the ALS Laboratoryfacility in Reno, Nevada, and assay results are pending.
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Four (4) of the six (6) holes have twinned originalBlack Rock Silver’s holes.
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The remaining two (2) drilled holes are step-outslocated in prospective areas of the property.
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All drill holes have intersected mappable claystonestratigraphy.
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Drilling of the 19-hole program is ahead of theforecast schedule as core recovery and penetration rates are higherthan predicted.
Note 1: ** Mineralization on theadjacent or nearby property does not indicate mineralization onGabriel Property.
Figure 1: Drill Core from GAB 008 holeshowing claystone in an area that BlackRock had previously confirmedmineralization.
Morgan Lekstrom, CEO of Tearlach, comments, “The Company believesthat it is in the best interest of our shareholders not to proceedwith the financing announced on March 2 nd , 2023. Our current financialposition allows us to complete the existing work programs due to thecost decrease and drilling rate increase that our world-class geologyand drilling team has been able to achieve. This is an importantstep for Tearlach in becoming a major player in the lithium space inthe USA and Canada.” He added, “The Tonopah lithium belt isquickly gaining worldwide prominence as both our neighbours, AmericanLithium Corp. and American Battery Technology, have established theirlithium deposits as two of the largest in the United States.** Earlydrilling at Gabriel suggests significant mineralized potential. Thesheer size potential of this area and the recent size of the resourcesin the Tonopah area between American Lithium and ABML, to which weadjoin and are near, signifies that this is becoming the largest andpremier lithium hub in America.** Our ability to execute in such shorttimelines and accelerate drilling programs makes this the ideal timeto continue building off the BRC original discovery.”
Qualified Person:
Mr. David Flint, CPG with AIPG., Director of the subsidiary Pan AmLithium (Nevada) Corp, and a Qualified Person as defined by NationalInstrument 43-101 – Standards ofDisclosure for Mineral Projects , has reviewed and approved thescientific and technical information contained in this news release.
About Tearlach
Tearlach, a member of the TSX Venture 50, is a Canadian explorationcompany engaged in acquiring, exploring, and developing lithiumprojects. Tearlach has a Joint Venture agreement with Blackrock silveron the Gabriel project in Tonopah, Nevada, bordering AmericanLithium's TLC Deposit, and is aggressively exploring the lithiumtargets previously identified by drilling. Tearlach holds an option toacquire a 100% interest in the Savant Property, an exploration stageGold-Silver-Copper Property in Northwestern Ontario, subject to a 1.5%net smelter royalty. Tearlach holds an interest in the Final FrontierProject, which includes the Pakwan / Margot Lake Claim block, which isdirectly contiguous to Frontier Lithium's Flagship Spark and PAKdeposits, as well as interests in the Wesley, Harth and Ferlandproperties, all located in the lithium hub of northwestern Ontario,Canada. The Wesley Property borders Green Energy Metals' Root LakeProject, where a 24,000 m drill program is currently underway.Pegmatite dykes have been encountered on the Harth Lithium Project,which is 8 kms west of the Wesley Lithium Project. Tearlach also holdsinterests in Fliszar, Muscovite Ridge and Rose North Properties in theJames Bay area of Quebec, and each property hosts pegmatites. Tearlachalso has interests in "The Shelby Project" properties inQuebec's James Bay Region near Winsome Resources and Patriot BatteryMetals. Tearlach's primary objective is to position itself as NorthAmerica's leading lithium exploration and development company. Formore information, please get in touch with the Company at info@tearlach.ca orvisit our website at www.tearlach.ca for project updates and relatedbackground information.
The TSX Venture 50 is a ranking of the top performers in each of the 5industry sectors in the TS Venture Exchange over the last year.
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ON BEHALF OF THE BOARD OF DIRECTORS,
TEARLACH RESOURCES LIMITED
Morgan Lekstrom
Chief Executive Officer
Suite 610 - 700 W. Pender Street
Vancouver, BC, Canada V6C 1G8
Tel: 604-688-5007
This news release containsforward-looking statements and forward-looking information(collectively, “forward-looking statements”) within the meaning ofapplicable securities legislation in Canada. All statements in thisnews release that are not purely historical are forward-lookingstatements and include statements regarding beliefs, plans,expectations and orientations regarding the future including, withoutlimitation, that assay results are pending; the Company has enoughcash on hand to fund its current exploration programs; the Companybecoming a significant presence in the lithium space in Canada and theUS; and early drilling atGabriel suggests significant mineralized potential . Although the Company believes that suchstatements are reasonable and reflect expectations of futuredevelopments and other factors which management believes to bereasonable and relevant, the Company can give no assurance that suchexpectations will prove to be correct. Forward-looking statements aretypically identified by words such as: “believes”, “expects”,“anticipates”, “intends”, “estimates”, “plans”,“may”, “should”,“would”, “will”, “potential”, “scheduled” orvariations of such words and phrases and similar expressions, which,by their nature, refer to future events or results that may, could,would, might or will occur or be taken or achieved. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions, including, without limitation,the ability of the Company to finance existing and proposedoperations.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Companyto differ materially from any future results, performance orachievements expressed or implied by the forward-looking information. Such risks and other factors include the Company’s inability toraise future capital when required on terms acceptable to the Company,adverse market conditions and other factors beyond the control of theCompany. Other factors may also adversely affect the future results orperformance of the Company, including general economic, market orbusiness conditions, future prices of lithium, changes in thefinancial markets and in the demand for lithium, changes in laws,regulations and policies affecting the mineral exploration industry,as well as the risks and uncertainties which are more fully describedin the Company’s annual and quarterly management's discussion andanalysis and in other filings made by the Company with securitiesregulatory authorities in Canada under the Company’s profile atwww.sedar.com. Readers are cautioned that forward-looking statementsare not guarantees of future performance or events and, accordingly,are cautioned not to put undue reliance on forward-looking statementsdue to the inherent uncertainty of such statements.
These forward-looking statements aremade as of the date of this news release, and, unless required byapplicable law, the Company assumes no obligation to update theforward-looking statements or to update the reasons why actual resultscould differ from those projected in these forward-lookingstatements.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this press release.
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