Velox Energy Materials Inc. provided an update on the Lake Pierre Lithium Project in Quebec. The Lake Pierre Lithium Project situated in the Quebec North Shore and approximately 55km east of the town of Havre St Pierre, has undergone an independent review conducted by ISO Services Geoscientifiques Inc. (ISO). ISO has over 23 years of experience in Quebec, possessing relevant expertise in the Lake Pierre region of the Granville Orogeny.

The project encompasses rocks of the Wakeham Group, which includes metasediments, gabbro and amphibolites. Additionally, the Turgeon Granite and the contact zone between these two units are present. There has been extensive exploration campaigns for uranium within the Turgeon Granite over the past 50 years, culminating in the discovery of the Double S uranium deposit.

Uracan Resources reported an Indicated resource of 21.5 Mt @ 0.014% U3O8 and 56.96 Mt of Inferred resources @ 0.012% U3O8 (Report on Minerals Activities in Quebec 2011). These mineral resources are hosted in pink pegmatites that cut the Turgeon Granite. Notably, the deposit has been interpreted to be similar to the world-class Rossing uranium deposit in Namibia, which still hosts 62 Mt of ore reserves at 0.039% U3O81.

The historic data reveals the presence of multiple pegmatites in the region. The oldest pegmatites that represent the best target for lithium discovery, are located in the southern part of the region, crosscutting the Wakem Group rocks. These pegmatites may have been consumed by the intrusion of younger Turgeon Granite but there is no clear evidence available.

While the Turgeon Granite hosts massive pegmatites associated with uranium and REE minerals no specific lithium targets have been identified due to the lack of geochemical data. Two historic diamond drill holes located within the southern portion of the Company's tenure have returned several lithium and tantalum results. Whilst the assays are modest in value, there is a clear identification of lithium within the pegmatite intersected.