Champlain Announces Maiden Mineral Resource Estimate for the Brazil Lake Project - Critical Minerals - Lithium Deposit

Halifax, Nova Scotia--(Newsfile Corp. - May 5, 2022) - John F. Wightman, M.Sc. P.Eng., President & CEO of Champlain Mineral Ventures Ltd. ("Champlain" or the "Company") is pleased to announce the completion of a maiden mineral resource estimate ("MRE") for the Brazil Lake lithium-bearing pegmatite deposit. The MRE for the Brazil Lake Project ("Project") was completed in accordance with National Instrument 43-101 ("NI 43-101") standards of disclosure and the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Champlain is a private company based in Bridgetown, Nova Scotia, Canada, and holds a 100% interest in the Project.

The MRE has an effective date of April 8^th, 2022 and includes a Measured and Indicated mineral resource of 555,300 tonnes grading 1.30 % Li₂O % and an Inferred mineral resource of 381,000 tonnes grading Li₂O %. All mineral resources occur within 4 contiguous exploration licenses consisting of 84 mineral claims (1,408 hectares). Champlain has operated the Project since 1998 and has completed numerous exploration programs including core drilling programs in 2002, 2003, 2010, 2019, and 2020 that form the basis of the current MRE.

The MRE was prepared by Mercator Geological Services ("Mercator") of Dartmouth, NS and AGP Mining Consultants ("AGP") provided pit optimization services. Both firms are independent of Champlain as defined under NI 43-101. The Brazil Lake Project MRE is tabulated below in Table 1. A NI 43-101 Technical Report ("Technical Report") that documents the MRE results has also been completed by Mercator.

Table 1: Brazil Lake Project Mineral Resource Estimate - Effective Date: April 8^th, 2022*

Mineral Resource Notes:

1. Mineral resources were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (MRMR) (2014) and CIM MRMR Best Practice Guidelines (2019).
2. Pit constrained mineral resources are defined within an optimized pit shell with average pit slope angles of 45⁰ and a 14.7:1 strip ratio (waste: mineralized material).
3. Pit optimization parameters include: metal pricing at CAN$ 8.86/lb for Li₂O based on a spodumene concentrate price of CAN$ 1,270/t for 6% Li₂O concentrate, mining cost at CAN$ 5/t, exchange rate of 1.27 CAN$/1.00 USD$, processing plus general and administration cost at CAN$ 80/t processed, and a Li₂O recovery of 85 %.
4. Pit constrained mineral resources are reported at a cut-off grade of 0.48 Li₂O % within the optimized pit shell. The cut-off grade reflects the marginal cut-off grade used in pit optimization to define reasonable prospects for eventual economic extraction by open pit methods.
5. Underground constrained mineral resources are reported at a cut-off grade of 0.98 % Li₂O. The cut-off grade reflects total operating costs of CAN$ 150/t to define reasonable prospects for eventual economic extraction by conventional underground mining methods and includes a mining recovery of 85 % and a Li₂O % recovery of 85 %.
6. Li₂O % deposit grade was estimated using Inverse Distance Cubed methods based on 1 m downhole assay composites. No grade capping was applied. Model block size is 2 m (x) by 2 m (y) by 4 m (z).
7. An average pegmatite bulk density factor of 2.69 t/m³ was applied.
8. Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
9. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
10. Mineral resource tonnages are rounded to the nearest 1,000.

Champlain intends to develop the Brazil Lake Project to support 'local' Canadian supply chain necessities and by becoming a strategic domestic supplier of battery-grade lithium carbonate to the growing electric vehicle and energy storage markets in North America. Emergent global interest in the exploration and development of spodumene deposits is being driven by the world's insatiable demand for high purity lithium products.

The Brazil Lake Project is fortunate to possess favourable geology, infrastructure, and power along with downstream lithium processing expertise from the Company's local partner Sixth Wave Innovations Inc. Dr. Jon Gluckman, CEO of Sixth Wave Innovations Inc. stated, "We are excited to partner with Champlain in the development of the Brazil Lake Lithium Deposit. We believe that our purification technology and alternative green extraction process applied at an on-site processing plant will provide a clean and efficient process flow sheet. As the lightest known metal maintaining high energy density, Lithium is crucial for essential areas such as power storage, electronics, automobiles, defence, and aerospace. A successful development at Brazil Lake will attract many tertiary manufacturing industries and highly-skilled employment opportunities to the Nova Scotia economy."

Values of lithium carbonate percent (Li₂CO₃ %) and lithium hydroxide percent (LiOH %) for mineral resources are presented in Table 2 for the purpose of comparison with other lithium products and markets. Values of Li₂CO₃ % and LiOH % were derived from values of Li₂O % using a conversion factor of 2.473 * Li₂O % to obtain Li₂CO₃ % and 1.601 * Li₂O % to obtain LiOH %. Values of Li₂O %, Li₂CO₃ %, and LiOH % are separate and not cumulative. Table 2 is a derivative of the MRE presented in Table 1 and not a tabulation of mineral resources for the Project.

Table 2: Comparison of Li₂O %, Li₂CO₃ %, and LiOH % for Brazil Lake Deposit Mineral Resources

Property Location

The Project is located in southern Nova Scotia, Canada approximately 25 km north-northeast of the town of Yarmouth (pop. 7,200) and approximately 300 km southwest of the City of Halifax (pop. 440,000) (Figure 1). The closest international airport is the Halifax Stanfield International Airport (YHZ) located approximately 313 km northeast of the Project and commercial airport facilities can be accessed in the town of Yarmouth, which also supports deep water shipping and ferry services. The region can be accessed via provincial secondary Highway 340 and the Project area is easily accessible through secondary gravel roads. The closest town to offer full services is Yarmouth, which includes full-service accommodations, grocery stores, gas stations and restaurants, tool rental and hardware stores, police and emergency medical services, and a regional hospital.

Figure 1: Brazil Lake Property Location Map

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Local Geology and Mineralization

The Brazil Lake Deposit is currently defined by two lithium-bearing granitic pegmatite dikes, the North Dike and South Dike, hosted by an early Paleozoic sequence of meta-sedimentary and meta-volcanic rocks. Dominant mineral phases are sodium and potassium feldspar, quartz and minor amounts of mica plus accessory minerals. Sampling results for the Brazil Lake pegmatites show anomalous values of Li, Rb, Sn and Be to be present locally. These correspond, respectively, with dominant host minerals spodumene, potassium feldspar, cassiterite and beryl. Li, in the form of the silicate mineral spodumene, is the only metal clearly demonstrated to date to occur at concentrations of potential economic significance and is the focus of the current MRE. Mineralization characteristics of deposit pegmatites is presented in Figure 2, which is a spodumene rich boulder extracted from the South Dike.

Figure 2: Pegmatite Slab from the Brazil Lake South Dike (approximately 1.5m length and 1.0 m in height)

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Deposit Potential

Diamond drilling on the North and South dikes at Brazil Lake has defined a pegmatite deposit that remains open in both strike and dip dimensions at present. Core logging results and analytical data for mineralized intersections within the area of the current MRE document the presence of other mineral phases or metals of potential interest including Be, Rb, Nb, Sn, and Ta. With sufficient technical investigations and mineral processing studies some of these elements may contribute to a future MRE and will be investigated as part of any future mining and economic studies for the Project.

Prospecting on the Brazil Lake claims owned by the Company has resulted in the discovery of spodumene-bearing pegmatite boulders and outcrops in addition to those directly associated with the current MRE. These new areas constitute good quality targets for future exploration. If proven by drilling to contain significant Li₂O mineralization, these pegmatites could have the potential to expand the mineral resources on the Project.

Successful future testing of the direct deposit extension areas plus regional target areas by core drilling could result in definition of substantial additions to the current MRE. Future evaluation is warranted in both cases.

Planned 2022 Work Program

Mineral Processing - The importance of high purity lithium application in the emerging battery metals market has increasingly driven industry efforts to define and develop opportunities for production of high-quality lithium products such as lithium carbonate (min 99.5 % Li₂CO₃ battery grade) and lithium hydroxide monohydrate (min 56.5 % LiOH•H₂O battery grade). On March 31^st, 2022, Champlain engaged Sixth Wave Innovations of Bedford, NS to begin extraction testing and development of a preliminary flowsheet for lithium carbonate (LCE) extraction, in addition to assessing deposit opportunities for commercially viable recovery of Ta, Rb, Sn, Be, and high purity silica products from lithium bearing pegmatite.

Exploration - A drone magnetometry (UAV) survey will be carried out on Champlain's claims as part of a regional exploration program to identify prospective areas for new pegmatite discoveries. High resolution low-flying UAV magnetic surveying may be able to resolve low magnetic susceptibility anomalies associated with pegmatites and differentiate pegmatites from their host lithologies. This survey should include an orientation survey over the known deposit area. Follow-up interface drilling is planned on identified targets to confirm spodumene mineralization.

Release of NI 43-101 Technical Report

The NI 43-101 Technical Report for the Brazil Lake Project is presently under review by a number of potential partners under the provision of a non-disclosure agreement. The Technical Report will be publicly released prior to the PDAC Conference in Toronto, Ontario, Canada in mid-June 2022.

Qualified Person Statement

The Brazil Lake Project Mineral Resource Estimate was prepared by Matthew Harrington, P.Geo., Senior Resource Geologist with Mercator Geological Services based in Dartmouth, Nova Scotia, Canada. Mr. Harrington is an Independent Qualified Person as defined by NI 43-101. The Mineral Resource Estimate in this news release has been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (May 2014). Mr. Harrington has read and approved the contents of this news release, as it relates to the disclosed Mineral Resource Estimate.

For the purposes of this news release, John F. Wightman, M.Sc., P.Eng., President & CEO of Champlain is the designated non-independent Qualified Person that has prepared and approved the scientific and technical information disclosed in this news release. The technical information disclosed was referenced from the Brazil Lake Project NI 43-101 Technical Report prepared by Mercator.

Contact Information

For more information please contact:
John F. Wightman, M.Sc. P.Eng., President & CEO
902-483-6616 (m)
[email protected]

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, and business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. The Company undertakes no obligation to publicly release any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

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