TORONTO, 12 August 2024 /CNW/ – IC Capitalight Corp. (“Capitalight” or the “Company”) (Canadian Securities Exchange: IC) is pleased to announce that its 2024 field work program has commenced. Teams are currently on site rehabilitating the 16-person base camp at Retty Lake, 65 km northeast of Schefferville, Quebecin preparation for the arrival of the field teams.

Field work will consist of 4 teams of geologists and geotechnical engineers sampling the entire strike length of the outcropping ultramafic intrusions on the Company’s 995 staked claims, covering an area of ​​489 km². Over 2,000 rock samples are expected to be collected during this program and analyzed for Cu, Ni, PGE and other mineralization. Teams will be transported by helicopter to the base camp and by seaplane from Wabush And Schefferville.

In addition, a detailed ground gravity grid will be constructed over the Blue Lake drift area and other areas of known massive sulphide-style Cu Ni PGE mineralization. The purpose of the gravity survey is to identify any excess bulk anomalies in the surrounding area, below the historically outlined massive sulphide mineralization and in three new high priority target areas that have not been extensively worked or drill tested to date. These targets all lie within the highly anomalous copper in lake sediment anomaly (see our July 22, 2024 Press Release HERE) and coincide with numerous untested airborne electromagnetic conductors outlined in previous aerial surveys.

The work program is expected to run through September and early October. The results of the program will be compiled in late October and November. A follow-up program, based on the results, may be planned for early 2025 and may consist of further ground geophysics surveys and, if required, drilling. Drilling would be undertaken following further discussions with the Naskapi Nation, other communities and approval (ATI) by the Quebec (province) Ministry of Mining, the Ministry of Resources Nature and Forests (MRNF).

Update on share placement
The company announced a LIFE and a flow-through placement 7 August 2024. The use of proceeds from this increase includes expenditures for the field program described above (see our 7 August 2024 Announcements, HEREAnd LINE HERE). A company insider buys 1,000,000 US dollars of the placements. The capital increase has been well subscribed so far. The company is fully financed for the current program.

About Capitalight
IC Capitalight Corp. provides long-term capital growth opportunities to its shareholders through investments in mineral exploration properties and other assets. The Company is listed on the CSE under the symbol “IC”. For more information about the Company, visit http://www.capitalight.co

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Forward-looking information
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of the words “anticipate,” “plan,” “continue,” “expect,” “estimate,” “target,” “may,” “will,” “project,” “should,” “predict,” “potential” and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements with respect to the Offerings, including the size of the Offerings and the proceeds to be raised therefrom, the planned use of proceeds and the closing date of the Offerings. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Because forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks, many of which are beyond the Company’s control or ability to predict. Factors that could cause actual results or events to differ materially from current expectations include, among others, conditions in the equity financing markets, equity market volatility, unquantifiable risks related to government actions and interventions, termination of any agreements governing the offerings, changes in laws or licensing requirements, failure to obtain required regulatory approvals and the risks detailed in the Company’s annual report.

Management has provided the above summary of risks and assumptions relating to forward-looking statements in this press release to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. Accordingly, no assurance can be given that the events anticipated in the forward-looking statements will occur or, if they do, what benefits the Company will obtain from them. These forward-looking statements are made as of the date of this press release and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Source: IC Capitalight Corp.

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