First Lithium Minerals acquires exploration project near Sioux Lookout

First Lithium Minerals Corp. has announced the acquisition of exploration property (the "Property" or "LSL project") comprised of 93 mining claims totalling 1,900 ha in the Patricia Mining Division of northwestern Ontario.

The LSL project is located approximately 160 km northeast of Sioux Lookout, Ontario, with a provincial highway and logging road access, near Little Savant Lake. The LSL project covers an area of 1,900 hectares consisting of 93 wholly-owned contiguous mining claims. The project area is underlain by the northeastern extension of greenstones and lies within the Archean rocks directly on strike of the primary geological control structures of English River Subprovince of the Superior Province.

Historical exploration activities in the project area included geologic mapping, airborne gamma ray spectrometry, line cutting, and core drilling. Historical drilling (1967-1968) identified multiple occurrences of pegmatites including several significant intervals including 98.4 ft of granite-pegmatite in hole 37627 (Source: Assessment File 52J09NW8906, Ontario Geological Survey). Magnetic data in combination with lithology from historical drilling demonstrates potential scale and prospectivity for near surface mineralization. The area also shows anomalous lake geochemistry lithium (Li) clusters and relevant pathfinder elements cesium (Cs) and tantalum (Ta) present in sediments (Source: Lake Geochemistry of Ontario , Ontario Geological Survey), which can indicate coincident geochemical anomalies that could hold Li-Cs-Ta (LCT) pegmatite mineralization.

The LSL project was acquired from a private company, Hudson Humic Ltd. ("Hudson"), and through direct staking by the Company. In return for the acquisition of 49 mining claims of the LSL project, the Company will issue to Hudson 4,300,000 common shares and make a payment of $50,000. The Common Shares will be subject to a statutory hold period expiring four months and one day from the date of issuance in accordance with applicable securities legislation.

Rob Saltsman, CEO and Director of First Lithium Minerals commented: "We are very excited to expand our exploration portfolio with a new lithium exploration project in northwestern Ontario. The LSL project has multiple areas of interest and suggests historical work overlooked a significant opportunity within the prospect. While our focus remains on advancing our cornerstone OCA brine project and commencing our inaugural drilling program in Chile this fall, the opportunity to add a highly prospective pegmatite exploration project in northwestern Ontario, a place of a recent exploration success, was very compelling to us. Our team is excited to test its potential for lithium and rare earth metals."

The Company is planning to conduct reconnaissance exploration, geologic mapping, including rock and soil sampling at the acquired mining claims during the current field season.

About First Lithium Minerals

First Lithium Minerals is a Canadian mineral exploration and development company. The Company is currently focusing on exploring for alkali metals at its 100% owned OCA project comprised of approximately 9,000 ha of mineral exploration concessions located in the salars of Ollague, Carcote, and Ascotan in the Antofagasta Region of northern Chile. In Q4/22 and Q1/23 the Company conducted two property-wide geophysical surveys, identified two priority exploration targets for potential brine mineralization, and is currently planning its inaugural drilling program at the Salar de Ascotan pending obtaining required drilling permits and licences. First Lithium Minerals also acquired and is currently focusing on exploring for lithium and rare earth metals at its 100% owned LSL project comprised of 1,900 ha of mining claims located in the Patricia Mining Division of northwestern Ontario.

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