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RUBIX RESOURCES LIMITED Capital/Financing Update 2023
65665_rns_2023-05-23_e04a99b3-2f0a-4e0a-889b-b2663978eec8.pdf
Capital/Financing Update
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Acquisition of Ceiling Lithium Project, James Bay, Quebec
Highlights
- o Rubix has entered into a binding agreement to acquire 100% of the Ceiling Lithium Project in the James Bay Region of Quebec, Canada
- o James Bay is a world-class lithium-pegmatite district and host to significant projects such as:
- Patriot Battery Metals Corvette Property (ASX: PMT, TSX-V: PMET)
- Alkem's James Bay Deposit (ASX: AKE1 , 37.2Mt @ 1.3% Li2O)
- Nemaska's Whabouchi Deposit (TSE: NMX2 , 36.6Mt @ 1.3% Li2O)
- o Vendors of the Project include:
- DG Resource Management (DGRM) previously identified, acquired and vended the Corvette Property to Patriot Battery Metals (ASX: PMT, TSX-V: PMET)
- Kitara Investments Pty Ltd (Tolga Kumova)
- o DGRM will be employed by Rubix to provide on-the-ground expertise in the execution of upcoming fieldwork and definition of potential drill targets
- o The Ceiling Lithium Project is interpreted to be located within an under-explored spodumene-bearing pegmatite trend within the Wemindji Greenstone Belt, 25km to the east of an outcropping spodumene pegmatite occurrence on Walrus Island, and ~20km to the southwest of the spodumene pegmatites at the Mia Project (TSX-V: QTWO)
- o Large-scale Project comprising 101 active mineral claims covering an area of >5,000 hectares and forming a contiguous mineral property covering a 25km strike-length of the Wemindji Greenstone Belt
- o The location of the Project benefits from nearby road access to the Wemindji community and access to hydro power
- o Rubix has received firm commitments from sophisticated and professional investors to raise $1.96 million
Rubix Resources Limited (ASX: RB6, "Rubix" or the "Company") is pleased to announce that it has entered into a binding agreement to acquire 100% ownership of the Ceiling Lithium Project ("Ceiling" or the "Project") in James Bay, Quebec (the "Acquisition").
1 Refer to page 2 for source and full estimate.
2 Refer to page 2 for source and full estimate.
Commenting on the Acquisition, Rubix's Exploration Manager Casey Blundell, said:
"The acquisition of the Ceiling Lithium Project represents an enormous opportunity for Rubix shareholders in the world class lithium jurisdiction of James Bay.
We are very excited by the scale and potential of the project – over an impressive 25 km strike-length of the inferred Wemindji Greenstone Belt – and look forward to working with James Bay lithium experts DGRM, to getting on the ground immediately to conduct initial exploration activities with an aggressive goal of commencing a maiden drill program later this year."
As part of the Acquisition and initial use of funds, Rubix have employed DGRM to act in a consulting capacity for the Project, and apply their expertise to designing and executing field and drilling campaigns for the Project. Commenting on the Acquisition, Jody Dahrouge of Dahrouge Geological Consulting stated:
"We are very excited to begin exploration of the Ceiling Project, which has had minimal historical exploration for any commodity. With spodumene pegmatites located on trend to the west of the Project and to the east of the Project, we believe the prospectivity of Ceiling can be considered exceptional."
The James Bay Region is emerging as the world's premier lithium district, following significant lithium discoveries at projects including Alkem's James Bay Deposit (ASX: AKE, 37.2Mt @ 1.3% Li2O)3 , Nemaska's Whabouchi Deposit (TSE: NMX, 36.6Mt at 1.3% Li2O)4 and Patriot's Corvette Property (ASX: PMT, TSX-V: PMET).
Project vendors include DG Resource Management (" DGRM"), who was responsible for the successful discovery and vend of the Corvette Lithium Property to Patriot Battery Metals (TSX-V: PMET, ASX: PMT). Ceiling, similar to Corvette, was identified by DGRM through investigation of historically reported pegmatite occurrences within favourable geologic context throughout the region, in combination with the appropriate indicator mineralogy for hosting spodumene-bearing pegmatites. This strategy has proven effective at Corvette, where Patriot Battery Minerals announced a world-class lithium discovery over the CV5 Pegmatite in September 2021. In January 2023 this returned significant drill intercepts including 156.9m @ 2.12% Li2O at the CV5 Pegmatite5 , and in May 2023, 122.6m @ 1.89% Li2O at the east-central area of the CV5 pegmatite at an area called the Nova Zone, extending the zone of intersected spodumene mineralisation over a lateral distance of at least 3.7 km6 .
3 Probable Ore Reserve of 37.2Mt @ 1.3% Li2O. See Allkem (ASX: AKE) ASX Feasibility Study announcement released 21 December 2021.
4 Whabouchi Mineral Reserve reported in accordance with NI 43-101, comprising Proven Mineral Reserve 19.0Mt @ 1.41% and 17.6Mt @ 1.19% Li2O Probable Mineral Reserve. See Nemaska Lithium Inc. (TSE: NMX) Updated NI 43-101 Technical Report dated 9 August 2019 (available for download at www.sedar.com).
5 See Patriot Battery Metals (TSX-V: PMET, ASX: PMT) ASX announcement released 19 January 2023.
6 See Patriot Battery Metals announcement released 16 May, 2023
The Project comprises 101 active mineral claims covering an area of 5,057 hectares in the James Bay Region of Quebec, close to the community of Wemindji. The property is approximately 100km south of Radisson, and benefits from nearby road access (4.5km away - Figure 1) to the Wemindji community and access to hydro power.
Figure 1 – Ceiling Lithium Project Location
There is potential at Ceiling for both lithium-bearing pegmatites and gold deposits in the Wemindji Greenstone Belt. The Project is located approximately 20km to the southwest of Q2 Metals' Mia Project (Figure 2), where 18 samples from the Mia Li-1 occurrence recently returned assay results up to 2.65% Li2O7 . The Mia Project is part of an 8km long trend in which spodumene-bearing pegmatites have been reported.
To the west of the Project, a spodumene-bearing pegmatite outcrop on Walrus Island, and a tourmaline-molybdenum-bearing pegmatite was identified in 1976 by the Quebec Government (Figure 3). Tourmaline is a mineral commonly found in association with LCT-type pegmatites. There has been no further detailed mapping of the Property area by the Geological Survey of Canada or the Quebec Ministère des Ressources naturelles et des Forêts ("MERN") since. Only regional-scale airborne magnetic surveys have been completed within the area.
7 Q2 Metals News 21 December 2022 (https://www.q2metals.com/news/queensland-announces-samplingresults-averaging-2-65-li2o-from-the-mia-li-1-occurrence-at-its-mia-lithium-property-in-quebec-canada/).
Available regional data support the Project's strategic position over a ~25km strike length of the Wemindji Greenstone Belt.
The acquisition supports Rubix's goal to become a leader in critical metals discoveries and to deliver increased opportunities for the Company's shareholders across a diversified exploration portfolio.
Figure 2 – Detail of the Ceiling Lithium Project and known pegmatites on the property
Ceiling Lithium Project
Location
The Ceiling Lithium Project comprises 101 active mineral claims covering an area of just over 50.5km2 in the James Bay Region of Quebec, close to the community of Wemindji. The James Bay Region is rapidly emerging as a premier lithium district, despite relatively little modern exploration in the last 20 years. The mineral claims comprising the Ceiling Lithium Project are described in Appendix 1.
The Project is surrounded by advanced lithium projects and deposits, and is supported by established towns, sealed all-weather roads, hydro-generated power and airports. The Ceiling Lithium Project is approximately 4.5km away from the road access leading to the community of Wemindji and connecting to Billy Diamond Highway (James Bay Road).
Geology
The Ceiling Lithium Project is located in the Archean-aged Superior Province of the Canadian Shield, which is host to some of the most significant lithium resources in the world. The Ceiling Lithium Project encompasses the eastern continuation of the Wemindji Greenstone Belt, which occurs as a relative magnetic low in regional magnetic datasets.
Outcrop is reportedly quite abundant, though there are swampy depressions lacking in outcrop. Much of the Project is underlain by rocks of the Wemindji Greenstone (Volcanic) belt, including amphibolite, biotite-paragneiss and gneiss, tonalite and granodiorites, and in places metagabbros, anorthosite and pink (or white) leucocratic granite and pegmatites.
The predominant foliation strikes approximately east-west, and glacial striations are generally strongly developed with a north-easterly trend (~075-065°), which swings to a more northerly trend (~025-035°) near the coast of James Bay.
There has been comparatively little exploration in this part of the James Bay Region. A tourmaline and molybdenite-bearing pegmatite outcrop has been noted in the Project area on a historical map8 (Figure 3), and along strike to the west on an offshore island in James Bay (Walrus Island), a spodumene-bearing pegmatite has been noted (Figure 2). This latter pegmatite is described as a 'fairly large mass of muscovite-pegmatite' containing amazonite, spodumene and plates of molybdenum ~3cm in diameter5 .
Note: In both cases, the two pegmatite occurrences are noted on historic field maps only, with no coordinate information.
Refer to Appendix 2 for the Relevant Table 1 (JORC Code, 2012 Edition).
Figure 3 – Location of a tourmaline-molybdenite bearing pegmatite within the Ceiling Lithium project area, taken from the 1976 report #DPV446 "Wemindji Area Preliminary report" by Jerome Remick
8 J H Remick, 1976, Preliminary Report on the Wemindji Area Municipality of James Bay (DPV 446).
Rubix has undertaken a thorough internal geological review of all available geological data. The maiden field program for the Ceiling Lithium Project will focus on mapping and sampling pegmatites within the Project area to test for the existence of potential lithium mineralization.
Cautionary note:
The presence of pegmatite, pegmatite granite or visual spodumene does not equate to lithium mineralization. The Company is encouraged by the geology and regional geophysical data currently available, but no quantitative or qualitative assessment of mineralization is possible at this stage. The Company plans to undertake fieldwork to test for potential lithium mineralization and laboratory analysis of rock chip samples is required to determine if the mapped pegmatites and pegmatite granites have the potential to host mineralization.
Lithium Mineralization in the James Bay Region
Advanced, significant lithium projects in the James Bay Region include:
- James Bay Deposit (37.2Mt @ 1.3 Li2O Probable Ore Reserve 1 ) operated by Alkem Ltd (ASX: AKE)
- Whabouchi (36.6Mt @ 1.3 Li2O Mineral Reserve9 ) operated by Nemaska Lithium Inc
- Rose (26.3Mt @ 0.87% Li2O Probable Ore Reserve10) operated by Critical Elements Lithium Corp (TSX-V: CRE)
- Moblan (10.7Mt @ 1.4% Li2O Ore Reserve11) operated by Sayona Mining Limited (ASK: SYA) and SOQUEM Inc
Additional significant discoveries and relevant projects include Patriot Battery Metals' (TSX-V: PMET, ASX: PMT) Corvette Property, Winsome Resources' (ASX: WR1) Cancet and Adina12 Projects, Cygnus Metals' (ASX: CY5) Pontax13 and Auclair (Beryl)14 Projects and Q2 Metals (TSXV: QTWO) Mia Project4 .
Limited modern exploration has been completed in the James Bay Region despite its demonstrated significant lithium endowment. Whilst discoveries nearby will inform exploration methods and programs for the Ceiling Lithium Project, it does not necessarily mean that the Ceiling Lithium Project will be host to similar mineralization.
DGRM identified the Ceiling Lithium Project as being prospective for lithium by reviewing pegmatite occurrences within favourable geologic contexts throughout the region, with the appropriate indicator mineralogy for hosting spodumene-bearing pegmatites.
9 Mineral Reserve reported in accordance with NI 43-101, comprising Proven Mineral Reserve 19.0Mt @ 1.41% Li2O and 17.6Mt @ 1.19% Li2O Probable Mineral Reserve. See Nemaska Lithium Inc. (TSE: NMX) Updated NI 43-101 Technical Report dated 9 August 2019 (available for download at www.sedar.com).
10 Probable Ore Reserve, see Critical Elements Lithium Corp (TSX-V) announcement dated 13 June 2022. 11 Ore Reserve comprising 4.6Mt @ 1.57% Li2O Proven Ore Reserve and 6.1Mt @ 1.27% Li2O Probable Ore Reserve. See Sayona Mining (ASX: SYA) Investor Presentation released 27 May 2022.
12 Winsome Resources ASX release dated 3 April 2023 "Lithium mineralisation confirmed over 3km trend at Adina".
13 See Cygnus Metals' ASX release dated 18 January 2023 "Pontax Lithium Project, James Bay Canada: Rock chips expand known mineralisation, two more rigs on way to side, assays pending".
14 See Cygnus Metals' ASX release dated 12 April 2023 "Cygnus completes purchase of second highly prospective lithium project in James Bay, Canada".
Material terms of Acquisition
Rubix has entered into a binding agreement with DG Resource Management Ltd ("DGRM"), Kitara Investments Pty Ltd and Shriver Nominees Pty Ltd ("Vendors") to acquire 100% ownership of 101 mineral claims comprising the Ceiling Lithium Project.
Key terms of the proposed consideration offered by the Company for the acquisition include:
- A cash payment of AU$200,000
- 12,500,000 Fully Paid Ordinary Shares
- 15,000,000 Listed Options to acquire fully paid ordinary shares in the capital of Rubix, exercisable at AU$0.20, on or before 16 June 2025
- Issuance of 25,000,000 Performance Rights in two tranches:
- o 12,500,000 Tranche 1 Performance Rights will convert into shares subject to announcement of at least five rock chip or trench sampling assay results from the Ceiling Lithium Project of at least 1% Li2O;
- o 12,500,000 Tranche 2 Performance Rights will convert into shares subject to delineation of an inferred JORC Resource (or higher resource classification) totalling at least 10 million tonnes at a minimum grade of 1% Li2O;
- o Each performance right will expire on the date that is four years from the date of issue
- A 2% net smelter royalty on all minerals produced and sold from the Ceiling Lithium Project
- The acquisition is conditional upon shareholder approval (as discussed below), financial and legal due diligence, the completion of an agreement between a 100% Canadian subsidiary of Ceiling Lithium Pty Ltd and existing holder of the mineral claims Jody Dahrouge for the transfer of mineral claims, and other customary conditions for an acquisition of its kind.
- Completion of the acquisition is expected to occur on or around 14 July 2023.
Share Placement
Subject to shareholder approval in accordance with Listing Rule 7.1, Rubix intends to conduct a capital raising through a conditional placement to professional and sophisticated investors of 14,000,000 shares at an issue price of $0.14 per share to raise $1.96 million (before costs) ("Placement"). The Placement will be subject to shareholder approval at an extraordinary general meeting and completion of the acquisition of the Project.
The shares issued under the Placement will rank equally with the Company's existing fully paid ordinary shares. Proceeds from the Placement will be used to fund the acquisition of the Project, initial exploration activities and working capital purposes.
CPS Capital Group Pty Ltd (CPS Capital) will act as Lead Manager to the Placement. The Company will pay CPS Capital a management fee of 2%, for managing the Placement, and a placement fee of 4% for funds raised via the Placement.
The Company will seek shareholder approval for the Placement and to approve the acquisition of the Ceiling Lithium Project at a general meeting of shareholders, to be held on or around 7 July 2023.
Exploration Objectives
Rubix's initial exploration program will include the acquisition of rock chip sampling, mapping, LiDAR, high-resolution aerial imagery and magnetic data to assist with the definition of drill targets to be tested.
12 Month Use of Funds Following Acquisition of the Ceiling Lithium Project
Rubix Resources re-affirms its commitment to exploration across its existing portfolio in Australia. Upcoming activities for Rubix' assets following acquisition of the Ceiling Lithium Project will reflect the estimated expenditure for Year 2 as outlined in the IPO Prospectus, with a re-allocation/revision of the Paperbark exploration expenditure to additionally encompass the Redbeds (Paperbark South) Cu-Co project, which shares the same Environmental Authority.
The Placement will be undertaken to provide funding for initial exploration activities at the Ceiling Lithium Project and to provide additional working capital.
A proposed use of funds table is set out below. The Company notes this is indicative only and subject to the receipt of exploration results at each of the projects.
| Exploration | Project | $ |
|---|---|---|
| Expenditure | Ceiling Lithium | $1,500,000 |
| Paperbark & Paperbark South | $700,000 | |
| Etheridge | $530,000 | |
| Lake Johnston | $80,000 | |
| Collurabbie North | $80,000 | |
| General administration fees and working capital | $910,000 |
Competent Person Statement
The technical content of this news release has been reviewed and approved by François Gagnon, P. Geo., Senior Exploration Geologist for Dahrouge Geological Consulting Ltd., and Qualified Person under NI 43-101 on standards of disclosure for mineral projects.
The information in this announcement is based on, and fairly represents information compiled by Patrick Say, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Say consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
Forward Looking Statements
Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
Authorised for released by the board of Rubix Resources Limited.
For Further Information
Casey Blundell Exploration Manager Rubix Resources Limited
Investor/Media relations Matthew Wright [email protected] +61 451 896 420
About Rubix Resources
Rubix Resources Limited (ASX: RB6) has a diversified base metal and gold asset portfolio providing opportunities for new discoveries in proven districts. The company's assets comprise twelve granted and pending exploration licenses across five projects located in Northern Queensland and Western Australia, and properties relating to the newly acquired Ceiling Lithium Project in James Bay, Quebec (Canada) (this release).
| Project | Tenement | Status | % Held |
|---|---|---|---|
| Ceiling Lithium (Quebec) | See Appendix 1* | Active | 100%, subject tocompletionofAcquisition |
| Paperbark (Qld) | EPM 14309 | Granted | 100% |
| EPM 27377 | Granted | 100% | |
| EPM 27253 | Granted | 100% | |
| Etheridge (Qld) | EPM 27294 | Granted | 100% |
| EPM 27295 | Granted | 100% | |
| Lake Johnston (WA) | E 63/2091 | Granted | 100% |
| E 38/3616 | Granted | 100% | |
| Collurabbie North (WA) | E 38/3618 | Granted | 100% |
| EPM 28439 | Application | ||
| Redbeds | EPM 28440 | Application | |
| (Paperbark South, Qld) | EPM 28441 | Application | |
| EPM 28442 | Application |
Table 1 – Details of Rubix Resources' exploration licenses, granted and pending
Figure 4 – Rubix Resources project locations
Appendix 1: Ceiling Lithium Property Mineral Claims
| Title Number | Acquisition | Anniversary | Area (Ha) | NTS | Claim owner |
|---|---|---|---|---|---|
| Date | Date | ||||
| 2668138 | 21/09/2022 | 20/09/2025 | 42.62 | 33D15 | Jody Dahrouge |
| 2668139 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668140 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668141 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668142 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668143 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668144 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668145 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668146 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668147 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668148 | 21/09/2022 | 20/09/2025 | 51.94 | 33D15 | Jody Dahrouge |
| 2668149 | 21/09/2022 | 20/09/2025 | 23.23 | 33D15 | Jody Dahrouge |
| 2668150 | 21/09/2022 | 20/09/2025 | 44.47 | 33D15 | Jody Dahrouge |
| 2668151 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 2668152 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 2668153 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 2668154 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 2668155 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 26681562668157 | 21/09/202221/09/2022 | 20/09/202520/09/2025 | 51.9351.93 | 33D1533D15 | Jody DahrougeJody Dahrouge |
| 2668158 | 21/09/2022 | 20/09/2025 | 51.93 | 33D15 | Jody Dahrouge |
| 2668159 | 21/09/2022 | 20/09/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2668160 | 21/09/2022 | 20/09/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2668161 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668162 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668163 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668164 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668165 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668166 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668167 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668168 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668169 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668170 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668171 | 21/09/2022 | 20/09/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2668172 | 21/09/2022 | 20/09/2025 | 51.93 | 33D16 | Jody Dahrouge |
| 2668173 | 21/09/2022 | 20/09/2025 | 51.93 | 33D16 | Jody Dahrouge |
| 2668174 | 21/09/2022 | 20/09/2025 | 51.93 | 33D16 | Jody Dahrouge |
| 2668175 | 21/09/2022 | 20/09/2025 | 51.93 | 33D16 | Jody Dahrouge |
| 2668176 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668177 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2668178 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 26681792668180 | 21/09/202221/09/2022 | 20/09/202520/09/2025 | 51.9451.94 | 33D1633D16 | Jody DahrougeJody Dahrouge |
| 2668181 | 21/09/2022 | 20/09/2025 | 51.94 | 33D16 | Jody Dahrouge |
| 2689366 | 16/11/2022 | 15/11/2025 | 52 | 33D16 | Jody Dahrouge |
| 2689367 | 16/11/2022 | 15/11/2025 | 52 | 33D16 | Jody Dahrouge |
| 2689368 | 16/11/2022 | 15/11/2025 | 52 | 33D16 | Jody Dahrouge |
| 2689369 | 16/11/2022 | 15/11/2025 | 52 | 33D16 | Jody Dahrouge |
| 2689370 | 16/11/2022 | 15/11/2025 | 52 | 33D16 | Jody Dahrouge |
| 2689371 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689372 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689373 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689374 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689375 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689376 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
| 2689377 | 16/11/2022 | 15/11/2025 | 51.99 | 33D16 | Jody Dahrouge |
|---|---|---|---|---|---|
| 2689378 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689379 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689380 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689381 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689382 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689383 | 16/11/2022 | 15/11/2025 | 51.98 | 33D16 | Jody Dahrouge |
| 2689384 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689385 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689386 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689387 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689388 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689389 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689390 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689391 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689392 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689393 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689394 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689395 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689396 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689397 | 16/11/2022 | 15/11/2025 | 51.97 | 33D16 | Jody Dahrouge |
| 2689398 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689399 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689400 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689401 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689402 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689403 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689404 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689405 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689406 | 16/11/2022 | 15/11/2025 | 51.96 | 33D16 | Jody Dahrouge |
| 2689407 | 16/11/2022 | 15/11/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2689408 | 16/11/2022 | 15/11/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2689409 | 16/11/2022 | 15/11/2025 | 51.95 | 33D16 | Jody Dahrouge |
| 2705831 | 12/01/2023 | 11/01/2026 | 46.77 | 33D16 | Jody Dahrouge |
| 2705832 | 12/01/2023 | 11/01/2026 | 29.33 | 33D16 | Jody Dahrouge |
| 2705833 | 12/01/2023 | 11/01/2026 | 10.01 | 33D16 | Jody Dahrouge |
| 2705834 | 12/01/2023 | 11/01/2026 | 47.21 | 33D16 | Jody Dahrouge |
| 2705835 | 12/01/2023 | 11/01/2026 | 45.57 | 33D16 | Jody Dahrouge |
| 2705836 | 12/01/2023 | 11/01/2026 | 44.38 | 33D16 | Jody Dahrouge |
| 2705837 | 12/01/2023 | 11/01/2026 | 41.61 | 33D16 | Jody Dahrouge |
| 2705838 | 12/01/2023 | 11/01/2026 | 35.26 | 33D16 | Jody Dahrouge |
| 2705839 | 12/01/2023 | 11/01/2026 | 32.07 | 33D16 | Jody Dahrouge |
| 2705840 | 12/01/2023 | 11/01/2026 | 47.37 | 33D16 | Jody Dahrouge |
| 2705841 | 12/01/2023 | 11/01/2026 | 50.03 | 33D16 | Jody Dahrouge |
| 2705842 | 12/01/2023 | 11/01/2026 | 49.92 | 33D16 | Jody Dahrouge |
| 2705843 | 12/01/2023 | 11/01/2026 | 51.91 | 33D16 | Jody Dahrouge |
Appendix 2 JORC Code, 2012 Edition – Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Samplingtechniques | •Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments,etc). These examples should not be taken aslimiting the broad meaning of sampling.•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation thatare Material to the Public Report. In cases where'industry standard' work has been done this wouldbe relatively simple (e.g. 'reverse circulation drillingwas used to obtain 1 m samples from which 3 kgwas pulverised to produce a 30 g charge for fireassay'). In other cases, more explanation may berequired, such as where there is coarse gold thathas inherent sampling problems. Unusualcommodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information. | No sampling has been completed byRubix.Data included in this Release hasinvolved the geological interpretationof publicly available datasets fromQuébec's SIGEOM database.Ministère des Ressources naturelleset des Forêts ("MERN", Ministry ofResources and Forests), the Québecgeological survey, has completedmapping with rock type descriptionsbased on visual observations madepublicly available.There are no recorded pegmatiteoccurrences in the project area listedby MERN. A single historic reportedpegmatite is described in report#DPV446 'Wemindji Area PreliminaryReport' by J. Remick, 1976. Thisoccurrence is shown in Figure 3.No assay data is available for therocks referred to in the Release.Rubix will be completingreconnaissance work to verify thepublicly available data. |
| Drillingtechniques | •Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc). | No drilling has been completed onthe Ceiling Lithium project |
| Drill samplerecovery | •Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material. | Not applicable, no drilling completed |
| Logging | •Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies. | Not applicable, no drilling completed |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| •Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography. | ||
| •The total length and percentage of the relevantintersections logged. | ||
| Subsamplingtechniquesand samplepreparation | •If core, whether cut or sawn and whether quarter,half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for allsubsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grainsize of the material being sampled. | Not applicable, no drilling completed |
| Quality ofassaydata andlaboratorytests | •The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.•For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control procedures adopted (e.g.,standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e., lack of bias) and precision have beenestablished. | No assay data is being reported.No new geophysical or geologicaldata has been collected by Rubix.Geophysical datasets have beensourced from MERN and the Québecgeological survey. Rubix will becompleting reconnaissance work toverify the publicly available data.MERN completed mapping with rocktype descriptions and geologicalmaps made publicly availablethrough SIGEOM. |
| Verificationofsamplingandassaying | •The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data. | Not applicable, no drilling. |
| Location ofdatapoints | •Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control. | Not applicable, there are no datapoints included in the Release.The grid system used at the CeilingLithium Project is UTM NAD83 (Zone18). |
| Dataspacing anddistribution | •Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.•Whether sample compositing has been applied. | Not applicable, no drilling completed. |
| Orientationofdata inrelation to | •Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type. | Not applicable, no drilling completed. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| geologicalstructure | •If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material. | |
| Samplesecurity | •The measures taken to ensure sample security. | Not applicable, no drilling completed. |
| Audits orreviews | •The results of any audits or reviews of samplingtechniques and data. | No audits or reviews of samplingtechniques and data were completed |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineraltenementand land tenurestatus | •Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area. | Mineral claim information is provided inAppendix 2 of this Release.The claims are believed to be in goodstanding with the relevant governmentauthorities and there are no knownimpediments to operating in the projectarea. |
| Explorationdoneby other parties | •Acknowledgment and appraisal ofexploration by other parties. | Limited historical work has beencompleted within the claims, with noexploration targeting lithiummineralisation.Publicly available geological andgeophysical datasets were sourced fromMERN via SIGEOM. |
| Geology | •Deposit type, geological setting and style ofmineralisation. | The Ceiling Lithium Project is located inthe Archean-aged Superior Province ofthe Canadian Shield, which is host tosome of the most significant lithiumresources in the world. The CeilingLithium Project encompasses theeastern continuation of the WemindjiGreenstone Belt, which occurs as arelative magnetic low in regionalmagnetic datasets. |
| Outcrop is reportedly quite abundant,though there are swampy depressionslacking in outcrop. Much of the project isunderlain by rocks of the WemindjiGreenstone (Volcanic) belt, includingamphibolite, biotite-paragneiss andgneiss, tonalite and granodiorites, and inplaces metagabbros, anorthosite andpink (or white) leucocratic granite andpegmatites. | ||
| The predominant foliation strikesapproximately east-west, and glacialstriations are generally stronglydeveloped with a north-easterly trend |
ASX ANNOUNCEMENT
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| (~075-065°) which swings to a morenortherly trend (025-035°) near the coastof James Bay. | ||
| There has been comparatively littleexploration in this part of the James BayRegion. A tourmaline- and molybdenitebearing pegmatite outcrop has beennoted in the project area, and alongstrike to the west on an offshore island inJames Bay (Walrus Island), aspodumene-bearing pegmatite has beennoted. This latter pegmatite is describedas being a 'fairly large mass ofmuscovite-pegmatite' containingamazonite, spodumene and plates ofmolybdenum ~3cm in diameter. | ||
| Drill holeinformation | •A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:o easting and northing of the drill holecollaro elevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collaro dip and azimuth of the holeo down hole length and interceptiondeptho hole length.•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explainwhy this is the case. | Not applicable, no drilling completed |
| Dataaggregationmethods | •In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g., cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporateshort lengths of high-grade results andlonger lengths of low-grade results, theprocedure used for such aggregation shouldbe stated and some typical examples ofsuch aggregations should be shown indetail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated. | Not applicable, no drilling completed |
| Relationshipbetweenmineralisationwidths andinterceptlengths | •These relationships are particularlyimportant in the reporting of ExplorationResults.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported. | Not applicable, no drilling completed |
| •If it is not known and only the down holelengths are reported, there should be a clear |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| statement to this effect (e.g., 'down holelength, true width not known'). | ||
| Diagrams | •Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported. These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views. | Appropriate plans are included in thisrelease |
| Balancedreporting | •Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results. | The release is considered to bebalanced, with all relevant informationincluded in the release. |
| Othersubstantiveexploration data | •Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size and | To the best of the Company'sknowledge, no material exploration dataor information has been omitted fromthis Release. |
| method of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances. | The Company continues to complete athorough geological review of allavailable data as part of the Company'sdue diligence. | |
| Further work | •The nature and scale of planned furtherwork (e.g., tests for lateral extensions ordepth extensions or large-scale step-outdrilling). | Rubix Resources re-affirms itscommitment to exploration across itsdiversified portfolio in both Australia andCanada. |
| •Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive. | Upcoming activities for Rubix' assetsfollowing acquisition of the CeilingLithium Project will reflect the estimatedexpenditure for Year 2 as outlined in theIPO Prospectus. | |
| Rubix's initial exploration program willinclude the acquisition of LiDAR, highresolution aerial imagery and magneticdata to assist with the definition of targetareas ahead of a summer fieldexploration campaign. The summer fieldseason will include detailed geologicalmapping and sampling. Drilling willsubsequently be completed on any key | ||
| lithium targets identified from themapping and sampling. |