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Beyond Lithium Inc. (CSE: BY) (the "Company" or "Beyond Lithium") is pleased to announce the acquisition of a 100% undivided interest in 279 non-contiguous mining claims totaling 9,378 hectares. This acquisition results in a significant expansion of three of its optioned properties known as the Ogani Lake, Maytham, and Superb Lake North, as well as the acquisition a new property named Sydere (collectively, the "Properties"). The Properties are all located in the province of Ontario.
Allan Frame, President & CEO of Beyond Lithium, commented that, "The expansion of three of our properties comes on the heels of our Phase 1 exploration program results. We have now moved 17 projects to Phase 2 exploration and expanded three properties, in addition to the expansion of the Ear Falls project announced earlier this week. The upcoming results from our Phase 2 programs, plus pending results from Phase 1 exploration on several properties will dictate which projects will we dedicate exploration dollars to later this year and in 2024."
He added: "Given the work done to date, we have identified several projects which we believe will be attractive for exploration companies wanting to establish a footprint in Ontario for lithium exploration. Consistent with our business plan which includes project generation, we are about to ramp up our efforts to find partners to advance various projects and provide non-dilutive capital for our company."
The staking for these expansions and the staking of Sydere were conducted by Bounty Gold Corp. ("Bounty Gold") and Last Resort Resources Ltd ("Last Resort") on behalf of Beyond Lithium. The acquisition was completed pursuant to the terms and conditions of a mineral property purchase agreement which also included the previously announced expansions of the Cosgrave and McKenzie properties. Pursuant to the purchase agreement, Beyond Lithium will pay Bounty Gold and Last Resort an aggregate cash consideration of $44,300 and issue a total of 92,880 common shares of the Company. These expansions and the acquisition of Sydere are subject to the exact same NSR and milestones payments terms and condition granted in the original properties optioned in March 2023 (see the Company's March 31st, 2023 news release). Following the recent acquisition, expansion and consolidation of properties, Beyond Lithium now has 61 properties covering over 180,000 hectares.
Ogani Lake Project Expansion
The Ogani Lake Project is located 30 km northeast of the Ear Falls Project which hosts Beyond Lithium's newly discovered spodumene pegmatites zone and 65 km west of Green Technology Metals' Root and McCombe Lithium deposits. The Ogani Lake Project is expanded from 1,427 hectares to 5,177 hectares after beryl was found in several white tourmaline-muscovite pegmatites up to 10 meters wide during Beyond Lithium's phase 1 program (Figure 1). The presence of beryl in pegmatites indicates the source of the pegmatites or the pegmatites' parental pluton is abundant with the right rare-earth fluid composition for the potential of lithium-cesium-tantalum mineralization in pegmatites.
Figure 1: Ogani Lake and McKenzie Bay Projects Expansion Map
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Maytham Lake and Superb Lake Projects Expansion
The Maytham Lake and the Superb Lake Projects are located along the Wabigoon-English River boundary zone that has been known for rare-element mineralization with over a 130 km strike length between Linklater Lake to Superb Lake near Nakina. Rare-element mineralization in this region has not been investigated in detail since the 1950s apart from the Superb Lake spodumene pegmatite that is now being explored by Rock Edge Resources Ltd. and the Seymour Lake Lithium deposit owned by Green Technology Metals (Stott and Parker 1997). Beyond Lithium completed the Phase 1 program at the two projects earlier this season.
Assays from the Phase 1 program at the Superb Project show local clusters of elevated Li near contact between a granitic intrusive body and metavolcanic host rocks following similar overall trend as the spodumene pegmatites at the Rock Edge Resources Ltd.'s Superb Lake Project. Likewise, the results from the Phase 1 program at the Maytham Lake Project show local clusters of elevated Li near contact between the granitic intrusive body and metavolcanic host rocks. Based on the encouraging results from the Phase 1 program on trend with the nearby Rock Edge's spodumene pegmatites, Beyond Lithium staked and expanded the Superb Lake Project from 2,054 ha to 2,321 ha and the Maytham Lake Project from 7,400 ha to 9,805 ha in areas.
Figure 2: Superb Lake and Maytham Lake Projects Expansion in Relation to Rock Edge's Spodumene Pegmatite
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Sources:
1Stott, G.M. and Parker, J.R. 1997. Geology and mineralization of the O'Sullivan Lake area, Onaman-Tashota greenstone belt, east Wabigoon Subprovince; in Summary of Field Work and Other Activities 1997, Ontario Geological Survey, Miscellaneous Paper 168, p.48-56.
2 Rock Edge Resources Ltd. Superb Lake Project.
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Lawrence Tsang, P.Geo., VP Exploration of the Company. Lawrence Tsang is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Beyond Lithium Inc.
Beyond Lithium Inc. is the largest greenfield lithium exploration player in Ontario with 61 high potential greenfield lithium properties totalling over 180,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Beyond Lithium currently has 28,259,658 common shares outstanding.
Please follow @BeyondLithium onTwitter, Facebook, LinkedIn, InstagramandYouTube.
For more information, please refer to the Company's website at www.beyondLithium.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: allan.frame@beyondLithium.ca
Jason Frame
Manager of Communications
Tel: 587-225-2599
Email: jason.frame@beyondLithium.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181364
