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HIGHLIGHTS
A total of 25 properties have been prospected encompassing a combined 78,061 hectares of Beyond Lithium's more than 150,000 hectares in Ontario (Fig. 3).
Since the last exploration program press release dated May 26th, ten more properties have been prospected (Fig. 3).
Historical drill hole MET-01 from the Sollas Lake property (4,730 hectares) has been relogged by the Company's senior geologist and sampled by the Ontario resident geologist based in Thunder Bay (Fig. 2).
Four historical drill holes from the Oneman Lake property (578 hectares) will be relogged and sampled by the Company's Senior Geologist in the coming days. Pegmatite dykes were noted in the historical drill logs and recorded in Assessment File: 52L07SE0003.
Currently, one crew is prospecting in the Eastern English River district. Three additional crews return to the field tomorrow to focus on the McKenzie Bay and the Western English River districts.
290 grab and channel samples have been submitted to the lab for analysis. The first batch of assays is expected to be received and announced by the beginning of July.
A total of 454 historical drill holes have been drilled on fifteen of the Beyond Lithium's projects according to the Ontario Drill Hole Database. At least seven historical drill holes have been located in Ontario government core facilities and Beyond Lithium expects to locate additional cores as part of its Phase 1 exploration program.
Winnipeg, Manitoba--(Newsfile Corp. - June 15, 2023) - Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium") is pleased to provide an update on the ongoing 2023 Phase 1 exploration program that has now prospected a total of 25 properties encompassing a combined 78,061 hectares.
"Our fully funded Phase 1 exploration program continues to proceed on schedule and on budget," shared Beyond Lithium's President and CEO, Allan Frame. "Having already covered so much ground is a testament to the leadership of our VP of Exploration Lawrence Tsang and the dedication of our field crew. We have a large number of samples at the lab, and we have started the process of relogging and sampling historical drill cores. I expect we will be announcing assay results by the beginning of July."
Currently, one crew is prospecting in the Eastern English River District. The three additional crews are heading back to the field tomorrow, June 16, to begin prospecting in the McKenzie Bay and Western English River districts.
Over 350 grab and channel samples have been collected from the different properties thus far and 290 of them have been submitted to the lab for analysis. An initial compilation of field data and outcrop mapping show possible mineral zonation with tourmaline, garnet, and beryl locally in a several properties including the Temple Bay (5,110 hectares), the Cosgrave Lake (6,269 hectares), and the Laval (1,041 hectares) properties.
The relogging program of historical drill cores is led by Beyond Lithium's Senior Geologist, Paul Baxter. He has completed the relogging of the Sollas Lake property's (4,730 hectares) core and will finish relogging and sampling four more historical drill cores from the Oneman Lake property (578 hectares) by June 17th. Additional historical cores are expected to be relogged and assayed in the second half of June.
A total of 454 historical drill holes have been drilled on fifteen of the Beyond Lithium's projects according to the Ontario Drill Hole Database. At least seven historical drill holes have been located in Ontario government core facilities and Beyond Lithium expects to locate additional cores as part of its Phase 1 exploration program.
Phase 1 Exploration Program Update
The 64 Beyond Lithium properties located in Ontario (Fig. 1) are greenfield exploration properties that historically have not been prospected or explored specifically for Lithium or Lithium-Cesium-Tantalum pegmatites. Beyond Lithium has reviewed the historical and regional data available of all the properties and geo-referenced most of the 500 mapped pegmatite outcrops.
The Phase 1 exploration program is designed to sample, map and assess over 500 mapped pegmatites across all 64 Beyond Lithium properties totalling over 150,000 hectares with the possibility of an initial drill program to follow up on any high priority targets. One of the main objectives of the Phase 1 program is to collect sufficient samples to build up a geochemical database for classifying the different properties. Most of the properties are accessible via highways and logging roads which allow the field crews to prospect the properties efficiently. The Phase 2 program will involve more detailed mappings and samplings intended for delineating potential drill targets.
Figure 1: Locations of Beyond Lithium Properties in Ontario in Relation to Railway, Hydro Lines, and Proximity to Towns and Communities
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Beyond Lithium has four field crews which includes a Senior Geologist/Supervisor for a total of 11 people working in the field for the Phase 1 program. To date, the field crews have visited 25 properties covering the Dryden Mavis, the Escape Lake, the Hearst, and the Mountainry districts. One crew is currently prospecting in the Eastern English District and the other three crews will focus on the McKenzie Bay and the Western English River districts when they return from their breaks. Helicopter charter is being arranged for the Lily Pad Lake and the PAK & SPARK districts, aiming to start in early July. The prospecting of the three properties located in the Case Lake district is on hold due to forest fires in the area, and will be postponed until the access restriction is lifted.
Historical drill hole, MET-01, from the Sollas Lake property was relogged by Beyond Lithium's Senior Geologist and sampled by the Ontario resident geologist based in Thunder Bay. A 3.50m wide two micas pegmatite dyke was logged from 89.04m to 92.54m at depth. The geochemistry from the drill hole samples could potentially be correlated with surface samples to vector any geochemistry zonation on the property. Four historical drill holes from the Oneman property will be relogged and sampled by the Company's Senior Geologist and are expected to be completed by June 17th. Further historical cores are expected to be relogged and assayed in the second half of June.
Figure 2: Muscovite-Biotite Pegmatite Dyke Recorded from 89.04 to 92.54m at depth from Historical Drill Hole MET-01 from the Sollas Lake Property
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Figure 3: Beyond Lithium Phase 1 Prospected Properties
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To date, over 350 grab and channel samples have been collected from the different properties and 290 samples have been submitted to the lab for analysis. The first batch of assays is expected to be received and announced by the beginning of July.
Figure 4: Field Observation from the Temple Bay property of Mineralogy Change in Pegmatites from Muscovite-Biotite in the Southwest to Muscovite plus Garnet and/or Tourmaline towards the Northeast (assays pending for the samples).
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An initial compilation of field data and outcrop mapping show potential minerals zonation with tourmaline, garnet, and beryl locally on several properties including the Temple Bay (5,110 hectares), the Cosgrave Lake (6,269 hectares), and the Laval (1,041 hectares) properties. (Fig. 4-5).
The Temple Bay property (5,110 hectares) is located 32km west of Dryden or 47km west of the Mavis Lake Lithium property owned by Critical Resources Limited that has planned a 20,000m drill program on its Mavis Lake property in 2023. The Temple Bay property can be accessed via highway and logging roads. A few white pegmatites ranging from 0.3m to 5m wide have been mapped and sampled across the property. The assays of the collected samples from the Temple Bay property are expected to be available by early July.
Figure 5: Field Crew Taking Notes of the Channel Sampled Beryl-Bearing Pegmatite Outcrop from the Cosgrave Lake Property
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The Cosgrave Lake Property encompasses a total of 6,269 hectares, located about 125km northeast of Thunder Bay and is situated 3km by road from the TransCanada Highway (Hwy 11). The property can be accessed via highway and logging roads and is contiguous to Imagine Lithium. Imagine Lithium's Jackpot Lithium Project has a historical resource of 2 million tons at 1.09% Li2O (1). Field crews located and sampled several pegmatites across the property mainly with muscovite-tourmaline-garnet. In the southwestern part of the property, a beryl-bearing pegmatite was recognized and was channel sampled perpendicularly to strike at 1m interval. The assays from the channel sampled Beryl-bearing pegmatite are expected to be received and announced by early July.
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 64 high potential greenfield lithium properties totalling over 150,000 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 (market cap of $6.2 million as of June 15, 2023).
1 See Imagine Lithium's Jackpot Lithium Project.
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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.sedar.com.
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/170079
