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Lightning Minerals (“L1M” or “the Company”) is pleased to announce it has entered into a binding Letter of Intent (LOI) to purchase agreement with Lithium Rabbit Quebec Pty Ltd (the Vendors) to acquire 100% interest in two projects in the prolific lithium region of James Bay, Quebec, Canada. The Vendor is not a related party of the Company or its Directors. The deal further develops the Company’s strategy of developing a portfolio of high-quality lithium and critical minerals assets in tier-one jurisdictions. This builds on the Company’s Dundas Project where recent positive exploration results demonstrate significant potential.
HIGHLIGHTS
- Binding LOI entered into to acquire the Dalmas Project (47km2) and Hiver Project (32km2) in the prolific lithium region of James Bay, Quebec, Canada
- Both projects have historical reports of outcropping pegmatites as mapped by Québec's Ministry of Natural Resources and Forests (MERN). Ground reconnaissance is to begin immediately post deal completion
- This adds to the Company’s exciting flagship Dundas Project in Western Australia where exploration has thus far yielded positive lithium in soil results1 plus discovery of multiple pegmatites under alluvial cover2 with exploration drilling ongoing
Lightning Minerals Chief Executive Officer Alex Biggs said, “This acquisition will be a significant step forward for the Company in its exposure to lithium. Having ground positions in two of the most prospective lithium regions globally, Western Australia and Quebec is an excellent opportunity. We have been actively pursuing project acquisition opportunities both in Canada and Australia since our listing in November 2022 and have reviewed multiple projects. As we grow the Company, we look to build our project pipeline with high quality additions to our portfolio, presenting upside to investors that is relevant to the global push towards electrification and green energy. Quebec now provides further depth and optionality in our exploration strategy in another of the world’s best lithium regions”.
Note 1: Further exploration work including the verification of historically mapped pegmatitic outcrops is necessary. The nature of the geological outcrop mapping is currently unknown and the presence of pegmatitic lithologies does not necessarily indicate the presence of lithium, tantalum or caesium mineralisation. Only laboratory chemical assays can determine the presence and grade of any mineralisation.
Note 2: The Company is optimistic about concluding the transaction and acquisition of the Dalmas and Hiver Projects outlined herein, however at the date of this announcement no assurance that the conditions precedent with respect to the transaction will be met. Accordingly, investors are cautioned against making investment decisions based on this announcement.
ABOUT THE PROJECTS AND QUEBEC AS A SIGNIFICANT LITHIUM REGION
Two project areas, Dalmas and Hiver, will be acquired in the James Bay region of Quebec, Canada as outlined in Table 1 and Figure 1. Quebec is quickly becoming one of the world’s leading lithium regions, particularly the James Bay district which hosts multiple large scale lithium projects including Allkem’s (ASX: AKE) James Bay lithium project with 40.3Mt @ 1.4% Li20 Indicated resource3, Nemaska Lithium’s (TSX: NMX) Whabouchi lithium project with 55.7Mt @ 1.4% Li204 consisting of 38.5Mt @ 1.45% Li20 Measured and Indicated and 17.2Mt @ 1.29% Li20 Inferred, Critical Elements’ (TSX.V: CRE) Rose lithium project with 34.2Mt @ 0.9% Li205 consisting of 31.5Mt @ 0.91% Li20 Indicated and 2.7Mt @ 0.77% Li20 Inferred and Sayona Mining’s (ASX: SYA) Moblan lithium project with 51.4Mt @ 1.3% Li206 Measured, Indicated and Inferred. The region is also home to Patriot Battery Metals’ (ASX: PMT) Corvette lithium Project consisting of 109.2Mt @ 1.42% Li207 Inferred, currently the largest hard rock lithium deposit in the Americas and Winsome Resources’ (ASX: WR1)8 who are exploring multiple lithium exploration projects in the region.
Figure 1: Regional overview of project locations
Table 1: Project acquisition summary
Note: A summary of mineral claims is provided in Appendix 1
DALMAS PROJECT
The Dalmas Project is located in the James Bay region of Quebec approximately 150km to the east of Patriot Battery Metals’ (ASX: PMT) Corvette lithium Project and 45km to the east of Winsome Resources’ (ASX: WR1) Adina lithium Project. The project area consists of felsic intrusive lithologies which are juxtaposed against greenstone and metasedimentary units. This geological setting is considered favourable to host pegmatite emplacement and potential for lithium-caesium-tantalum (LCT) mineralisation. The project covers an area of 47km2.
Very limited exploration has occurred within the tenement boundaries with 13 sites with geological observations being recorded. Of these, 9 have been described as ‘pegmatitic’. All reported pegmatite outcrops will be investigated during early exploration activities with an emphasis on ground truthing the reported pegmatitic lithologies. The remaining four outcrop locations with historical mapping will also be investigated, as three of these have site interpretations that include a coarse grained description.
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This article includes content from Lightning Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
