Allan Frame, President and CEO of Beyond Lithium, commented, "We are building a district-scale hub and spoke exploration portfolio around the two spodumene projects, the Victory and the Ear Falls, which also includes eight other prospective projects located in the Mavis Lake area. With the excellent infrastructure connecting these projects, we expect our all-in exploration cost for advancing the two spodumene projects, Victory and Ear Falls, and exploring the other eight projects will be very cost-effective as we can centralize and share resources between the different field crews in the same district. From a longer-term strategic perspective, we see great synergies from advancing both the Victory and the Ear Falls Projects concurrently due to their proximity of each other. We have already begun the process of preparing the drilling and trenching permit application for Victory as we target to submit the application to the Ministry of Mines of Ontario before the end of December."
Figure 1 Victory Project Geology Map and the 6KILOMETER Exploration Corridor (Pryslak 1976)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_002full.jpg
Bounty Gold Pegmatite
The Bounty Gold Pegmatite averages 40 to 50 meters in width and up to 60 meters at the wider part of the pegmatite and has been traced over for 350 meters on surface striking east-west orientation. The Bounty Gold Pegmatite is composed of coarse-grained tourmaline, garnet, muscovite, beryl, cleavelandite, and spodumene. Local zoned quartz core with spodumene assayed up to 3.48% Li2O is also observed at the Bounty Gold Pegmatite similar to the Last Resort Pegmatite (Figure 2).
Figure 2 Bounty Gold Pegmatite Mapped Spodumene, Cleavelandite, and Quartz Cores in relation to Samples
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_003full.jpg
Last Resort Pegmatite
The Last Resort Pegmatite is located in the western side of the Victory Project and is about 30-35 meters in width and over 150m exposed on surface. The Last Resort Pegmatite is characterized by scatter of subtle and finer grained white to yellowish spodumene up to 5 to 15% mineralization to local quartz cores with coarser spodumene crystals up to 25 to 50% mineralization assayed up to 5.11% Li2O. The Last Resort Pegmatite generally strikes east-northeast and dips nearly subvertical based on the contract measurement with the metavolcanic host rock. From the initial mapping program of the Last Resort Pegmatite, spodumene mineralization vectors stronger towards the eastern end and is zoned with quartz cores that coincide with a >3.00% Li2O zonation (Figure 3).
Figure 3 Last Resort Pegmatite Mapped Spodumene and Quartz Cores in relation to >3.00% Li2O Zonation
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_004full.jpg
Lawrence Tsang, VP Exploration of Beyond Lithium, remarked, "We are very excited of getting 12 out of the 14 samples grading over 1.00% Li2O from the two spodumene-bearing pegmatites at the Victory Project (Table 1). This first batch of assays demonstrated the consistent >1.00% Li2O grade from both spodumene-bearing pegmatites which establishes a background value of what we may intercept from further exploration in higher spodumene mineralized zones at Victory. The Last Resort and the Bounty Gold Pegmatites are five kilometers apart, yet both pegmatites averaged 17 K/Rb ratio The mineral cleavelandite was identified at the Bounty Gold Pegmatite showing the entire six kilometers long exploration corridor is highly fractionated for lithium exploration. Also, the initial mapping was able to outline the size of the Last Resort and the Bounty Gold Pegmatites averaging 30-40m in width demonstrated the size potential of the system at Victory. Thus far, results of 11 grab samples from the Last Resort Pegmatite averaged 3.06% Li2O, 17 K/Rb, and 79.6ppm Cs; assays of three grab samples from the Bounty Gold Pegmatite averaged 1.49% Li2O, 17 K/Rb, and 191.7ppm Cs. Lastly, we will continue to explore along the 6 kilometers long exploration corridor for additional spodumene mineralization and begin prospecting in the Victory West area."
| Pegmatite | UTM Zone | Easting | Northing | Sample ID | Li2O % | K/Rb | Cs ppm |
| Bounty Gold | 15 | 448290.06 | 5522684.03 | E00105632 | 3.48 | 23 | 72.86 |
| Bounty Gold | 15 | 448195.05 | 5522642 | E00105633 | 0.32 | 8 | 468 |
| Bounty Gold | 15 | 448187.04 | 5522647.04 | E00105634 | 0.68 | 20 | 34.36 |
| | | | | | | |
| Pegmatite | UTM Zone | Easting | Northing | Sample ID | Li2O % | K/Rb | Cs ppm |
| Last Resort | 15 | 443206.07 | 5521864.03 | E00105635 | 4.4 | 22 | 6.04 |
| Last Resort | 15 | 443200.01 | 5521859.03 | E00105636 | 4.12 | 13 | 23.83 |
| Last Resort | 15 | 443190 | 5521854.99 | E00105637 | 5.11 | 13 | 25.7 |
| Last Resort | 15 | 443185.04 | 5521863 | E00105638 | 3.04 | 16 | 64.39 |
| Last Resort | 15 | 443190.01 | 5521843.99 | E00105639 | 2.47 | 15 | 55.54 |
| Last Resort | 15 | 443195.02 | 5521858.02 | E00105641 | 4.36 | 15 | 86.62 |
| Last Resort | 15 | 443197.02 | 5521870.99 | E00105642 | 1.28 | 17 | 289 |
| Last Resort | 15 | 443202 | 5521871 | E00105643 | 1.92 | 17 | 87.94 |
| Last Resort | 15 | 443216 | 5521872.03 | E00105644 | 1.82 | 19 | 113 |
| Last Resort | 15 | 443223 | 5521862.02 | E00105645 | 3.9 | 18 | 19.92 |
| Last Resort | 15 | 443208 | 5521873.01 | E00105646 | 1.26 | 21 | 104 |
Table 1 First Batch of Grab Samples Results from Victory Project
Drilling and Further Assay Results
Beyond Lithium has begun the process of preparing the drilling and trenching exploration permit application for the Victory Project and plans to submit the application to the Ministry of Mines of Ontario before the end of December. An additional 32 grab samples and 28 channel samples from the Victory Project are still pending from the lab which will further delineate an overall understanding of the grade distribution for the pegmatites at Victory.
Alain Lambert, Co-Founder and Capital Markets Advisor of Beyond Lithium added, "To ensure a steady news flow in the coming weeks and well into 2024, besides the 32 grab samples and the 28 channel samples from Victory (Figure 4), we are also anticipating the results of 98 channel samples and over 240 drilling samples from Ear Falls as well as an additional of over 110 grab samples from other projects including Wisa Lake and Case Lake."
He added: "We are particularly looking forward to the results from our Wisa Lake Project as our neighbor company, Libra Lithium, just announced the discovery of spodumene mineralization up to 2.86% Li2O at their Flanders South Project7 (see Libra Lithium news release dated November 28, 2023). Based on a preliminary review of Libra's Homer's spodumene-bearing pegmatite, its north-south orientation would project into our Wisa Lake Project where we located a multiple of beryl-bearing pegmatites from our Phase 1 program."
Figure 4 Field Crew Channel Sampling the Last Resort Pegmatite while Senior Prospector, Jace Angell, Making Field Note
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_005full.jpg
District Scale & Infrastructure
The Victory Project is comprised of the Victory Main (5,685 ha), the Victory West (8,808 ha), the Victory South (1,834 ha), and the Victory East (354 ha) totaling 16,681 ha in area. The Victory Project is located just 40 kilometer east of Kenora and 70 kilometer west of Dryden with excellent nearby infrastructure including (Figure 5):
- Canadian Pacific Railway (CP Rail) and network along the southern claim boundaries of the Victory Project
- Access via Trans-Canada Highway and Highway 17 that connect to Kenora and Thunder Bay
- 20-minute commute time from the nearest town of Vermilion Bay
- Power line along Highway 17
Figure 5 Victory Project Claims Map and Infrastructures
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_006full.jpg
In addition, the Victory Project is located within 100 kilometers of:
- the Ear Falls Project (20,623 ha), where the Company recently completed a channel sampling program and a drilling program at the newly discovered spodumene-bearing pegmatite zone (see press release dated September 17, 2023),
- eight other prospective projects that Beyond Lithium plans to further advance (Satellite, Laval, Gullwing-tot, Webb East, Webb West, Temple Bay, Ogani Lake, and McKenzie Bay),
- and also, three regionally significant lithium deposits (Figure 6):
- the Mavis Lake Lithium deposit owned by Critical Resources Ltd. (ASX: CRR) with 8 Mt at 1.07% Li2O1
- the Separation Rapids Lithium deposit owned by Avalon Advanced Materials (TSX: AVL) with a PEA of the pre-tax NPV (8% discount rate) calculated at C$156 million and the IRR at 27.1%2
- the Root and McComb Lithium deposit owned by Green Technologies Metals (ASX: GT1) with 12.6 Mt at 1.21% Li2O
Figure 6 Regional map showing location of Beyond Lithium projects relative to other significant nearby deposits
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/189184_d1a1d33fe46f2ba8_007full.jpg
Regional Geology
The Victory Project is situated along the subprovince boundary of the Winnipeg River and Wabigoon subprovinces in the Medicine Lake area. This area was originally discovered in 1949 by E. Sobiski as a beryl-beryllium prospect followed by the delineation of the Medicine Lake Pluton by Pryslak in 1976 (Breaks 2003). The Medicine Lake Pluton is about 0.5 by 1.5 kilometer in size as a fertile pluton based on the highly fractionated potassium feldspar samples analysed by Breaks and Tindle in 1997 (Breaks 2003). Beyond Lithium discovered two new spodumene-bearing pegmatites at the Victory Project in early October 2023. These two spodumene-bearing pegmatites are five kilometer apart and lie within a six kilometer long exploration corridor that is controlled by the regional English-River Subprovince and Wabigoon Subprovince boundary and local metasediment-metavolcanics contacts (Figure 1).
Appointment of Director of Communications
Beyond Lithium is also pleased to announce the appointment of Etienne Moshevich as Director of Communications. Mr. Moshevich is a principal of Transcend Capital Inc., a Vancouver-based full-service investor relations company, known for its successful market awareness campaigns that help micro, small and mid-cap public companies gain valued industry exposure through its extensive network of retail and institutional clients.
Allan Frame, President and CEO of Beyond Lithium commented: "I have had the pleasure of working with Etienne in the past and I am delighted he has agreed to join the Beyond Lithium team. With two significant spodumene discoveries under our belt, we will soon be focusing on drilling at our Victory and Ear Falls project. I feel it is the right time to tell our story to a broader audience and having Etienne on board will help us achieve that."
"I am honoured to be joining the Beyond Lithium team and am excited about the opportunities ahead," says Etienne Moshevich. "Given its team of experienced and successful managers, geologists and capital markets professionals with proven track records of success, I am confident that Beyond Lithium will be able to deliver significant value for its investors over time. I believe the market isn't giving Beyond Lithium the proper value it deserves, and I will be working hard alongside its management team to hopefully unlock that value and drive significant growth for everyone at stake over the coming quarters."
More information about Transcend Capital can be found on their website at: https://www.transcendcapitalinc.com/
Sources
1 Critical Resources Limited, Mavis Lake. https://www.criticalresources.com.au/our-projects/mavis-lake-lithium-project/
2 Avalon Advanced Materials, Separation Rapids. https://www.avalonadvancedmaterials.com/projects/separation_rapids/
3 Green Technology Metals, Root/McComb. https://www.greentm.com.au/root-project
4 Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p.
5 Pryslak, A. P. 1976: Geology of the Bruin Lake-Edison Lake Area, District of Kenora; Ontario Div. Mines, GR130, 61p. Accompanied by Maps 2302 and 2303, scale l inch to y2 mile (1:31,680), and chart.
6 Breaks, F.W., Selway, J.B. and Tindle, A.G. 2004. A Review of Rare-Element (Li-Cs-Ta) Pegmatite Exploration Techniques for the Superior Province, Canada, and Large Worldwide Tantalum Deposits; Ontario Geological Survey, Exploration and Mining Geology, Vol. 14, Nos. 1-4, pp. 1-30.
7 Libra Lithium Corp., Flanders South
https://libralithium.com/press-release-4/
Quality Assurance/Quality Control
All collected rock samples were put in sturdy plastic bags, tagged, and sealed at site. Sample bags were then put in rice bags and kept securely before being sent by road transport or delivered by the crew supervisor to SGS's preparation facility in Red Lake or Sudbury, Ontario, for sample preparation. Pulps are analyzed at the SGS facility in Burnaby, BC. All samples are analyzed with Four-Acid Digestion/Combined ICP-AES/MS package (49 elements). Samples with lithium overlimit (>10,000 ppm Li) are analyzed with another Four-Acid Digestion with higher detection limit of up to 10% Li. Batches of samples with overlimit >10,000 ppm or 1% Li are analyzed with Sodium Peroxide Fusion for validation. The QA/QC protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low concentration certified OREAS and CDN lithium standards to validate the accuracy and precision of the assay results.
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 63 high potential greenfield lithium properties totalling over 195,000 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 33,874,482 common shares outstanding.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
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/189184
Australia
