Cancet Exploration And Drilling Update: More Strong Results As Rigs Head To Site

Perth-based lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to provide an update on exploration and drilling progress at its flagship Cancet project in Quebec, Canada.

Highlights

• Samples show spodumene crystals, giving good indication of structual geology
  
• Heli-portable RC drill rig due at Cancet and diamond rig at Adina this week
• Extensive drill campaigns set to commence at both sites in next week

Since the last exploration update from Cancet in August (see ASX announcement “Cancet exploration update”, 10 August 2022), the Company has almost completed stripping of the main ore body at Cancet.

Samples from the stripping show the presence of spodumene crystals¹, which the Company considers provides a good indication of the structural geology of the main ore body at Cancet. The Company reminds investors the presence of spodumene crystals within pegmatite does not necessarily equate to lithium mineralisation until confirmed by chemical assay. It is not possible to estimate the percentage of lithium mineralisation by visual estimates and this will be determined by the laboratory results which will be reported in full in a future report. However, the presence of these crystals provides more specific guidance on targets for the upcoming drill campaign, on track to commence in the next week.

The Company has previously confirmed the presence of lithium mineralisation close to surface,² which has been shown through previous metallurgical test work to be highly amenable to Dense Media Separation (DMS) to form a 6 per cent Li2O concentrate (see ASX announcement “Exceptional results from metallurgical testing”, 1 June 2022).

A heli-portable Reverse Circulation (RC) drill is due to arrive at Cancet at the end of this week with a view to commence drilling next week. See Figure 6.

The initial drill target will be one of the approximately 15 pegmatite outcrops identified during field exploration work completed over the northern summer.

See Figure 1 below for an example of these outcrops.

Drill and field crews will be accommodated at a temporary camp located adjacent to Cancet.

The RC drilling is due to conclude at Cancet in December, and based on results of the campaign, one or more diamond drill rigs will be brought to site to conduct more thorough drilling of the new targets, as well as to infill and extend drilling on the main ore body.

A diamond drill rig is also due to arrive at Winsome’s Adina project this Friday to commence a drilling campaign expected to last for six to eight weeks. Readers are referred to the announcement from 30 September 2022 for more detail.

Winsome Managing Director Chris Evans said:

“The arrival of the drill rigs at Cancet and Adina signal the start of a very busy time for Winsome.

We are intending to carry out constant drilling through the Canadian autumn, winter and well into the 2023 calendar year – lasting some six to nine months.

It is pleasing to see these continued results as we progress plans to define maiden resources at Cancet and Adina.”

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