High-Grade, Near-Surface Lithium Intersections from Initial Assay Results

Hard-rock lithium explorer and developer Winsome Resources Limited (ASX: WR1; “Winsome” or “the Company”) is pleased to announce high grades of lithium have been identified from initial laboratory assay results from the recent drilling campaign completed at the Company’s 100 per cent- owned Cancet Lithium Project (the “Project”), in the James Bay region of Quebec, Canada.

Highlights:

• High grades of lithium up to 5.6% Li2O detected near-surface in initial assay results at Cancet project, Quebec
• Initial drilling results confirm Cancet’s potential resource scale with an increase in total strike length of known pegmatites from 600m to 1,200m
• Amongst other shallow intersections, WC-22-03 recorded 11.00m @ 1.08% Li2O from 31.45m and WC-22-05 recorded 16.87m @ 0.96% Li2O from 22.00m. WC-22-03 included intersections of:
  • 1m @ 5.65% Li2O from 36.5m
  • 6m @ 1.95% Li2O (36.45m to 42.45m)
• Significant tantalum mineralisation continues to be intersected including a peak sample assay of 3,436ppm Ta2O5
• Initial assay results are from the first 15 of 22 drill holes, with remaining drill results pending
• Upcoming field mapping and sampling campaign to focus on other, highly prospective targets at Cancet

In mid-March 2022, the Company launched its confirmatory and expansion winter diamond drilling campaign at the Project. The program included 22 holes and was designed to infill drill the known ore body and fill in the Company’s knowledge gap based on a relatively short program of 2,000m, due to limited supplies of drill rigs at short notice. It was also designed to test extensions based on geological interpretation and magnetic survey data.

The highest grade intersected at Cancet was 5.6 per cent lithium oxide (Li2O) with other significant, near-surface intersections recorded. The results are from assays of the first 15 of 22 holes from the recent drilling campaign carried out at Cancet, with the remaining assays still pending.

Importantly, the pegmatite body at Cancet continues to be delineated and as a result of this drill program, the total identified strike length of identified pegmatites has increased from 600m to 1,200m. The increase in total strike length highlights numerous follow-up targets for drill testing and the potential for a scalable, near-surface resource at Cancet.

In addition to high lithium grades recorded at shallow depths, significant tantalum mineralisation continues to be intersected. The program was successful in enhancing delineation of the mineralised envelope and increased sample density around the high-grade main dyke previously drilled.

Drill hole WC-22-03 returned 1,473ppm tantalum pentoxide (Ta2O5) over 6.0m, including a peak sample assay of 3,436ppm Ta2O5. The zonation of the lithium and tantalum within the mineralised body at Cancet is being investigated further, with geological modelling ongoing to further define the relationship.

Winsome’s Managing Director Chris Evans said:

“We are delighted with the assay results so far, which reveal high grades of lithium near the surface at Cancet, with the total strike length of known pegmatites increasing from 600m to 1,200m. The results also increase our knowledge of the ore body, with a view to extending the known mineralisation to the east, north and west, keeping us on track to declare a resource in the near term.”

Key Results

• WC-22-03 11.00m @ 1.08% Li2O from 31.45m depth, including:
  • 1m @ 5.65% Li2O from 36.5m
  • 6m @ 1.95% Li2O (36.45m to 42.45m)
• WC-22-05 – 2.00m @ 1.21% Li2O from 7.30m depth, including:
• WC-22-05 – 16.87m @ 0.96% Li2O from 22.00m depth, including:
• 4.0m @ 1.44% Li2O (23.0m to 27.0m)
  • 1.89m @ 1.40%Li2O (28.0m to 29.89m)
  • 1.60m @ 1.44% Li2O (23.0m to 27.0m)
  • 1.89m @ 1.57%Li2O (37.0m to 38.89m)
• WC-22-06 – 11.39m @ 0.59% Li2O from 9.0m depth, including:
  • 6.0m @ 1.05% Li2O (10.0m to 16.0m)

Figure 1 - Cancet Lithium Project (totalling 395 claims) displaying eastern half of the property where field investigation is planned to be launched in 2022.

Figure 2a: 2018 preliminary geo-model of the mineralised pegmatite outcrops identified at the Cancet Lithium Project.

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