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Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
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This article includes content from Astute Metals NL, 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.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia Ltd, 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.
Lancaster Resources
Overview
Lancaster Resources (CSE:LCR,OTCQB:LANRF,FSE:6UF0) is a dynamic, junior exploration company focused on developing the resources required for the global transition to clean energy and electrification. The company intends to be one of North America's first carbon-neutral lithium producers. To achieve this, Lancaster plans to implement a number of innovative technologies and practices, including leveraging solar energy in its production and developing a carbon-free process for its operations.
Lancaster will also make full use of direct lithium extraction technology (DLE), allowing it to recover the majority of lithium from brine deposits with minimal environmental impact.
Lancaster’s Alkali Flat lithium project is a closed-basin deposit situated in New Mexico, believed to be the next frontier for lithium. Notably, Alkali Flat also displays very similar geology to Clayton Valley in Nevada, currently the site of the only producing lithium brine in the country.
The company’s secondary lithium asset, the Trans-Taiga, is a lithium pegmatite property spanning 3,520 acres near Patriot Battery Metals’ Corvette and Winsome Resources’ Cancet deposits.
Besides lithium, the company also has two high-impact mineral claims in the world-class Athabasca Basin, targeting high-grade uranium. The Catley Lake and Centennial East properties, spanning 3,036 hectares and 5,081 hectares, respectively, provide significant exploration opportunities. The Athabasca Basin in Saskatchewan, Canada hosts some of the world’s largest and highest-grade uranium deposits and home to some of the biggest mines, including Cameco’s McArthur River and Cigar Lake uranium mines. Lancaster’s assets are adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca Basin.
Lancaster has completed its spin-off of the Nelson Lake Copper project and its wholly owned subsidiary Nelson, which now operates as a separate company that owns 100 percent of the Nelson Lake copper project consisting of one mining claim of 5,746 hectares in Saskatchewan.
In April 2024, Lancaster acquired the Piney Lake gold property which covers an area of 2,267.8 hectares, and is nestled approximately 65 kilometers east of La Ronge Provincial Park and a mere 2.5 kilometres east of North Arrow Minerals' Pikoo property.
Lancaster Resources is guided by a highly experienced and respected technical team.
Exploration consultant Rodney Blakestad is a geologist with over 40 years of experience in mineral exploration, having discovered multiple high-value deposits throughout his career including Alaska's largest operating gold mine, Fort Knox. Gary Lohman also sits on the company's advisory board, providing extensive expertise in geological, geochemical and geophysical exploration techniques.
With its collaborative agreement with KorrAI Technologies, a pioneer in hyper-spectral imaging, Lancaster is also redefining and enhancing the efficiency and accuracy of mineral exploration, particularly for lithium, uranium, rare earth elements and other critical minerals. This cutting edge technology effectively minimizes environmental impact, optimizes resource discovery, and accelerates production.
Company Highlights
- Lancaster Resources, an innovative exploration company focused on gold and carbon neutral lithium and uranium, is well-positioned to help meet the growing demand.
- The company has 100 percent interest in the 5,200-acre Alkali Flat lithium brine project in southwestern New Mexico.
- Recognized as one of the best mining jurisdictions in the world, New Mexico is regarded as the new frontier for lithium exploration in the United States.
- New Mexico also has the benefit of being a hub for renewable energy production, with ample sources of solar, wind and geothermal power.
- The New Mexico State Land Office has a long history of partnering with renewable energy companies and has made roughly nine million acres of land available for lease to support them.
- Lancaster will ensure the Alkali Flat project is climate-positive by:
- Using direct lithium extraction (DLE), allowing it to re-inject all of the saline brine water after extracting the lithium.
- Exclusively using renewable energy. The company is currently in discussions with several parties about initiating a solar project alongside its lithium project.
- Employing carbon sequestration as part of its mining and processing operations.
- A collaboration agreement with KorrAI Technologies could transform Lancaster’s exploration capability through cutting-edge hyper-spectral imaging technology.
- Lancaster hosts an impressive leadership and technical team which includes multiple geologists with decades of experience alongside recognized financial and legal professionals such as CEO Penny White.
Key Assets
Alkali Flat Lithium Project
Lancaster Resources currently plans to acquire a 100-percent interest in Alkali Flat, a lithium brine project that will serve as the company's flagship. Located in the Animas Valley near Lordsburg, the 5,200 acre property is also bordered by Interstate 10. Historic research and geochemical data indicate the presence of anomalous levels of lithium, including the second highest in the state..
Lancaster plans to evaluate potential direct lithium extraction partners once it has taken and assessed brine samples from the site.
Highlights:
- Promising Geology: Hidalgo County, the region in which Alkali Flat is situated, displays geology nearly identical to Clayton Valley in Nevada, itself a hotbed of lithium mining and exploration.
- Highly Prospective Resource: Recent data on the site shows a range in lithium concentration of 69.6 to 147.8 parts per million in 51 playa sediment samples. Additionally, Arizona Lithium, a major Australian mining company, has staked property immediately north of Alkali Flat. Exploration data released by Arizona Lithium indicates a chargeability anomaly low in the lower right section of its claim.
- Current Exploration Plans: Lancaster intends to define a closed basin brine with a commercially viable lithium deposit. The company received technical and administrative approval for its maiden drill program confirming the compliance of the application with the requirements of the Minimal Impact Exploration permit application.
- Promising at the Outset: Alkali Flat was initially discovered by geologist Rodney Blakestad, who has an established history of identifying highly prospective mineral claims..
- Favorable Legislation: In addition to being situated in a mining-friendly jurisdiction, Alkali Flat will benefit from the 2022 Inflation Reduction Act. The tax incentives the act provides is set to considerably increase demand for domestically sourced lithium.
Trans-Taiga Lithium Pegmatite Property
Lancaster has an exclusive option to acquire 100 percent of the 3,520-acre Trans-Taiga lithium pegmatite property in Quebec, located between Patriot Battery Metals’ Corvette and Winsome Resources’ Cancet deposits. This underexplored yet highly prospective property has huge upside potential with access to hydroelectric power, providing clean, near-zero-carbon electricity. Lancaster plans to conduct surface exploration and a geophysics program in 2024.
Catley Lake and Centennial East Uranium Projects
Acquired by Lancaster in February 2024, Catley Lake and Centennial East cover 3,036 and 5,081 hectares, respectively, offering significant exploration opportunities. The properties are approximately 23 kilometers to the northeast of Cameco’s prospective Dufferin uranium deposit with assays of up to 1.73 percent U308 over 6.5 metres.
The Centennial deposit is the first significant concentration of uranium in the Snowbird tectonic zone showing assays of up to 8.78 percent U308 over 33.9 metres below the Athabasca sandstone and Virgin River unconformity. Concentrations of U308 up to 25.6 percent were observed over 0.5 metres in a drillhole assay.
Lancaster plans to progress the exploration of these claims using new, modern technologies to identify favorable geology, structures and corridors that could host high concentrations of uranium. These strategic acquisitions reinforce Lancaster’s dedication to discovering critical minerals in support of the energy transition.
Piney Lake Gold Property
The Piney Lake gold property covers 2,267.8 hectares nestled approximately 65 kilometers east of La Ronge Provincial Park and 2.5 kilometers east of North Arrow Minerals' Pikoo property. It is surrounded by the prolific gold claims of SGO/SSR Mining in a region with a storied history of mineral discoveries. The Piney Lake property is accessible through provincial highways, placing it about 18 kilometers to the southwest of Pelican Narrows via Highway 135, and similarly accessible to Deschambault Lake via Highway 911.
Historical geochemical samplings for Piney Lake mention significant gold showings identified along a north-south trend. These include concentrations of 7.55 grams per ton (g/t) gold approximately 375 meters north, and an impressive 41.35 g/t gold approximately 4.1 kilometres north, among others. These findings underscore the high-grade gold potential awaiting modern exploration.
Management Team
Penny White - President and CEO
Penny White is an accomplished business leader with over 20 years of experience in the capital markets. As Lancaster Lithium's president and CEO, she brings a wealth of expertise and leadership to the company. White has a diverse background, with experience in sectors like mining, pharmaceuticals and clean energy. She co-founded a pharmaceutical company that was later acquired for $342 million and was the chairman of Highbury Energy for 10 years, overseeing the development of the company’s gasification technology and registration of a patent to create high-grade synthetic gas from biomass.
White has been recognized in PROFIT Magazine's W100 list of top entrepreneurs and has raised over $50 million for companies she has founded. In addition to her Law Degree, Penny has completed the Oxford Leading Sustainable Corporations Programme and the Oxford Climate Emergency Programme from Saïd Business School, University of Oxford. She is deeply committed to fighting climate change and working towards a more sustainable future.
White believes that by taking care of our planet, we can create a better world for ourselves and future generations.
Andrew Watson - Vice-president of Engineering and Operations
With 22 years in the natural resources sector, Andrew Watson’s portfolio spans lithium brine initiatives in New Mexico and Alberta, hard rock pegmatites in Quebec, uranium, copper and gold projects in Saskatchewan, and polymetallic (Fe-V-Co-Au) project exploration and development in Alberta. Watson has also had significant success in oil and gas and conventional energy, including divesting numerous companies in oil and gas as well as gold, copper, and uranium.
His experience includes working as VP of engineering and operations for Lancaster Lithium, developing lithium brine and critical mineral properties.Previous to that, Watson was COO of Prism Diversified, where he led the technical development of two substantial battery metal critical mineral opportunities on over 850 square miles of highly prospective resource. Additionally, Watson is leading the engineering and economic studies for a surface polymetallic (Fe-V-Co-Au) ore body with a focus on recovery technologies that minimize environmental impact.
Rick Huang - Chief Financial Officer and Corporate Secretary
Rick Huang has been the CFO of Lancaster Resources for 2 years. He has over 15 years’ experience as a director and officer in public companies. Between 2012 and 2014, he chaired the compensation and corporate governance committee for Great Northern Gold Exploration Corporation. For 11 years, from 2007 to 2018, he was the CFO of Hanwei Energy Services (TSX:HE), managing its finance, banking, and compliance departments. He has overseen accounting for subsidiaries in Canada, China, and Kazakhstan. His roles have encompassed investor relations, AGM preparations, and international joint venture negotiations. His experience also spans roles at companies like Pepsi Bottling Group (Canada) and Coca-Cola China. Huang has been involved with Datable Technology (TSXV:TTM) since May 2015 and previously with Poydras Gaming Finance. (TSXV:PYD). He’s been a designated CPA, CGA since 2005 and has an MBA from the University of Western Ontario in 2001.
Rodney Blakestad - Exploration Consultant
Rodney Blakestad is a highly experienced consulting geologist with a successful career spanning over 40 years. Throughout his career, Blakestad has been involved in the discovery of numerous commercial-grade deposits, including the bulk-tonnage potential of the largest operating gold mine in Alaska (Fort Knox, now at 10M ounces), the first leached-cap porphyry systems discovered in Alaska (Taurus-Bluff and others), Cerro Caliche bulk-tonnage gold discovery near Cucurpe, Sonora, Mexico, the Anderson Mountain and Red Mountain VMS deposits in the Alaska range, USA and numerous volcanogenic massive sulfide deposits (VMS) in the Delta District, Alaska, USA. He has also discovered several gold placers in Alaska, USA.
Blakestad's expertise in minerals exploration was developed through his university education at the University of Alaska, where he studied advanced geochemistry, with special topical studies on gold geochemistry, the origin and transport of large gold particles and leached outcrop interpretation. Additionally, he has traveled throughout western Canada, the US and Mexico studying alteration facies and leached cap rocks of porphyry systems and some gold deposits to distinguish between barren deposits and mineralized systems.
In addition to his geological expertise, Blakestad has a Juris Doctor from the University of Denver Law School, where he studied natural resources and environmental law. This background has led him to focus on brine lithium deposits that can be processed with minimal surface degradation, and water consumption, and use alternatives to fossil fuels for the entire recovery process. Blakestad is a certified professional geologist with the American Institute of Professional Geologists and a registered professional geologist in the State of Alaska. He has also been a board of director and/or vice-president of exploration for several publicly traded companies.
Daniel Card - Technical Committee
Danial Card, P.Geo, RPGeo, a professional Geophysicist, holds a BSc. Hons degree from the University of Manitoba and is currently registered in Canada and Australia. His career started with Xstrata (now Glencore) where he worked his way up to project geophysicist at Raglan Mine in northern Quebec then went on to serve at Xstrata’s Western Australian operations Cosmos and Sinclair in the Leinstern-Wiluna nickel camp, where he played a key role in the discovery and definition of the 9 MT Odysseus nickel sulphide deposit.
Following his tenure at Xstrata, Card went on to work as senior geophysicist for Southern Geoscience Consultants in Perth, WA, where he served as the staff electromagnetics specialist. He also served as the technical lead on many mineral exploration projects. Card continued as a senior technical consultant to Abitibi Geophysics and an expert peer reviewer for the journal “Exploration Geophysics”. He then founded EarthEx, a company specialized in geophysical prospecting, data interpretation, 3D modeling and target definition,
Gary Lohman — Qualified Persons and Advisor
Gary Lohman is one of the founding members of and currently serves as the chief operating officer for both Royal Stewart Resources Corp and Thistle Resources. He also holds the position of vice-president at Nine Mile Metals. With four decades of management experience, Lohman brings a wealth of knowledge in precious and base metal exploration both inside and outside the mining industry.
A graduate of the esteemed geology programme at the University of Toronto in 1981, Lohman’s proficiency spans various geological, geochemical and geophysical exploration techniques. He has applied these skills in numerous geological contexts, including volcanogenic massive sulphides (VMS), porphyry copper/molybdenum and iron oxide copper gold (IOCG) style deposits. His expansive experience extends to conducting evaluations and research on bonanza grade and bulk tonnage gold-silver properties located in Canada, Mexico, California, Ecuador and Chile.
Patrick Cruickshank - Advisor
Patrick Cruickshank brings over 20 years of experience from the wealth management sector working for Merrill Lynch, Legg Mason and Citigroup Capital Markets, where he focused on creating and protecting wealth while specializing in funding growth companies. Cruickshank was an NFLPA Advisor from 2000 to 2012, until transitioning into the private equity sector. Since 2012, he has concentrated on acquiring, funding and growing companies in the energy and resource sector.
Cruickshank is the current Chief Executive Officer and Director of Nine Mile Metals (CSE:NINE). He also serves on a number of private resource companies and is a frequent speaker/interviewee on the resource sector investment space, in Australia, Chile, Canada and the USA.
Cruickshank is a former Canadian Olympic/U23 soccer player, US NCAA Division 1 collegiate player and coach. He received his MBA from the Schulich School of Business at York University in 1989.
Heather Williamson - Director, VP Corporate Finance and Corporate Secretary
Heather Williamson is a seasoned finance and legal professional with over 20 years of experience in the industry. She has worked as a paralegal and in corporate finance for several public companies, including Boston Pizza International and Angiotech Pharmaceuticals. Williamson's expertise in finance and the legal industry is demonstrated by her successful completion of over $10 million in financing for a public company, including spearheading all aspects of an initial public offering and successful listing on the Canadian Securities Exchange (CSE).
She is well-versed in finance closings, IPOs and compliance with securities and stock exchange regulations. In addition to her extensive experience, Williamson is currently working towards her MBA at Royal Roads University. She currently serves as the director and vice-president of corporate finance for Lancaster Lithium, where she leads the company's corporate and securities compliance strategy.
William “Bill” Feyerabend - Advisor and Qualified Person
William Feyerabend brings with him a vast wealth of experience in the exploration and development of Lithium projects across the American West, Mexico, and South America. He has authored technical reports for claim blocks in Nevada’s lithium development epi-center, including the Clayton and Fish Lake Valleys. His expertise in lithium exploration began in 2015, with a specific focus on Esmeralda County, NV and especially Clayton Valley. Notably, Feyerabend set the discovery well for Pure Energy.
Feyerabend has extensive experience in generating lithium brine targets and serving as a Qualified Person for lithium projects in Nevada, California, Utah, and Argentina. He has had roles with major companies such as US Borax and Gold Fields Mining and played a part in the discovery and development of four significant mineral projects. His international exposure is equally extensive, having worked on projects in Argentina, Bolivia, Chile, China, Colombia, Ghana, Guyana, Mexico, Peru, Saudi Arabia, United States, and Venezuela. This wealth of international experience will prove invaluable as Lancaster Resources continues to expand and enhance its operations.
Mohammad Asefi - Technical Committee
Mohammad Asefi received his B.Sc. and M.Sc. degrees in antennas and microwave engineering from the American University of Sharjah, United Arab Emirates, in 2009 and 2011 respectively, and his PhD in electrical and computer engineering in 2016 from the University of Manitoba, Winnipeg, MB, Canada. From 2016 to 2017 he was a postdoctoral fellow at the electromagnetic imaging laboratory at the University of Manitoba. He was the director of research at 151 Research Inc. between 2017 and 2020 with a focus on biomedical imaging, stored grain monitoring using electromagnetic waves, and the development of electromagnetic imaging systems, and near-field measurements. He was the product development manager (Advanced Research) at Agco Winnipeg between 2020 and 2023 with a focus on the research and development of electromagnetic imaging systems/techniques for monitoring grain bins. He is currently the CTO of EarthEx Geophysical Solutions where he works on cutting-edge technologies for drone-based magnetic and electromagnetic data acquisition and analysis systems.