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Lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to announce that it has entered into a Purchase Agreement (“the Acquisition”) to acquire the prospective Tilly Project located 20 kms from Winsome’s 100% owned Adina Project.
HIGHLIGHTS
- Agreement signed to acquire prospective Tilly Project, located 20kms from Adina Project
- Acquisition increases landholding in the world class James Bay lithium region to over 850km2
- Tilly Project shares several geological similarities to Adina yet has little historical exploration
The Acquisition increases Winsome’s tenure in the James Bay region of Quebec to 856.6km2, maintaining its position as one of the largest landholders in this highly prospective region.
MANAGING DIRECTOR CHRIS EVANS SAID:
“We have maintained a consistent growth outlook throughout our time in Canada and have the advantage of being one of the first ASX companies to be active in the James Bay region.
“Following our success at Adina and Cancet, we have had numerous opportunities to increase our landholdings. In evaluating these we follow a strict process to determine whether projects enhance the development of our flagship projects, and accordingly whether these opportunities are value accretive for our shareholders.
“In the case of Tilly the proximity and similar geological setting to Adina means that the initial work programmes can be integrated with the activity we are planning at Adina next field season, and any discoveries could be added into the development pathway for Adina.”
Figure 1: Plan showing location of Tilly Project relative to Adina A full Geological legend is within Appendix 1
Project Summary
The Tilly Project is located 20km south east of Adina and comprises 91 claims covering 47km2 (Figures 1 and 2). The claims are adjacent to Loyal Lithium’s Trieste Project (ASX:LLI).
Importantly the Tilly Project overlies a significant east – west regional structural corridor and is in close proximity to tonalites and other intrusive rocks believed to be the source rocks for lithium-caesium- tantalum (LCT) pegmatites at Adina and elsewhere in the area. These two key features are also seen at Adina and accordingly the Company is encouraged that Tilly has potential to host lithium mineralisation.
The project area is principally underlain by the Archean Salomon River Formation which is interpreted to unconformably overly greenstones of the adjacent Trieste Formation. Lithologies are primarily metasedimentary in origin including biotite, amphibole, garnet and sillimanite paragneisses and metatexites, as well as local iron formations.
Within and adjacent to the project area the Saloman River Formation is intruded by the Tilly Pegmatites, a substantial pegmatite swarm which has been mapped by historical explorers and the Quebec Ministère de l’Énergie et des Ressources naturelles (Department of Energy and Natural Resources) (MERN). MERN field observations document occurrences of beryl, fluorapatite, garnet and tourmaline within the Tilly Pegmatites. No analytical results for lithium or indicator elements are currently known for samples within the Tilly Project.
Click here for the full ASX Release
This article includes content from Winsome Resources, 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.
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