The Conversation (0)
Lightning Minerals (“L1M” or “the Company”) is pleased to provide an update on its due diligence process for the acquisition of the Dalmas and Hiver lithium Projects (the Projects) in James Bay, Quebec, Canada. Multiple pegmatite target areas have been identified through multispectral analysis which will form the basis of phase 1 exploration works and reconnaissance. This is a crucial step in the Company’s due diligence process regarding the proposed acquisition of the Projects1 which once complete will be announced to the market.
HIGHLIGHTS
- Multispectral analysis (Sentinel 2 and ASTER satellites) has identified multiple pegmatite target areas at the Dalmas and Hiver Projects
- 165 discreet signatures that form seven exploration target areas identified across both projects. Target areas up to 2.7km in length at Dalmas and 2.1km in length at Hiver
- Results form the basis of phase 1 sampling, ground truthing and reconnaissance which is planned to begin post deal completion
Multispectral data covering the Dalmas and Hiver Projects has been interrogated with analysis of both Sentinel 2 and ASTER satellite data completed. Multiple areas of interest have now been identified with a total of 165 discreet multispectral targets for follow up field investigation. The identified target areas extend up to 2.7km in strike on the Dalmas Project and 2.1km on the Hiver Project.
The Dalmas Project area exhibits 113 potential targets, the remaining 52 targets occur within the Hiver Project tenure. The majority of multispectral targets appear to occur in four clustered areas at Dalmas, and three at Hiver. Identifying these target areas is a crucial step in defining a phase 1 work program consisting of rock chip sampling and ground reconnaissance which will focus on the potential identification of lithium bearing pegmatites. Phase 1 works are planned to begin immediately following satisfaction of due diligence and deal completion.
Lightning Minerals Chief Executive Officer Alex Biggs said, “As we get closer to completing our due diligence on the Dalmas and Hiver Projects it is fantastic to see early-stage positive exploration results that provide a clear pathway for on ground exploration. Multispectral analysis is an excellent first step in developing prospectivity of the project areas and has been utilised in the James Bay region recently. These target areas now give us a starting point for exploration allowing us to effectively target areas of interest. The acquisition of the Projects is still pending successful completion of the Company’s due diligence but it should be noted that works are on track and positive at this stage. We look forward to updating the market as soon as due diligence is finalised”.
DALMAS PROJECT - TARGET GENERATION
The Dalmas Project is located in the James Bay region of Quebec approximately 150km to the east of Patriot Battery Metals’ (ASX: PMT) Corvette lithium project and 45km to the east of Winsome Resources’ (ASX: WR1) Adina lithium project. Within the Dalmas Project area 113 discreet multispectral signatures have been identified, which broadly form four clustered areas for follow up investigation (Figures 1 and 2). These signatures have the potential to represent lithium-caesium-tantalum (LCT) pegmatites. Field verification will be conducted during the phase 1 work program phase.
Figure 1: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image.
Figure 2: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image and 1:2,000,000 QGS interpreted bedrock geology.
The Dalmas project geology is interpreted by Quebec Geological Survey (QGS) at a 1:2,000,000 scale, this can be summarised at a project scale as felsic intrusive lithologies (granite/tonalites) juxtaposed against greenstone and metasedimentary units. The Quebec Geological Survey historic outcrop mapping information is also displayed in Figure 2, with previously mapped outcropping pegmatitic lithologies occur at three of the four priority areas. These sites will be visited as a priority during the phase 1 work program for verification. The prospect scale relationship between the geological setting, the QGS mapped pegmatitic outcrops and the potential for LCT pegmatite mineralisation will be a focus for field investigations.
HIVER PROJECT MULTISPECTRAL ANALYSIS
The Hiver Project is also located in the James Bay region of Quebec, covers an area of 32km2 and is located approximately 4km from the Trans-Taiga Road highway. The Project is adjacent to Megado Resources’ (ASX: MEG) Cyclone lithium project and in the proximity of multiple lithium exploration opportunities. The Hiver project contains 52 discreet potential pegmatite signatures have been identified, which broadly form three clustered areas for follow up investigation (Figure 3 and 4). Quebec Geological Survey historic outcrop mapping information is also displayed in Figure 4. Previously mapped outcropping pegmatite lithologies occur at one of the three priority areas.
The Hiver Project geology is interpreted to consist of folded and faulted extensions of greenstone lithologies (Aquilon Group) against granites of the Tramont Suite. At this early stage of exploration, and similar to the Dalmas Project the relationship between the geological setting, the historic QGS mapped pegmatitic outcrops and the potential for economic LCT pegmatite mineralisation will be a focus for field investigations.
Click here for the full ASX Release
This article includes content from Lightning Minerals, 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.
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
Click here for the full ASX Release
This article includes content from Asian Battery Metals PLC, 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.
