The Conversation (0)
Lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to announce that it has entered into an Option Agreement (“the Option”) to increase the size of its flagship Adina project by 50% by acquiring the strategic Jackpot Property, located immediately to the north of the existing claim area.
HIGHLIGHTS
- Option Agreement signed that, subject to the satisfaction of conditions, grants Winsome the option to acquire Jackpot Property, located immediately north of Winsome’s Adina Project to increase Adina project area by 50%.
- Winsome’s footprint at Adina will, on exercise of the option, expand to 44km2, opening up further exploration targets as well as providing flexibility in site layout and infrastructure as development progresses.
- Following exercise, Winsome’s landholding in the world class James Bay lithium region will increase to over 870km2.
Following exercise of the Option, Winsome’s 100%-owned footprint of the Adina Project will increase to 44km2 and Winsome’s tenure in the James Bay area to over 871.5km2, maintaining its position as one of the largest landholders in this highly prospective region.
WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:
“With Adina moving into a development phase later this year, taking an option on attractive terms over the Jackpot property is a strategic move to not only give us access to further exploration upside around Adina but also flexibility in future design of site layout and infrastructure footprints. Work continues apace with plans for mobilisation of the fourth rig to the Adina site and we look forward to further drilling results in the near future as we look towards our Maiden Resource later in 2023.”
Figure 1: Plan showing location of Jackpot Property relative to Adina
Project Summary
The Jackpot Property is located immediately north of Adina and comprises 29 claims covering 14.9km2 (Figure 1).
Regional geological interpretation by the Quebec Ministère de l’Énergie et des Ressources naturelles (Department of Energy and Natural Resources) (MERN) indicates the project area is principally underlain by the Joubert Suite, a suite of intrusive tonalites and granodiorites. The Joubert Suite intrudes the adjacent greenstones of the Trieste Formation, which hosts the lithium-bearing pegmatite swarms at Adina, and has been postulated as contributing to the formation of these pegmatites.
Winsome’s geological work has shown there is potential for the contact with the greenstone belt to lie further north, closer to the boundary between the Adina Project and the Jackpot Property. The intersection of mineralised pegmatites below the Adina Main Zone data1 also gives encouragement for further pegmatite swarms to be found to the north of Adina and as previously announced, a number of gravity targets have been identified in this area2.
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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