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Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from drill hole 2 (“DDH- 2”) on the Sal Rio 02 tenement.
- Drillhole 2 (DDH-2) at the Sal Rio 2 tenement of the Rio Grande Sur Project, has hit significant high grade intercepts of lithium brine at shallow depths of ~161m.
- DDH-2 recently completed with additional lithium bearing brines continuing to be intercepted below 130m to the final depth of 500m, with assays pending and results expected over the coming weeks.
- Initial high-grade assays include the following intervals:
- 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
- 504mg/L from an interval of 72m to 74m
- 506mg/L from an interval of 121m to 123m
- 511mg/L from an interval of 159m to 161m
- The hole recently completed reaching a final depth of 500m with assays and packer samples currently being analysed.
- The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
In relation to the progress of DDH-2 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The initial results from DDH-2 are especially exciting as we progress our initial exploration phase of the Rio Grande Sur Project. With these initial intercepts at DDH-2, we are continuing the significant advancements we have made in our understanding of the RGS Project mineralisation following on from the high-grade results from DDH-1. We now have multiple drill hole intercepts above 500mg/L Li which continue to demonstrate the potential significant scale of the project.
“We continue to progress with permitting for the Mito tenement in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program and as the preferred location for DDH-3 as we target a significant mineral resource upgrade. This is in addition to the ongoing production works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate before the end of the year, with Pursuit having already received multiple requests for product samples from potential off-take partners.”
High-Grade, Shallow Depth Lithium Brine Assay Results
DDH-2 on the Sal Rio 02 tenement, part of the Stage 1 drilling program, commenced on site at the Rio Grande Sur Project in July 2024; and completed in mid-August with the hole reaching a depth of 500m.
Throughout the first several hundred metres, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered with many comparables to the favourable geological units of DDH-1 at the Maria Magdelena tenement.
Figure 1 – Drilling crew onsite drilling DDH-2
Intercepts from DDH-2 have shown highly favourable geology consistent with the results from DDH-1 with elevated brine grades ~500mg/l Li. Lithium brine samples captured for assays are currently being analysed with the first preliminary results to a depth of 160m completed.
Notable intercepts from the first 160m of DDH-2 include:
- 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
- 504mg/L from an interval of 72m to 74m
- 506mg/L from an interval of 121m to 123m
- 511mg/L from an interval of 159m to 161m
Table 1 –DDH-2 Drill hole collar
Figure 2 – Pursuit’s on-site drilling team following completion of DDH-2 to a depth of 500m
Following completion of DDH-2, Pursuit is currently awaiting environmental approvals to commence drilling at DDH-3 which is to be relocated to the Mito tenement in the north section of Rio Grande. Pursuit is targeting a material resource upgrade in 2024, which will build on the recent maiden resource defined at the Rio Grande Sur Project.1 The adjustment of DDH-3 from the southern section to the northern section is focused on maximising this resource upgrade target, with intercepts of ~900mg/l Li obtained from an adjacent project some ~2km to the east of the proposed location of DDH-3.
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Pursuit Minerals
Overview
Pursuit Minerals Ltd. (ASX:PUR) is a top-tier lithium exploration and development company. The company is focused on its flagship Rio Grande Sur lithium project in the Salta Province of Argentina. The project is strategically located in an area known as the Lithium Triangle which hosts 50 percent of the global lithium resources and 40 percent of the current global lithium production. Argentina is the world’s third largest producer of lithium, behind Australia and Chile.
The project spans an area of 9,260 hectares on the Rio Grande Salar and is adjacent to several operating lithium mines and development operations, including Acradium Lithium’s Fenix lithium mine and the Olaroz lithium mine. The Rio Grande Salar holds a historical Ni 43-101 resource declared by LSC Lithium, formerly listed on the TSX prior to being acquired by Plus Petrol of 2.1 million tons (Mt) of lithium carbonate equivalent (LCE) with an average grade of 370 milligrams per litre (mg/L). This resource was mostly obtained from shallow drilling to 100 metres.
Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. The inferred resource relies on recent geophysical surveys and historical drilling, encompassing only a small portion of the known mineralization. Notably, excluding the highly promising Mito tenement from the current MRE highlights the unexplored potential for further resource expansion.
Pursuit has commenced its Stage 1 maiden drill program focused on upgrading the inferred resource. The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. Other companies in the region have obtained impressive results and grades of 900 mg/Li+ at depths of 500 metres, some of the highest known grades in Argentina. Pursuit expects a material resource upgrade in the second half of 2024 which will build on the inferred maiden resource.
Drill cores and packer lithium brine samples from Pursuit’s Stage 1 drilling program at the Rio Grande Sur Project.
In addition to having an attractive lithium resource, Pursuit is focused on the production of lithium carbonate to meet the supply side response to growing lithium demand. Recently, the company announced the first phase of operations of its 250 tons per annum (tpa) pilot plant to produce lithium carbonate. The plant will generate both technical and battery grade lithium carbonate at a purity of 99.95 percent, employing a conventional evaporation process.
Pursuit has submitted advanced environmental permits for the construction of the 250 tpa evaporation ponds and Stage 2 drill program at the northern tenement of the Rio Grande Sur project.
The establishment of the ponds is expected to take place in the latter part of 2024, pending environmental approvals. The ponds and the plant are planned to be situated on the Sal Rio 02 tenement enabling the possibility of initiating the first production of lithium carbonate on-site in 2025.
Pursuit is targeting continuous production at Rio Grande Salar and expects the current setup to be scalable to produce 15,000 to 20,000tpa of technical and battery grade lithium carbonate.
250-ton lithium carbonate pilot plant
The company’s focus on Argentina has several advantages. The new government, led by its president Javier Milei has signaled a market-friendly and pro-business policy shift. This should be a positive development for lithium miners given that Argentina has one of the largest lithium reserves in the world. Argentina holds 21 percent of the world’s 105 million tons of lithium resources, second only to Bolivia, according to the United States Geological Survey’s Lithium Statistics and Information 2024 report.
Lithium is in great demand driven by the growth in electric vehicles (EVs). Bloomberg NEF estimates lithium demand to jump by 225 percent to 2.6 Mt of LCE by 2030, translating into a CAGR of 16 percent. In a net-zero scenario, Bloomberg pegs the demand at 3.6 Mt of LCE by 2030, a CAGR of 19 percent.
The company remains focused on project execution that will deliver long-term shareholder value, including the completion of stage 1 drilling, JORC resource upgrade, first production of lithium carbonate and increasing production capacity to 250 tpa, and receipt of environmental permits, all within the first half of 2024.
In addition, Pursuit has identified the following catalysts over the next 12 months:
- Q3/Q4 2024: start of evaporation pond construction at Rio Grande, off-take agreement, relocation of 250 tpa pilot plant to Rio Grande.
- Q4 2024/Q1 2025: Detailed mineral resource study for commercial scale lithium carbonate operation; stage 2 drilling and JORC resource upgrade; first production from 250 tpa plant could commence as early as Q4 of 2025.
Company Highlights
- Pursuit Minerals is an ASX-listed company focused on advancing a pre-production lithium brine operation in Argentina.
- The company’s flagship Rio Grande Sur project covers 9,233 hectares on the Rio Grande Salar, in the Salta Province of Argentina located in the Lithium Triangle. The region is home to 50 percent of global lithium resources and 40 percent of world production.
- The acreage owned by Pursuit is situated within an Ni 43-101 inferred resource of 2.1 million metric tons of lithium carbonate equivalent (LCE), with an average grade of 370 milligrams per litre (mg/L) extending to a depth of 100 metres.
- Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur Project. With its current Stage 1 drilling program currently underway, Pursuit is targeting a material resource upgrade in the second quarter of 2024, which will build on the recent inferred maiden resource.
- The company has commenced the first phase of operations to produce lithium carbonate at its recently commissioned pilot plant, which is expected to achieve an operational capacity of 250 tons per annum (tpa). This is a significant milestone in the journey to advance toward the first production at Rio Grande Sur.
- Despite temporary fluctuations in lithium carbonate prices, the market continues to demonstrate resilience, with long-term projections indicating a significant 225 percent surge to reach 2.6 million tons of LCE worldwide by 2030.
Key Project
Rio Grande Sur Lithium Project
The Rio Grande Sur is the company’s flagship lithium project. The project comprises five tenements that span 9,233 hectares and are located in Rio Grande Salar in Salta province, Argentina. The region has benefited from historical exploration that yielded an NI 43-101 resource of 2.19 Mt LCE @ 374 mg/L, at inferred category.
During Q4 2023, Pursuit announced a maiden JORC inferred mineral resource estimate of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. Following this, Pursuit is currently undertaking a maiden drill program to upgrade the inferred resource. Stage 1 of the drill program will comprise four diamond drill holes on the southern tenements. The first two holes will be drilled at the Sal Rio II and Maria Magdelena tenements.
The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. The drilling commenced in Q1 2024, and Pursuit is targeting a material resource upgrade in the second quarter of 2024. Further drilling is expected following the completion of the Stage 1 program. The Stage 2 drilling program is anticipated to occur in the second half of 2024, after which Pursuit is targeting a feasibility study.
Management Team
Aaron Revelle – Chief Executive Officer
Aaron Revelle is a seasoned mining executive with experience in founding and developing natural resources companies. He has over 15 years of experience across a wide range of commodities and bringing them from deposits into production. He was the founder of Trilogy Minerals, which was acquired by Pursuit, and Centaur Resources, which focused on its flagship Pastos Grandes lithium project and was sold to Arena Minerals, and subsequently sold to Lithium Americas for over AU$300 million.
Peter Wall - Chairman
Peter Wall is a partner with Steinepreis Paganin, a leading law firm, and has rich experience in M&A, takeovers, recapitalizations, and reconstructions. He has significant expertise in various domains such as energy, resources, capital markets, and strategy. He is also the chairman of Minbos Resources.
Tom Eadie – Non-Executive Director
Tom Eadie is a director on the company board. He has over four decades of rich experience in the resource industry. Currently, he is the chairman of Alderan Resources and Southern Cross Gold. He was also the founding chairman of Syrah Resources.
Vito Interlandi – Company Secretary
Vito Interlandi is the managing partner at Nexia Melbourne and is responsible for corporate advisory. He has two decades of experience in finance, accounting, and capital markets and has served on the boards of several public and private companies.
This profile was written in collaboration with Couloir Capital.
Bonanza Grade Silver Identified ±550mtrs from Historic Silver Mines that Produced 34,200,000oz of Refined Silver
- Truly outstanding silver results from Slider mark another high-grade discovery. Approximately 550m along strike to the NW from the two historical producing underground silver mines that produced 34,200,000oz of refined silver
- Slider, a significantly expanded silver region a newly defined area of interest of at least 1.5km x 1.5km:
- includes a newly identified westerly extension of the two historical silver mines which includes a zone of native silver bearing breccias
- Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of silver and ounces of silver:
- Additional newly identified E-W structural trend within the Slider region identified over ±450m of strike length returned assays up to 904g/t Ag, 6.5% Cu and 8.1% Zn (F005606)
- a similar mineralised structure, sampled over 450 m N-S also returned 383g/t Ag and 13.6% Cu (F005649)
- Charlie, a skarn horizon covering a strike of approximately 900m, previously identified by state geologists has returned consistently high-grade polymetallic results adding further depth to the metal basket at Great Bear:
“Well, this not something you see every day, let alone to find on surface during a maiden field program - possibly the highest- grade silver results published in recent history. It’s remarkable that the team has now delineated a total of six high grade Copper, Gold and Silver mineralised districts at Great Bear. Results to date have included massive, mineralised contents of 42.6% Cu, 42.2% Cu, 39.5% Cu, 38.2g/t Au, 29.7g/t Au and 716g/t Ag and, now, those results have now potentially been outshone by this silver discovery. To reel off, with consistency these results in a maiden campaign from around 15-20% of the overall Great Bear Project Area is great. If we are able to marry these results and structures up with the recently completed geophysics and prove depth potential we will be well placed for significant discovery.
Coming into this campaign, there was a high expectation given what historically had been identified at Great Bear. Pleasingly, we have not only exceeded those historical high grade assay results, but we have also extended mineralisation in all directions and in some cases into the kilometres as districts are identified.
Amazingly, the 1.5 x 1.5 km Slider District remains underexplored. Given these results - there is a lot of upside for additional high grade silver structures to exist.”
Troy Whittaker - Managing Director
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This article includes content from White Cliff Minerals Limited, 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.
Offtake Prepayment MOU
Upon execution of definitive agreements, Galan will supply and Chemphys will purchase a total of 23,000 tonnes LCE, as a lithium chloride product, over the first five years of Phase 1 production from the HMW project. Chemphys will also provide Galan with a US$40 million offtake prepayment facility to facilitate the continued development of Phase 1 of the HMW project. Key terms of the Agreement are featured in Table 1.
Managing Director, JP Vargas de la Vega, commented:
“I am delighted with this outcome. The high grade, low impurity lithium chloride samples Galan has been producing from the HMW pilot plant have been very well received by lithium converters leading to this agreement with Chemphys. Chemphys is a leader in processing lithium products in China and is a trusted partner to some of the world's largest battery manufacturers.
The offtake partnership and the financing prepayment will be foundational agreements for the HMW project and Galan. We look forward to the execution of the definitive agreements and further advancing the development of HMW in anticipation of first lithium chloride production in the second half of 2025.”
Chemphys Director, Alison Dai, commented:
“Chemphys is pleased to achieve this first milestone with Galan. Chemphys places great importance on the quality of the lithium supply and visibility of the supply chain. Galan is a great partner for Chemphys on these measures and we look forward to a strong relationship.”
About Chemphys
Chemphys has been a high purity lithium chemicals and technology company since 1998. The company’s founder was pivotal in introducing spodumene into China in the 1990s and has been at the forefront of producing battery grade and high purity lithium products qualified by leading global battery materials customers. Chemphys’ proprietary lithium processing technologies include direct lithium extraction, direct precipitation and electrochemical processes. Chemphys has interests in lithium companies with projects in Argentina including in the Salta and Catamarca provinces.
Table 1. Key terms of the Agreement
In relation to the offtake and financing prepayment facility announced 16 November 2023, the Company notes that it has not received both an offtake and financing proposal from the counterparty and accordingly the Company could no longer proceed with that option.
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This article includes content from Galan Lithium, 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.
Beyond Lithium
Investor Insight
With a large portfolio of greenfield lithium assets and a proven track record of discovery, Beyond Lithium is well-positioned to unlock Ontario’s vast lithium potential creating a compelling investment proposition.
Overview
Beyond Lithium (CSE:BY,OTCQB:BYDMF) is a mineral exploration company with the largest portfolio of greenfield lithium assets in Ontario, comprising 63 high-potential, greenfield lithium properties, including three significant discoveries, covering more than 198,000 hectares.Adopting a project-generator model, Beyond Lithium is well-positioned to capitalize on the rapidly growing global need for lithium. Experts are predicting the global demand for lithium will reach 2.5 million tonnes by 2030. offering investors several opportunities to capitalize on the global rush for the critical minerals required to propel both the EV industry and the clean energy transition. Adding to this opportunity is Canada’s designation of lithium as a critical mineral to support the country’s transition to clean technologies.
The company’s growth strategy is driven by four strategic pillars:
- Quality assets
- Ontario-focused assets (while still open to other strategic jurisdictions)
- Financial discipline
- Favorable share structure
Moving forward with the project-generator model, Beyond Lithium remains focused on advancing the most critical projects with its exploration team, while also seeking to option or joint venture other properties to various venture partners. This allows the company to maximize exploration dollars and minimize dilution.
“By adopting the project generator model, our shareholders will be exposed to multiple projects being advanced at once – hence increasing the likelihood of a discovery – with a significant portion of the exploration costs being incurred by our partners,” said Allan Frame, president and CEO.
“There are several compelling and strategic reasons to focus on Ontario. Ontario is quickly emerging as a reliable global supplier of responsibly sourced critical minerals. World-class deposits of high-purity, low-iron spodumene are currently being discovered and advanced toward production in Ontario. We are confident more of these deposits remain to be discovered here. While other jurisdictions such as Quebec have seen success, we feel the economics of transactions being done in Ontario being more compelling and conducive to creating shareholder value,” Frame added.
An expert management team with significant experience throughout the capital markets leads the company toward its goals, led by Frame, who brings 40 years of experience across the mining industry. Beyond Lithium has an excellent share structure, with insiders and founders owning about 50 percent of the company.
Beyond Lithium has made three major discoveries in less than 6 months of fieldwork in 2023:
- Cosgrave Lake Project – brand new LCT Pluton discovery in the Georgia Lake District
- Victory Project – spodumene-bearing pegmatites discovery along a 6 km long exploration corridor
- Ear Falls Project – spodumene-bearing pegmatites discovery along a 13 km long exploration corridor
In August 2023, the company unveiled thediscovery of a new LCT pegmatite stock - also known as a fertile pluton - at its Cosgrave Lake project. The discovery was named the Allan Graeme (AG) Pluton in recognition of those individuals who played a significant role in its discovery. The Cosgrave Lake project was one of the earlier projects being prospected as part of Beyond Lithium's phase 1 program. Since the discovery of the AG Pluton, Beyond Lithium’s technical team continued exploring at the Cosgrave Lake project and is able to establish a lithium associated minerals zonation and a fractionation zonation around the AG Pluton. In November, a grab sample from a pegmatite in the highly fractionated zone assayed up to 0.39 percent Li2O indicates the proximity to the potential discovery of a higher-grade lithium spodumene zone. The discovery of the AG Pluton and the indication of the proximity to the potential discovery of spodumene mineralization at the Cosgrave Lake project unlocks tremendous lithium exploration opportunities for Beyond Lithium.
In September and October 2023, Beyond Lithium made two spodumene discoveries that are located 100 km distance from each other.
The first spodumene discovery is at the Ear Falls project covering more than 20,000 hectares, with grab samples returning up to 4.54 percent lithium oxide (Li2O) located 10 minutes away from the town of Ear Falls. In less than two months of fieldwork since the discovery of the spodumene mineralization at Ear Falls in September 2023, the company completed its stripping and winkie-drilling program at the Wenasaga North Zone of the Ear Falls Spodumene project to gather additional geological data and delineate and prioritize targets for the upcoming extensive drilling program. The Wenasaga North Zone only encompasses less than 1 percent of the footprint of the entire project.
The second spodumene discovery is the Victory project which spans over 16,000 hectares located 40 kilometers east of Kenora and 70 kilometers west of Dryden. The company completed a detailed mapping and sampling program at the two spodumene pegmatites, the Bounty Gold and the Last Resort Pegmatites on the Victory project.
Beyond Lithium has submitted exploration permit applications for both the Ear Falls and the Victory projects to the Ministry of Mines in Ontario to apply for stripping/trenching and drilling activities in 2024.
Company Highlights
- Beyond Lithium is Canada’s only project generator dedicated to advancing the largest portfolio of lithium projects in Ontario.
- The company strives to maximize available funds to drive shareholder value through exploration projects and pursue joint venture partnerships to advance promising assets.
- A series of acquisitions in 2023 brought the company’s total portfolio to 63 high-potential, greenfield lithium properties covering over 198,000 hectares.
- Beyond Lithium now has a significant position in every major lithium-cesium-tantalum (LCT) pegmatite district known in Ontario, making it the most significant greenfield lithium exploration company in the province.
- Two spodumene-bearing pegmatites system discovery at the Victory and the Ear Falls projects that are located within 100 km of each other.
- Brand-new LCT stock, the AG Pluton, discovery with pegmatites identified proximal to potential spodumene mineralization at the Cosgrave Lake project in the Georgia Lake District.
- Significant exploration potential at the Victory (6 km), the Ear Falls (13 km), and the Cosgrave Lake (11 km) projects totaling more than 30 km of exploration corridors in the three projects combined.
- Successfully completed the 2023 exploration season – prospected 50 projects and established fundamental geology and geochemistry for each of the 50 projects.
- Beyond Lithium’s insiders and founders have created an ideal share structure with ownership of approximately 50 percent of the company.
- An expert management team with expertise across the natural resources industry and capital markets that leads the company in driving improving shareholder value through the exploration and advancement of its significant portfolio of assets
Key Projects
Victory Spodumene Project
The Victory project is comprised of the Victory Main (7,874 ha) and the Victory West (8,808 ha) projects totaling 16,682 hectares in an area located in the Medicine Lake area near the towns of Vermilion Bay, Dryden and the city of Kenora. The Victory project currently includes two spodumene-bearing pegmatites, the Bounty Gold Pegmatite and the Last Resort Pegmatite. These two spodumene-bearing pegmatites are 40 to 50 m wide and over 200-300 m exposed along strike on surface.
Project Highlights:
- Excellent existing and nearby infrastructures.
- Substantial width and size for the spodumene-bearing pegmatites.
- Up to 5.11 percent Li2O at the Last Resort Pegmatite and up to 3.48 percent Li2O at the Bounty Gold Pegmatite from spodumene-bearing pegmatite grab samples.
- District scale synergy with the Ear Falls Spodumene Project and the Mavis Lake Group projects (Satellite, Laval, Gullwing-tot, Webb East, Webb West, Temple Bay, Ogani Lake, and McKenzie Bay) as they are within 100 km of each other and three regionally significant lithium deposits.
- Significant exploration potential with a 6-kilometer-long structural controlled exploration trend between the Bounty Gold and the Last Resort Pegmatites for exploration.
- Over 40 km of untested exploration upside potential between the Victory Main and the Victory West claims supported by the regional subprovince boundary structure.
Beyond Lithium and its exploration team have been awarded the prestigious 2023 Bernie Schnieders Discovery of the Year Award for the spodumene discovery at its Victory project in the summer of 2023. The two spodumene-bearing pegmatites occur along a six-kilometer corridor prospective for rare earth element exploration, adjacent to the fertile Medicine Lake pluton.
Ear Falls Spodumene Project
The Ear Falls project (20,623 ha), previously referred to as the Wenasaga project, is located right outside the town of Ear Falls, Ontario. Ear Falls has excellent infrastructure including highway and logging road access, power lines, services, and local labor. The project is about 10 minutes’ drive away from the town of Ear Falls. In less than two months of field program in 2023, mapping/sampling/stripping/channel-sampling/winkie-drilling programs were completed at the Ear Falls project primarily around the Wenasaga North Zone to gather geological data to enhance the exploration model and delineate more exploration and potential drilling targets at Ear Falls. Yet, the 2023 fieldwork has only covered 1 percent of the footprint of the entire Ear Falls project.
Project Highlights:
- Discovered the Wenasaga North Zone, a spodumene-bearing pegmatites zone, with grab samples up to 4.54 percent Li2O.
- Discovered the Sandy Creek West Zone along a 100m wide ridge with grab samples from pegmatites outcrops assayed up to 0.4 percent Li2O.
- Reported that grab samples from the Sandy Creek West Zone are as highly fractionated as the spodumene samples collected from the Wenasaga North Zone.
- Confirmed a 13 kilometers long exploration structural controlled corridor with lithium mineralization.
- Delineated continuous higher-grade lithium zone enveloped by wider intervals through stripping and channel sampling.
- Completed an initial 7 short holes Winkie-drilling program that intercepted new subparallel pegmatite dyke at depth that was not exposed on surface previously.
- Intersected 2.30 percent Li2O over 3.84 m in wider pegmatites zone of 0.46 percent Li2O over 36.25 m during the 2023 drill program.
Cosgrave Lake Project
The Cosgrave Lake Project (8,993 ha) is located in the Georgia Lake District. This district is an active and prolific lithium exploration area including:
- Imagine Lithium’s (TSXV:ILI) Jackpot Lithium project which has a historical lithium resource in the Main zone
- Rock Tech Lithium’s (TSXV:RCK) Georgia Lake project which has published a lithium pre-feasibility study in 2022
- Balkan Mining’s (ASX:BMM) flagship Gorge Lithium project.
Project Highlights:
- Discovered a brand-new fertile lithium-cesium-tantalum (LCT) pluton, the Allen Graeme (AG) Pluton, which has a similar size to the other plutons in the Georgia Lake District and a comparable chemistry background to the source and the pluton of the Tanco lithium mine located at Bernie Lake, Manitoba.
- Established a mineral and fractionation zonation around the AG Pluton comparable to the MNW spodumene-bearing pegmatite’s mineral zonation located 2.8km north of the Cosgrave Lake Project.
- A grab sample returned with 0.39 percent Li2O (1,832ppm lithium) and 2.77 percent manganese (Mn) indicating the proximity to the potential discovery of a higher-grade lithium spodumene zone.
- Established an 11 km long exploration corridor around the AG Pluton based on mapping and sampling and regional geology.
Cosgrave Lake Project Exploration and Fractionation Trend
Other Projects in Prolific Districts
Beyond Lithium is the largest greenfield lithium player in Ontario. Many of its 63 properties show tremendous potential, with eight districts currently considered higher priority for near-term exploration or partnerships.
All of Beyond Lithium's properties are greenfield projects that have not historically been explored for lithium or lithium-cesium-tantalum (LCT) pegmatites. The 2023 exploration program involves assessing and systematically sampling mapped pegmatite outcrops derived from available historical and regional data on all the projects, as well as identifying new pegmatite showings and locating prospective regional or terrane structures.
Besides the three projects with major discoveries made in 2023, the other 60 projects are grouped by districts where the projects in each district share a coherent regional geological background.
District:
Frontier Lithium District
- Seven projects in the Frontier Lithium District are located along the same regional structure that hosts the Pak and Spark lithium deposits owned by Frontier Lithium (FL.V):
- The PAK deposit has a probable mineral reserve of 4 MT averaging 1.79 percent Li2O; the deposit hosts a rare technical/ceramic grade spodumene with low inherent iron (below 0.1 percent iron oxide).
- The Spark Deposit has a probable mineral reserve of 18 MT averaging 1.5 Fe2O3 Li2O. A historical report about the region describes pegmatites up to 200 feet in width and other similarities between Frontier’s LCT pegmatites.
- In January 2024, two projects (the Borland North and the Borland East) were purchased by Patriot Lithium (ASX:PAT).
Case Lake District
- The Case Lake District Projects are comprised of three projects, the Case Lake North (7,476 ha), the Case Lake South (2,711 ha), and the Stimson (1,631 ha), totaling 11,818 ha in area.
- The three projects have good access to most parts of the properties.
- The Case Lake North and the Case Lake South Projects are situated along trend of Power Metals (PWM.V) discovered spodumene-bearing pegmatites and next to RT Minerals (RTM.V) announced east-west trending pegmatitic dykes.
- The Stimson Project has nine historical drill holes completed in the southern part of the project hosted in the metavolcanic with one of the holes, PT 94-11, intercepted two intervals of 30m wide noting with “Pegmatite contains green feldspar with comments of “spodumene or microcline”.
Wisa Lake District
- The Wisa Lake Project comprises 6,666 ha in area is located in the southwest part of Ontario that can be accessed by trucks and ATVS (all terrane vehicles).
- The Project is situated next to Green Technology Metals’ (ASX:GT1) Wisa project and to Libra Lithium Flanders project.
- One of the grab samples by Green Technology Metals (ASX:GT1) yielded up to 6.38 percent lithium oxide (Li2O) within 700 meters of the Wisa Lake Project claim boundary.
- Libra’s Flanders South Project has discovered spodumene-bearing pegmatite potentially align and on trend with the elevated lithium grab samples collected from Wisa Lake Project.
Dryden Mavis Lake District
- Beyond Lithium has six projects in the Dryden Mavis Lake District Projects totaling 11,711 ha in area including the Webb West (625 ha), the Webb East (2,934 ha), the Laval (1,042 ha), the Gullwing-tot (645 ha), the Satellite (1,287 ha), and the Temple Bay (5,178 ha) projects located next to
- the Mavis Lake Lithium Project owned by Critical Resources (ASS: CRR) that has a defined resource of 8Mt at 1.07 percent Li2O.
- All six projects in this district can be easily accessed by trucks via nearby highway and are close to the town of Dryden, Ontario, with excellent existing infrastructure.
- The 2023 exploration program has identified a similar trend as the Mavis Lake Lithium’s overall pegmatites trend based on the elevated lithium and cesium from grab samples.
Superb District
- The Superb District Projects are comprised of the Superb Project (2,321 ha), the Maytham Project (9,825 ha), the Sollas project (6,521 ha), and the Linklater Project (2,504 ha) with access via logging roads.
- Regionally, the Superb District projects are located along the English River and Winnipeg River subprovinces boundary as the main regional structure which has several fertile plutons and lithium occurrences identified along this region. This boundary zone has rare-element mineralization discovered over a 130 km long corridor between the Linklater Lake Project and the Superb Lake Project including
- Green Technology Metals ( Seymour Lake and Junior Lake Projects and
- Rockedge’s (RDGE.V) Superb Lake Project with spodumene pegmatites grading 1.77 percent to 4.03 percent Li2O.
- More importantly, the rare-element mineralization in this region has not been investigated in detail since the 1950s with the exception of the Superb Lake spodumene pegmatite (Stott and Parker 1997).
- In the 2023 exploration season, Beyond Lithium deployed field team prospecting all four projects and was able to identify pegmatites on each of the projects. The pegmatites samples returned with elevated anomalous lithium >50ppm clusters running subparallel to the regional structure or the subprovince boundary.
Management Team
Allan Frame - President and CEO
Allan Frame serves as president and chief executive officer at Beyond Lithium. Frame has extensive experience in the financial industry, spending 47 years with various Canadian investment dealers. During his career, he has successfully underwritten or participated in raising several hundred millions of dollars for junior resource companies, primarily in the mining sector. Frame also acts as director of business development for DLP Resources and Prismo Metals.
Craig Gibson - Director
Dr. Craig Gibson co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de C.V. (ProDeMin) based in Guadalajara, Mexico, in 2009, a consulting firm providing a broad spectrum of exploration-related services to the mining industry. Gibson is the president, CEO and director of Prismo Metals (CSE:PRIZ) and a director of Garibaldi Resources (TSXV:GGI). He is a certified professional geologist of the American Association of Professional Geologists and is a qualified person under NI 43-101.
Carmelo Marrelli - Chief Financial Officer
Carmelo Marrelli is the principal of the Marrelli Group, comprising the Marrelli Support Services, DSA Corporate Services, DSA Filing Services Limited, Marrelli Press Release Services, Marrelli Escrow Services Inc. and Marrelli Trust Company, a British Columbia financial institution. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange, the NEO Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Tom Provost - Corporate Secretary and Director
Tom Provost is a lawyer at MLT Aikins LLP in Winnipeg, Manitoba, where he has practiced since June 2017. His practice is focused on corporate finance, securities, mining, corporate/commercial law, mergers and acquisitions, restructuring, corporate governance, and regulatory compliance. He regularly acts for mining issuers listed on the Toronto Stock Exchange, the TSX Venture Exchange, and the Canadian Securities Exchange in connection with a broad range of matters. Before joining MLT Aikins LLP, Provost practiced as a lawyer in Montreal, Quebec at BCF LLP (from January 2016 to June 2017) and McMillan LLP (2012 to January 2016). He is the corporate secretary of the battery materials exploration company Vision Lithium (TSXV:VLI) and is a member of the Manitoba Prospectors and Developers Association.
Lawrence Tsang, P. Geo - Vice President of Exploration
Lawrence Tsang currently serves as the exploration manager of Ascot Resources (TSX:AOT) and the technical advisor and co-founder of Tailwinds Exploration, a private exploration company based in British Columbia. Tsang has more than 15 years of experience in the mining and metals industries in North America and has discovered several prospective projects throughout his career and successfully advanced the Premier Gold roject in BC from early exploration stage to development.
Michelle DeCecco - Director
Michelle DeCecco is the vice-president and COO of Lithium Chile (TSXV:LITH) and a director of Monumental Minerals. She has over 20 years of experience in the public mining sector specializing in capital markets, security regulations and corporate development and holds a Master in Business Administration. Throughout her career, DeCecco has been responsible for developing and executing overall corporate strategy including mergers and acquisitions, joint ventures, and strategic partnerships.
James Campbell - Director
James Campbell is a recently retired mining prospector and aviation executive, a former director of Gossan Resources (TSXV:GSS,FSE:GSR,XETRA:GSR), and a current member of its advisory board – stakeholder relations. He was a founding partner of Perimeter Airlines and Campbell Air, a Manitoba executive charter air service that served the mining exploration industry and First Nations in Northern Manitoba and Northwestern Ontario. He is a member of the board of directors of the Manitoba Prospectors and Developers Association.
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