Winsome Resources

Substantial High-Grade Intersections Continue To Grow Adina

Lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to provide an update on exploration at its 100% owned Adina project in the James Bay region of Quebec, Canada. Further thick, high-grade results have been received from both the Main Zone and Footwall Zone, summarised in Table 1 and 2, increasing the strike length of the core Adina Main Deposit. Drill rigs are currently mobilising back to Adina to re-commence the 2023 drill programme.


HIGHLIGHTS

  • Assays have been received from “step-out” drilling to the east and west of previous drilling at Adina Main, with results now available from regular spaced drilling of over 1km of the 3.1km of known mineralisation at Adina.
  • Substantial, high grade lithium mineralisation continues to be intersected in both Main Zone and Footwall Zone. Results detailed in Table 1 and include:
    • 1.37% Li2O over 61.2m from 8.9m (AD-23-024, Main Zone),
    • 1.98% Li2O over 35.4m from 251.2m (AD-23-021, FW Zone)
    • 1.62% Li2O over 20.4m from 345.2m (AD-23-023, FW Zone)
    • 1.59% Li2O over 27.6m from 32.4m (AD-23-024A, Main Zone),
    • 1.24% Li2O over 33.3m from 227.3m (AD-23-024A, FW Zone),
    • 1.35% Li2O over 30.8m from 67.5m (AD-23-075, Main Zone),
    • 2.18% Li2O over 24.1m from 268.5m (AD-23-075, FW Zone),
    • 1.62% Li2O over 14.0m from 194m (AD-23-99, FW Zone).
  • Mineralised intersections continue to include discrete ultra-high grade zones, with the above intersections containing zones such as:
    • 2.14% Li2O over 7.0m from 29.0m & 2.60% Li2O over 8.1m from 62.0m (AD-23-024, Main Zone),
    • 1.97% Li2O over 16.6m from 32.4m (AD-23-024A, Main Zone), and
    • 2.66% Li2O over 10.3m from 88.0m (AD-23-075, Main Zone).
  • Assays still awaited from near surface drill testing of Footwall Zone.
  • Drilling rigs mobilising to site this week following lifting of restrictions, next phase focussing on higher grade zones to inform maiden Mineral Resource.
WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:

“Adina continues to grow in size with each set of drilling results as does its potential to be a significant near term supplier to the North American lithium market. We are focussed on defining a robust lithium resource with systematic drill testing of the pegmatite bodies identified to date, as well as testing for new pegmatite swarms similar to the recent Footwall Zone discovery.

 We are very pleased and relieved to be back on site at Adina following the recent fires in Quebec. We consider ourselves fortunate to have escaped without significant damage to our property and our thoughts are with those that have suffered damage in this fire event. We also appreciate the assistance provided by the various emergency services to the communities. I would also like to personally thank RJLL for their support in re-commencing operations and look forward to the drills turning shortly.”

Table 2. Key mineralised intercepts, Adina Main Zone

Figure 2: Adina Drill Results (East) – Oblique view looking to south-west along conceptual pegmatite models.

Figure 3: Adina Drill Results (West) – Oblique view looking to east along conceptual pegmatite models.

Commentary on Drilling Results

Intersections reported in this announcement confirm the continuity of lithium mineralisation to the east and west of Adina Main. With the receipt of these results drilling has now defined lithium mineralisation at Adina at close spacing over a strike length of 1km, representing the core of the 3.1km of mineralisation defined by drilling at Adina1. Drilling stepped out some 250m to the east and a further 150m to the west, systematically testing mineralisation on a spacing of approximately 100m x 100m. Mineralisation remains open to the east and west of drilling.

All drillholes tested both the Main Zone and the recently discovered Footwall Zone, with thick, high-grade intersections received from both zones as detailed in Tables 1 and 2 above. New results received are shown on Figures 1 and 2 with all data from the programme to date included in the Appendices. A total of 76 holes had been completed for 22,500 metres at the time drilling was suspended. Assays have now been received for 62 of these drillholes.


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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Restructure of the Renard Option

Restructure of the Renard Option

 
 

Highlights

 
  • Reduction of initial payment upon exercise of the option from C$15 million to C$1 million .
  •  
  • The balance of the Renard consideration payment delayed until 2026 and 2027.
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  • Renard Option restructure preserves shareholder value by deferring material payments by 12 months and extending the payment consideration period to 30 months from exercise.
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