| To: LoneClone who wrote (22550) | 5/21/2024 4:24:51 PM | | From: LoneClone | | | | [REE]
Meryllion Resources: Exploration Permits Granted for Maiden Drilling Program in North-East Tasmania Targeting Neodymium-rich Ionic Rare Earth Clays
newsfilecorp.com
May 21, 2024 8:15 AM EDT | Source: Meryllion Resources Corporation
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Meryllion Resources Corporation (CSE: MYR) (OTC PINK: MYRLF) ("Meryllion", "MYR" or the "Company") is pleased to announce that the maiden ionic rare earth drilling campaign in north-east Tasmania has been granted permits required for the exploration drilling on EL20/2022.
Highlights
- Exploration Drilling Permits have been granted for Maiden Drilling Program
- Three locations have been identified for preliminary exploration drilling
- The drilling will target potential extensions of known iREE occurrences and where MYR ground samples produced elevated results up to 533ppm Neodymium & 36.8 ppm Terbidium
- A specialised drilling team has been secured for the exploration drilling
MYR's flagship iREE project comprises a series of strategic tenements that are immediately adjacent the currently identified ionic rare earth resources (ABx Deep Leads MRE see Announcement ABx ASX Announcement 27 September 2023) (Figure 1).
Figure 1: Position of ABx Groups Licences relative to TSGM.
(NB: ABx Licences in light blue with dashed outlines. TSGM Licences in purple. Red fill denotes MRE area of ABx. Background 500k regional gravity from MRT).
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Figure 2: Inset from Figure 1 showing the location of ABx Groups iREE Mineral Resource Estimate for the Deep Leads-Rubble Mound area.
(Source: ABx ASX Announcement 17 August 2023).
(NB: The "Current Drill Target" has been drilled and results announced in ABx ASX Announcement 27 September 2023).
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Initial Field Reconnaissance
MYR Geologists have undertaken exploration reconnaissance programs to assist in developing targets for the drilling program. Selective sampling was undertaken across the tenement package with sample descriptions compiled in Table 1 and locations in Figure 3.
Figure 3: Location of samples collected by MYR Geologists during reconnaissance field work.
(Background 500k regional magnetics).
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| Sample ID | Easting | Northing | Description | | WS001 | 481239 | 5418457 | Orange saprolite clay | | WS002 | 476537 | 5418561 | Red, brown clay | | WS003 | 476537 | 5418561 | Saprolite with mottled red brown, bleached sandstone with black lumps | | WS004 | 477578 | 5426012 | Light grey, red clay with white carbonate(?) coating | | WS005 | 494484 | 5412965 | Pale, mottled, saprolite | | WS006 | 488945 | 5399052 | Fe clay after basalt | | WS007 | 513916 | 5419020 | Black soil | | WS008A | 513165 | 5418527 | Mottled red brown saprolite with black lumps | | WS008B | 513165 | 5418527 | Mottled red brown saprolite with black lumps | | WS008C | 513165 | 5418527 | Mottled red brown saprolite with black lumps |
Table 1: Sample location and descriptions from TSGM reconnaissance field work
Samples from the easternmost tenement (WS008 series) were selected for ALS analysis using lithium borate fusion Inductively Coupled Plasma Mass Spectrometry (ICP-MS) (ALS Code ME-MS81). A summary of the results included significant Neodymium with samples ranging from 368ppm to 533ppm Nd (Table 2) and field location in Figure 4.
Table 2: Results of analysis from ALS Laboratories for TSGM reconnaissance field work samples
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MYR Geologists are currently working with the drilling team to prepare for the upcoming Drilling Campaign which will be ready to commence after the Winter Season.
Figure 4: Location of WS008 series samples where assaying identified elevated Neodymium results.
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About the Tasmanian Rare Earths Projects
The Project is hosted in highly sought rare earth-rich ionic adsorption clay hosted deposits comprising Jurassic Dolerites and Basalts and provide significant upside potential for economic rare earth magnet metals.
Globally, most rare-earths are sourced from hard-rock mines. These typically require large, costly processing plants and a significant lead time to reach production. A less common source of rare earths is ionic adsorption clay (IAC) deposits. Historically, these have only been mined in southern China. A major advantage of IAC deposits is that the rare earths can be extracted from the clay via a simple leaching process. Secondly, they often exist at shallow depth. These advantages enable a project to be developed rapidly and at lower cost. Furthermore, IAC deposits are relatively richer in the rare earths needed for permanent magnets, and they typically contain low concentrations of radioactive elements such as uranium and thorium.
Qualified Person
Ian E Neilson (BSc MSc R.P. Geo MSEG MAIG MGSA) is a consultant to Meryllion and is its Technical Advisor. Mr. Neilson is a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this press release.
For further information, please contact:
Mr. Richard Revelins
Director and Chief Executive Officer
Meryllion Resources Corporation
Investor Relations
Jorge@jeminicapital.com
+1-647-725-3888 ext. 704
+1-310-405-4475
rrevelins@peregrinecorporate.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
 SOURCE: Meryllion Resources Corporation |
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| To: LoneClone who wrote (22551) | 5/21/2024 4:27:15 PM | | From: LoneClone | | | | [Vanadium]
District Receives Final Approvals for Additional Mineral Licenses over Alum Shale Energy Metal Targets in Sweden
newsfilecorp.com
May 21, 2024 8:30 AM EDT | Source: District Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to report that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received final approvals from the Bergsstaten (Mining Inspectorate) for the Viken nr 4, Tåsjö nr 106 to 108, Malgomaj nr 1001 to 1003, and Österkälen nr 101 mineral license applications to explore for vanadium, nickel, molybdenum, zinc, rare earth elements (REE), and other elements located in the Jämtlands and Västerbottens Counties, central and north-central Sweden.
These eight new mineral licenses cover a total area of 91,470 hectares (Figures 1 and 2) and are in good standing for a three-year term that ends from April to May 2027. Renewal for an additional three years will require payment of mineral license fees to the Bergsstaten, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before the three-year term expires.
District consolidated 100% of the Viken Energy Metals Deposit on January 15, 2024 ( news release here), which is the largest undeveloped Alum Shale uranium-vanadium-potash-molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits based on total historic mineral resources of uranium and vanadium in the world.
Although there is currently a moratorium on uranium mining and exploration in Sweden, the Swedish Government initiated an inquiry into abolishing the ban on uranium mining and exploration ( February 26, 2024 news release), which was completed on May 15, 2024.
Highlights:
- Mineral License Viken nr 4 increases the area of the Viken Property from 9,367 hectares (ha) to 37,211 ha.
- Mineral Licenses Tåsjö nr 106 to 108 increase the area of the Tåsjö Property from 15,625 ha to 34,317 ha.
- Mineral Licenses Malgomaj nr 1001 to 1003 cover an area of 37,131 ha, and is located northeast of the Tåsjö Property.
- Mineral License Österkälen nr 101 covers an area of 7,803 ha, and is located southeast of the Tåsjö Property.
Garrett Ainsworth, CEO of District, commented: "We are very pleased with the timely approvals for our eight mineral license applications that cover a total of 91,470 hectares of ground that is highly prospective for Alum Shale deposit targets. Alum shales are the host rocks of our Viken Energy Metals Deposit, which represents a potentially significant source of critical and strategic metals and minerals for the green energy transition.
Our planned work on these new mineral licenses will include prospecting, mapping, and geochemical sampling for the remainder of 2024. After this initial phase of exploration work we'll be in a position to add or subtract more ground, and then advance to more costly exploration surveys to refine drill targets."
Alum Shale deposits in Sweden typically contain a large inventory of critical energy metals that will be required as part of the green energy transition. In addition, potentially viable Alum Shale deposits are large and shallow, which simplifies and lowers the cost of the exploration, discovery, and development stages.
Viken nr 4 Mineral License
According to the SGU geological map, Alum Shale is only outcropping in two small areas. One in the south-west corner and another in the west, but the actual distribution might be different as the area is covered by soil and till, and any overlying limestone is likely very thin.
The airborne radiometric survey shows moderate to high values in the northern to south-eastern part of Viken nr 4. A large area of high conductivity dominates the western half of the application, with a similar smaller one in the east, close to the border with the Viken nr 3 mineral licence.
Thickening of the Alum Shale is likely, but not evident from the SGU geological map. Only two glacial till samples are located within the application where one of them shows a moderately anomalous value of uranium (4 ppm U), and the other shows highly anomalous vanadium (78 ppm V).
Tåsjö nr 106 to 108 Mineral Licenses
Tåsjö nr 106 is located adjacent southwest of Tåsjö nr 102 and contains the Fetsjön zone. The Fetsjön zone is part of several large historical exploration target estimates for uranium, vanadium, rare earth elements, phosphate and other energy metals and has seen extensive historic drilling. According to published SGU metallogenetic maps, the Fetsjön zone is within one of Sweden's most promising areas to host large Alum Shale deposits.
Tåsjö nr 107 is adjacent to Tåsjö nr 102 and 103, which covers the eastern part of the Alum Shale in the Tåsjö area. The lithology comprises Alum Shale with the overlying carbonate-rich unit and the underlying quartz-rich metasediments.
An airborne radiometric survey covers two thirds of the area, and shows moderate to high uraniferous radiometric values, especially in the center area. The airborne VLF survey only covers less than half of the perimeter, showing moderate to moderate-high conductive values with an enticing high conductivity area in the south of the application.
Some tectonic thickening is likely present as suggested by thrust faults shown in the SGU geological maps. No glacial till samples were available for Tåsjö nr 107.
According to the SGU geological map Tåsjö nr 108 is dominated by Alum Shale.
The SGU airborne radiometric survey shows relatively low uraniferous radiometric values, with some significantly elevated values in the west and south areas. The airborne VLF survey shows that the area is characterized by a strong high conductivity anomaly covering almost the entire area.
No obvious tectonic thickening is suggested by the SGU geological maps, and no glacial till survey data is available for Tåsjö nr 108.
Malgomaj 1001 to 1003 Mineral Licenses
Malgomaj nr 1001 is covered by Alum Shale and quartz-rich meta-sediments.
No airborne radiometric or VLF data was available for Malgomaj nr 1001.
Tectonic thickening of the Alum Shale is strongly suggested by the SGU geological map in the northern half of Malgomaj nr 1001 where a repeating sequence of Alum Shale and quartz-rich meta-sediments is shown.
Only two till samples were collected from the area by SGU, one in the center and one in the south, both showing anomalous U values (8.2 ppm in the center and 6 ppm in the south) as well as one value of 21 ppm Mo in the center.
Six grab rock samples from Malgomaj nr 1001 are reported in the SGU database, confirming the presence of Alum Shale with values up to 33 ppm U, 577 ppm V, 111 ppm Ni and 160 ppm Mo.
Malgomaj nr 1003 is characterized by an extensive presence of Alum Shale at surface.
The historical airborne radiometric survey indicates moderate to high uraniferous radiometric values over most of Malgomaj nr 1003, with the highest values also grouped in the center part of the application. No airborne VLF geophysical data was available for this area.
Significant tectonic thickening within Malgomaj nr 1003 is indicated by the SGU geological maps, with both the Alum Shale and the quartz-rich meta-sediments repeating within a nappe system.
The SGU glacial till survey shows multiple samples with anomalous uranium in the 3.5 to 11.4 ppm U range scattered all over Malgomaj nr 1003. In the central part of the area cover by the license application, several samples show anomalous vanadium up to 43.5 ppm V as well as anomalous phosphate up to 0.34 % P2O5 that is associated with REE of the Early Ordovician phosphatic siltstone in the Tåsjö area. This is further confirmed by the presence of anomalous lanthanum up to 32.7 ppm La in the glacial till samples from the same area. Molybdenum in the glacial till samples generally shows moderate anomalous values that reach up to 56 ppm Mo, while nickel shows values up to 46 ppm Ni.
Alum Shale has been confirmed within Malgomaj nr 1003, and eight grab samples showed values of up to 47 ppm U, 504 ppm V and 175 ppm Mo.
Österkälen nr 101 Mineral License
Österkälen nr 101 is covered by Alum Shales at surface as well as both the overlying carbonate-rich meta-sediments and the lower quartz-rich meta-sediments.
The historical airborne radiometric survey shows moderate uraniferous radiometric values with small but strongly radioactive areas in the south and north. Österkälen nr 101 is almost in its entirety characterized by a strong low-resistivity anomaly, based on the VLF airborne survey.
Tectonic thickening is likely given the presence of mapped overthrust faults.
No SGU glacial till surveys cover the area of this mineral license application or surrounding area.
Figure 1: Viken Property
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Figure 2: Tåsjö, Malgomaj, Österkälen Properties
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Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The data disclosed in this news release is related to historical results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than District's Properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on District's Properties.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers 100% of the uranium-vanadium Viken Deposit, which is an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates in 2010 and 2014. The Viken Deposit is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district.
For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors
"Garrett Ainsworth"
President and Chief Executive Officer
(604) 288-4430
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking Information"
This news release contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the Purchase Agreement and closing thereof; the Company's Swedish polymetallic properties; the Company's planned exploration activities, including its drill target strategy and next steps for the Swedish properties; and the Company's interpretations and expectations about the results on the Swedish properties.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; and in respect of the intention of the Swedish government to eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data on District's properties; the Company's ability to raise sufficient capital to finance planned exploration; that the Swedish government maintains its moratorium on uranium exploration and mining in Sweden for the foreseeable future; the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. For additional information regarding these risks, please see the Company's Annual Information Form dated July 11, 2022, under the heading "Risk Factors", which is available at www.sedarplus.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
 SOURCE: District Metals Corp. |
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| To: LoneClone who wrote (22552) | 5/22/2024 12:58:52 PM | | From: LoneClone | | | | [Lithium]
Q2 Metals Field Crews Mobilize to Begin Spring 2024 Exploration at Cisco Lithium Property, James Bay Territory, Quebec, Canada
newsfilecorp.com
May 22, 2024 3:05 AM EDT | Source: Q2 Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2024) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce that the Q2 geology team and drilling contractors have mobilized to begin its inaugural exploration program at the Cisco Lithium Property (the "Property" or the "Cisco Property").
The Company will commence a detailed mapping and sampling program at the Cisco Property which will provide guidance on the extent of the lithium mineralization at the initial target area and identify other potential target areas on the sizeable primary exploration trend measuring 21 kilometres ("km") long.
"Our geology team has arrived at our camp and work at the Cisco Property will ramp up this week," said Q2 Metals President and CEO Alicia Milne. "Our team is motivated by the property vendors' 2023 discovery and the massive scale of the project will keep us busy this summer."
Q2 will also commence an inaugural drill campaign ("Spring 2024 Drill Campaign") which will be focused on the 2023 discovery area. As the other target areas are assessed by the Q2 geology team, the Spring 2024 Drill Campaign may expand outwards.
Youdin-Rouillier Drilling of the Eeyou Istchee Territory, James Bay, Quebec is contracted to complete the diamond drilling with Dahrouge Geological Consulting Ltd. of Edmonton, Alberta managing the drill program and property-wide geological exploration.
Figure 1. Q2 Metals geologist standing on the 2023 discovery area
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About the Cisco Property
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. Located less than 10 km east of the Billy Diamond Highway, the Property is approximately 150 km north of Matagami and the closest rail link to much of James Bay. The Property lies within the greater Nemaska traditional territory of the Eeyou Istchee Territory, James Bay, Quebec.
The Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130 km and 180 km away, respectively.
On February 28, 2024, the Company announced it had signed an option agreement which gives the Company the exclusive right and option for the acquisition of a 100% interest in three groups of minerals claims, collectively known as the Cisco Property (the "Transaction"). The Transaction is expected to close in short order.
Figure 2. Cisco Property Location Map
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Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration of Q2.
Stock Option Grant
Pursuant to its equity incentive plan and subject to the acceptance by the TSX Venture Exchange, the Company has granted 1,500,000 stock options to directors, officers, and consultants of the Company to purchase an aggregate of 1,500,000 common shares in the capital of the Company at an exercise price of $0.31 per share until May 22, 2029.
About Q2 Metals Corp
Q2 Metals Corp. is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada that includes its 100% owned Mia Lithium Property. In addition, the Company expects to add the Cisco Lithium Property to its property portfolio once the Transaction closes.
The Company's exploration advancement at its 8,668-ha flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia Trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Quebec and comprised of 222 mineral claims and is 11,374-ha in size. The property has district scale potential with an already identified mineralized zone and a discovery drill result of 115.4 m of 1.40% Li2O (hole CS-23-05), cumulatively in five separate pegmatites.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne
President & CEO
Alicia@Q2metals.com
Jason McBride
Corporate Communications
Jason@Q2metals.com
Telephone: 1 (800) 482-7560
E-mail: info@Q2metals.com
www.Q2Metals.com
Follow the Company: Twitter, LinkedIn, Facebook, and Instagram
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward-looking statements in this news release include, but are not limited to, the commencement of a mapping and sampling program at the Cisco Property and inferences made therefrom, closing of the Transaction in short order, , that the Spring 2024 Drill Campaign will commence on the 2023 discovery area with the opportunity to increase as the results dictate, that the Q2 will add the Cisco Property to its property portfolio, the focus of the Company's current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company's expectations in connection with the projects and exploration programs being met, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 SOURCE: Q2 Metals Corp. |
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| To: LoneClone who wrote (22553) | 5/22/2024 1:04:17 PM | | From: LoneClone | | | | [REE/Fluorspar] Commerce Resources Announces Significant Increase in Indicated Mineral Resource for the Ashram Rare Earth & Fluorspar Deposit, Quebec
accesswire.com
Wednesday, 22 May 2024 03:05 AM
Highlights:
- The updated mineral resource estimate ("MRE") considers 28,783 meters of diamond drilling to increase the Indicated Resource tonnage by 164%:
- Indicated Resource: 73.2 Mt at 1.89% TREO?and 6.6% CaF2, and
- Inferred Resource: 131.1 Mt at 1.91% TREO and 4.0% CaF2.
- Contains a high percentage of the magnet feed rare earth elements neodymium (Nd) & praseodymium (Pr), exceeding that of several active global producers:
- (Nd2O3 + Pr2O3) / TREO ("NdPr") of 21.2% (indicated) and 21.4% (inferred)
- The geological model interprets a single, continuous, mineralized carbonatite body outcropping at surface, with a footprint approximately 700 m along strike, over 300 m across, and 600 m deep as defined by the current resource estimate and remains open at depth.
- The MRE incorporates three monazite-mineralized zones (A-Zone, B-Zone, and Breccia (Classic)). Other rare earth element-bearing lithologies such as the BD-Zone require additional metallurgical studies and were therefore not considered in this MRE but represent potential upside to the project.
- A forthcoming niobium drill program is set to investigate additional resource potential.
? TREO = sum of all lanthanide oxides + yttrium oxide
VANCOUVER, BC / ACCESSWIRE / May 22, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce an updated mineral resource estimate ("MRE") for the Ashram Rare Earth and Fluorspar Deposit (the "Ashram Deposit" or "Ashram"). The Ashram Deposit, wholly owned by the Company, is located in northeastern Quebec, Canada, approximately 130 kilometres south of the community of Kuujjuaq.
The updated MRE for the Ashram Rare Earth and Fluorspar Deposit firmly establishes it as a globally significant rare earth element ("REE") deposit, and one of the largest monazite-mineralized carbonatite REE deposits in the world: 73.2 Mt at 1.89% TREO and 6.6% CaF2 (indicated), and 131.1 Mt at 1.91% TREO and 4.0% CaF2 (inferred), at a cut-off of $287 Net Metal Return (NMR) per tonne (7).
Ashram also continues to demonstrate very high NdPr distributions (i.e., percent of neodymium plus praseodymium oxide of the TREO) at 21.2% NdPr (indicated) and 21.4% NdPr (inferred), exceeding that of several active global producers. The favourable distribution starts at surface, allowing these high value elements to be targeted early on in a potential open-pit extraction scenario and thereby, enhancing the project's strategic value and operational efficiency. This enrichment in the magnet feed REEs also extends to dysprosium (Dy) and terbium (Tb).
The MRE update underscores the Ashram Deposit's potential as a long-term, sustainable source of critical minerals, vital for the evolving technology and energy sectors. The Company remains committed to advancing the project, with ongoing work to further delineate the deposit's full potential, and a planned niobium drill program poised to unlock additional value.
Chris Grove, President and CEO of Commerce Resources, stated: "We are very excited by this updated mineral resource estimate for the Ashram Deposit, as it positions the Company to become the front-runner in providing a long-term source of magnet-feed REE supply to the North American and European markets. Additionally, the Ashram Deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world. This milestone will be the new basis of future economic and development studies that further de-risk and unlock the development potential of this asset. In addition to the Ashram Deposit, the Eldor carbonatite remains highly prospective for a number of high value commodities, including niobium and phosphate minerals."
Patrik Schmidt, Company Vice President of Exploration, comments: "We are thrilled with this updated resource estimate, which continues to demonstrate the consistency of the magnet-feed REE enrichment throughout the Ashram Deposit. This resource has firmly established Ashram as one of the largest monazite-mineralized carbonatite rare earth deposits globally and remains open at depth."
The primary objective of the mineral resource update was to increase the confidence of resources from the inferred category to the indicated category to support economic and development studies. This conversion was highly successful with an 164% increase in the indicated resource category compared to the prior MRE completed in 2012 (see news release dated March 6, 2012).
The 2024 MRE was completed in accordance with National Instrument 43-101 with an Effective Date of April 4th, 2024, and is based on 117 diamond drill holes totaling 28,783 metres of NQ, HQ and BTW size drill core.
Table 1: NI 43-101 Mineral Resource Statement for Ashram Deposit
|
|
|
| Cut-off NMR ($/t)
| 287
| Category
| Indicated
| Inferred
| Tonnes
| Mt
| 73.2
| 131.1
| Total TREO
| %
| 1.89
| 1.91
| NdPr
| 21.2
| 21.4
| TbDy
| 0.7
| 0.5
| La2O3
| ppm
| 4,829
| 4,969
| Ce2O3
| 8,753
| 8,933
| Pr2O3
| 907
| 927
| Nd2O3
| 3,112
| 3,162
| Sm2O3
| 412
| 385
| Eu2O3
| 98
| 87
| Gd2O3
| 223
| 195
| Tb2O3
| 24
| 19
| Dy2O3
| 102
| 73
| Ho2O3
| 14
| 10
| Er2O3
| 31
| 21
| Tm2O3
| 3
| 2
| Yb2O3
| 18
| 13
| Lu2O3
| 2
| 2
| Y2O3
| 419
| 280
| Fluorspar (CaF2)
| %
| 6.6
| 4.0
|
(a) TREO is sum of lanthanides (as oxides) + yttrium oxide
(b) NdPr distribution calculated as (Nd2O3 + Pr2O3) / TREO x 100
(c) CaF2 calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the mineral fluorite ("fluorspar").
(d) Cut-off expressed as NMR ($)/t only considers payable elements La-Nd-Pr-Tb-Dy.
(e) TbDy distribution calculated as (Tb2O3 + Dy2O3) / TREO x 100.
(f) Prices shown are in CAD
(g) Differences may occur in totals due to rounding.
Notes for Resource Table:
- Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- Resources are presented as undiluted and in-situ for an open-pit scenario and are considered to have reasonable prospects for eventual economic extraction. The constraining pit shell was developed using an overall pit slope of 52 degrees, and the resulting strip ratio is 2.7:1.
- 3D modelling was prepared using Leapfrog Geo v.2023.2.1 with a database of 213 surface drill holes, 6 surface channels and 32,962 samples, of which 117 drill holes and a total of 18,495 assays were used to interpolate the block model mineralized zones.
- Resources encompass three REE-bearing zones (A-zone, B-Zone, and Breccia (Classic)), each defined by wireframes. A value of zero grade was applied in cases of core not assayed.
- High-grade capping was done on the composited assay data and established on a per-zone basis for each element.
- Density values were interpolated using Ordinary Kriging for four rock types in the geological model, including the three mineralized rock types (A-Zone, B-Zones and Breccia (Classic)), with density averages of 3.08 g/cm3 for A-Zone, 3.00 g/cm3 for B-Zone, 3.05 g/cm3 for Breccia (Classic) and 2.92 g/cm3 for BD-Zone. Surrounding country rock lithologies were given a fixed density value from their range median values: carbonatites ranging from 2.85 to 2.97 g/cm3, Metavolcanic = 2.84g/cm3 and Lamprophyre = 2.97g/cm3." Grade model resource estimation was interpolated from drill hole data using an Ordinary Kriging interpolation method in a sub-blocked block model using blocks measuring 5 m x 5 m x 5 m in size and sub-blocks down to 1.25 m x 1.25 m x 1.25 m.
- The MRE cut-off, expressed as a Net Metal Return (NMR) value, was calculated to be CAD154/tonne, which is based on a 3-year annualized average (2021, 2022, and 2023) for the five payable oxidesa; (USD1.25/kg for La2O3, USD95/kg for Pr2O3, USD95/kg for Nd2O3, USD1,500/kg for Tb2O3, and USD375/kg for Dy2O3), estimated metal recoveries, and operating costs for mining, processing, transportation and G&A. A cut-off of CAD287/tonne is considered as the base case for the MRE and is guided by reasonable prospects of eventual economic extraction over a reasonable timeframe. The cut-off grade considers a CAD:USD exchange rate of 1.30
(a) Sourced from Adamas Intelligence's Rare Earth Pricing Quarterly Outlook (Q1 2024) - Inferred mineral resources are constrained to areas where drill spacing is less than 200 metres, and where reasonable geological and grade continuity is shown. Indicated mineral resources are constrained to areas where drill spacing is less than 70 metres, and where reasonable geological and grade continuity is displayed
- An open-pit mining method was considered for the MRE and a conceptual pit shell to constrain the resources was developed using Hexagon's MinePlan 3D software, Version 16.05.
- Calculations used metric units (metre, tonne). Metric tonnages have been rounded, and any discrepancies in total amounts are due to rounding errors.
- CIM definitions and guidelines (2019) for Mineral Resource Estimates have been followed.
- The QPs are unaware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issues that could materially affect this MRE.
Table 2 and Figure 1 illustrate the sensitivity of the 2024 Ashram Deposit MRE with respect to various Net Metal Return cut-offs for a potential open-pit scenario with reasonable prospects of eventual economic extraction. The figures provided in these tables should not be interpreted as a mineral resource statement. The selected cut-off NMR for the base case is 287 $/tonne with the revenue factor 1 pit shell constraint.
Table 2: Mineral resource sensitivity analysis based on NMR $/t cut-off
Figure 1: Ashram mineral resource sensitivity analysis - grade-tonnage curve with base case NMR $287/t cut-off
Figure 2: Pit shell and mineralized footprint of Ashram's mineral resource estimate in plan, highlighting the deposit scale and drilling post-2012 MRE used to improve the Mineral Resource Estimate
Figure 3: Geological model cross-section of the Ashram Deposit highlighting carbonatite lithological domains considered in the mineral resource estimate (A-Zone, B-Zone, Breccia (Classic)). Note the BD-Zone (not shown) is currently not part of the MRE.
Figure 4: Cross-section showing Ashram indicated and inferred classifications within block model.
Figure 5: Ashram mineral resource block model - cross section displaying NMR ($/t) by block.
Figure 6: Ashram mineral resource block model - cross-section displaying TREO (%) distribution by block.
Figure 7: Cross-section through the Ashram mineral resource block model displaying NdPr distribution.
Figure 8: Cross-section through the Ashram mineral resource block model displaying TbDy distribution.
Figure 2 shows the surface projection of the pit shell and mineralized footprint of the Ashram deposit, with its lithological domains (A-Zone, B-Zone, Breccia (Classic)). It also includes the BD-Zone, another REE-bearing lithology that requires additional metallurgical studies due to their different REE-bearing mineralogy. These were therefore not considered in this MRE but represent potential upside to the project. Figure 3 is a cross-section of the monazite-mineralized lithologies that form the basis of the updated mineral resource estimate. The geological model is supported by drill holes through to the end of the 2022 fall program (hole EC22-207). Multiple cross-sections displaying parameters of the resource block model are presented in Figures 4 - 8. Figure 4 displays the indicated and inferred resource breakout in the block model which is shown in subsequent figures as dashed contour lines. Figure 5 shows the NMR ($/t) distribution within the deposit, with Figure 6 showing the respective TREO (%) distribution within the same block model slice. Figure 7 and Figure 8 are cross-sections of the magnet feed REE-oxide ratios (NdPr and TbDy, respectively) within the block model. Figure 7 shows high NdPr near surface, making it a high-value target which continues to be favourable throughout the deposit. The TbDy distribution shown in Figure 8 is overlapping with the high NdPr near surface but is not as elevated at depth.
Pit Optimization
A pit design was developed which constrains the pit shell to ensure reasonable prospects of eventual economic extraction. The pit geometry considered an overall pit slope of 52 degrees based on previous geotechnical studies. The pit design considered 3-year annualized average pricing (2021, 2022, and 2023) for five payable oxides(USD1.25/kg for La2O3, USD95/kg for Pr2O3, USD95/kg for Nd2O3, USD1,500/kg for Tb2O3, and USD375/kg for Dy2O3), which were converted to Canadian Dollars using an exchange rate of 1.30 CAD:USD. The pricing was sourced from Adamas Intelligence's Rare Earth Pricing Quarterly Outlook (Q1 2024).
The pit optimization considered the following combined metallurgical recoveries for the concentrator and hydromet plant: 60.5% for La2O3, 58.9% for Pr2O3, 59.0% for Nd2O3, 42.7% for Tb2O3, and 38.6% for Dy2O3. A mining cost of CAD8/tonne (plus an incremental mining cost with depth of CAD0.02/tonne for every 10m of depth), variable operating costs of CAD60/tonne milled for the concentrator, CAD3,000/tonne of mixed REO product for the hydromet plant, and CAD7,700/tonne of product for the separation plant, fixed annual operating costs of CAD25M, CAD10M, CAD11M, CAD10M, for G&A, the concentrator, hydromet plant, and separation plant respectively, and transportation costs of CAD200/tonne of mixed REO product. The operating costs have been established using a combination of comparable projects and industry benchmarks and are therefore conceptual in nature.
The aforementioned economic parameters result in a Net Metal Return (NMR) cut-off of CAD154/tonne. An elevated cut-off of CAD287/tonne was considered as the base case for the MRE to ensure reasonable prospects of eventual economic extraction over a reasonable timeframe.
The resulting pit shell has a conical shape with a diameter of approximately 1,200m, a depth of roughly 600m, and has a 2.7:1 ratio of waste to mineralized material.
Metallurgical Methods
The mineral processing and hydrometallurgy assumptions are based on the optimized flowsheet announced in the March 4th, 2024 press release. This was a significant simplification and optimization of the Ashram Deposit's front-end mineral processing flowsheet whereby 30-35+% TREO monazite mineral concentrates at strong recovery are produced using only flotation. In addition, a streamlined hydrometallurgical flowsheet was developed by L3 Process Development ("L3") and demonstrated at bench scale for the downstream processing of the monazite flotation concentrate. The hydrometallurgical flowsheet uses a standard acid bake - water leach process followed by thorium removal and direct rare earth element ("REE") precipitation.
Qualified Persons
The independent qualified persons for the 2024 MRE, as defined by National Instrument ("NI") 43-101 guidelines, are Pierre-Luc Richard, P.Geo., of PLR Resources Inc. (Mineral Resource Estimate), Jeffrey Cassoff, P.Eng., of BBA Inc. (Pitshell optimization and cut-off grade), Jordan Zampini, P.Eng., from DRA Global (Mineral Processing parameters), and Tommee Larochelle, P.Eng., of L3 Process Development (Hydrometallurgical parameters). The effective date of the 2024 MRE is April 4th, 2024. The qualified persons have approved the technical contents of this press release.
Mr. Richard has worked in the mining industry for over 20 years with various commodities over the years, including REE projects. Mr. Richard has acted as QP or lead QP for a considerable number of technical reports, mineral resource estimates, and due diligence reviews as a consultant with different firms, and for PLR Resources since 2022. Mr. Richard has been involved with the Ashram project since 2021 and has visited the property.
About the Ashram Deposit
The Ashram Deposit is central to the Eldor Carbonatite Complex and bordered by an earlier staged calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the Ashram Deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and geology can best be described as a moderate to steeply NE dipping ovoid, with simple rare earth mineralogy (monazite, bastnaesite, xenotime) that has an unusual enrichment in magnet feed elements (i.e. higher Nd+Pr Oxide/TREO). The Deposit is a single mineralized body outcropping at surface and has a drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 - 45% TREO) mineral concentrates at high recovery (more than 60 - 75%) in line with active global producers. Additionally, the Ashram Deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets.
For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Chris Grove"
Chris Grove
CEO and President
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that the updated mineral resource estimate positions the Company to become a frontrunner as a long-term source of magnet-feed REE to the European and North American markets; that the high NdPr distributions can be targeted early on in a potential open-pit extraction scenario; that there is potential upside of the REE-bearing mineralogy of the BD-Zone; the highly conceptual estimates of operating costs and economic parameters with respect to pit optimization to develop a constraining pit shell; that Ashram has the potential to become one of the largest fluorspar sources in the world and a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE: Commerce Resources Corp. |
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| To: LoneClone who wrote (22554) | 5/22/2024 1:37:22 PM | | From: LoneClone | | | | [Lithium] LIFT intersects 35 m at 1.32% Li2O at its Shorty pegmatite, Yellowknife Lithium Project, NWT
ca.finance.yahoo.com
Li-FT Power Ltd.
Wed, May 22, 2024 at 12:05 a.m. PDT·13 min read
LIFFF
+4.83%
VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to report assays from 12 drill holes completed at the Shorty, BIG East, Echo, Fi Main, & Ki pegmatites within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories (Figure 1). Drilling intersected significant intervals of spodumene mineralization, with the following highlights:
Highlights:
- YLP-0283: 35 m at 1.32% Li2O, (Shorty)
- YLP-0274: 11 m at 1.16% Li2O, (Ki)
including: 6 m at 1.87% Li2O
- YLP-0263: 12 m at 0.82% Li2O, (Echo)
Including: 6 m at 1.29% Li2O
Discussion of Results
This news release provides results for 12 drill holes (1,918 m) from Li-FT’s 2024 winter drilling program. Holes are reported from five different pegmatite complexes that include Shorty, Ki, Echo, BIG East, and Fi Main. A table of composite calculations, general comments related to this discussion, and a table of collar headers are provided towards the end of this section.
Dave Smithson, SVP Geology of LIFT comments, “Shorty continues to deliver near-surface high grade spodumene mineralization this week, with YLP-0283 returning an impressive 35 m of 1.32% Li2O only 50 m from surface. The intercept extends strong shallow mineralization drilled 100 m to the southwest in holes YLP091 & YLP097 (17 m of 1.28% Li2O, 16 m of 1.01% Li2O, and 23 m of 1.03% Li2O) from 2023. This new information extends high grade mineralization for a total of 400 m on surface at Shorty emphasising the dyke’s potential to deliver significant high-grade tonnes from surface.”
Li-FT detailed maps yellowknife with roads March 2024
Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling has been thus far mainly focused on the Near Field Group of pegmatites which are located to the east of the city of Yellowknife along a government-maintained paved highway, and advancing to the Echo target, the first drilling in the Further Afield Group.
Shorty Pegmatite
The Shorty pegmatite is formed by several sub-parallel dykes that, together, define a pegmatite-bearing corridor that is at least 1.4 km long, up to 100 m wide, north-northeast striking, and dips 50°-70° to the west. The corridor itself consists of both country rock and pegmatite, with pegmatite occurring as either a single 10-40 m wide dyke or as 2-4 dykes with a similar cumulative width spread over 50-100 m of core length.
YLP-0283 was collared within a few metres of the lease boundary to test the Shorty corridor at approximately 50 to 100 m below the surface and 50 m north of a section with previously released YLP-0089 (1.55% Li2O over 15 m from 2 intervals, 5 m apart). Drilling intersected a 35 m dyke centered at approximately 50 m below the surface that returned a wall-to-wall composite of 1.32% Li2O. This intersection is the northeastern-most hole drilled on Shorty corridor to date with mineralization open at depth and along strike to the north-northeast where it extends off LIFT’s claims (Table 1 & 2, Figures 2 & 3).
Individual Drill plans YK pegmatites NR 32 new shorty
Figure 2 – Plan view showing the surface expression of the Shorty pegmatite with diamond drill holes reported in this press release.
Yellowknife sections NR32 Shorty
Figure 3 – Cross-section illustrating YLP-0283 with results as shown in the Shorty pegmatite dyke with a 35 m interval of 1.32% Li2O.
Ki Pegmatite
The Ki pegmatite complex comprises a north-northwest trending corridor of dykes that extends for at least 1.3 km on surface and dips steeply to the southwest. The southern part of the corridor consists mostly of one large dyke and several narrower flanking dykes that sum to a constant pegmatite width of around 25 m. The northern part consists of two relatively thick dykes that are between 50-150 m apart, with the western dyke comprising the northern extension of the Ki dyke and the more eastern dyke referred to as Perlis.
YLP-0274 was drilled at the northern end of the Ki dyke where it overlaps with the southern end of the Perlis dyke. The hole was designed to test both dykes at depths of approximately 10 and 75 m below the surface. Drilling intersected the Ki dyke, with a width of 11 m, as well four 1 to 4 m wide dykes spread over 86 m of core further down the hole, the deepest of which is possibly Perlis. The Ki dyke returned a wall-to-wall composite of 1.16% Li2O that includes 6 m of 1.87% Li2O and is open at depth and to the north. The other dykes returned negligible grade (Table 1 & 2, Figures 4 & 5).
Individual Drill plans YK pegmatites Ki NR32 GT for May 21
Figure 4 – Plan view showing the surface expression of the Ki pegmatite with diamond drill holes reported in this press release.
Yellowknife sections NR32 Ki
Figure 5 – Cross-section illustrating YLP-0274 with results as shown in the Ki pegmatite dyke with a 11 m interval of 1.16% Li2O.
YLP-0261 was collared 150 m southeast of YLP-0274 to test the Ki corridor from approximately 5 to 75 m below the surface and 50 m north of previously released YLP-0072 (0.79% Li2O over 17 m). New drilling intersected a dyke cluster just below overburden and another centered at 75 m depth, with the shallower cluster returning a composite of 0.56% Li2O over 3 m (Table 1 & 2, Figure 4).
Echo Pegmatite
The Echo pegmatite complex comprises a steeply dipping, northwest-trending, feeder dyke (“Echo feeder”) that splits into a fanning splay of moderate to gently dipping dykes for 0.5 km to the northwest (“Echo splay”). The dyke complex has a total strike length of over 1.0 km. The feeder dyke is 10-15 m wide whereas the gently dipping dykes in the splay are thicker, ranging from 10-25 m. All six of the holes reported here were drilled on the feeder dyke and are described below from northern to southernmost.
YLP-0263 tested the Echo feeder dyke near where it merges with the Echo splay, approximately 75 m below the surface and 50 m downdip of previously released YLP-0226 (1.45% Li2O over 13 m). New drilling intersected 6 and 12 m wide dykes separated by 7 m of country rock, with the thicker dyke returning a wall-to-wall composite of 0.82% Li2O that includes 6 m of 1.29% Li2O. High grade spodumene mineralization is cut out by a mafic dyke but is open at depth and along strike to the north (Table 1 & 2, Figures 6 & 7).
Individual Drill plans YK pegmatites Echo NR32 GT for May 21
Figure 6 – Plan view showing the surface expression of the Echo pegmatite with diamond drill holes reported in this press release.
Yellowknife sections NR32 Echo
Figure 7 – Cross-section illustrating YLP-0263 with results as shown in the Echo pegmatite dyke with a 12 m interval of 0.82% Li2O.
YLP-0253 was drilled on a section 275 m south of the section with YLP-0226/0263 to test the Echo feeder at 125-150 m below the surface and 100 metres downdip of previously released YLP-0248 (0.92% Li2O over 11 m). New drilling intersected a nine-metre-wide feeder dyke that returned a composite of 0.50% Li2O over 6 m (Table 1 & 2, Figure 6).
YLP-0256 was drilled on a section 50 m south of the section with YLP-0248/0253 to test the Echo feeder approximately 25-50 m below the surface. Drilling intersected a 26 m wide corridor with 10 m of pegmatite spread over three dykes, one of which returned a composite of 0.57% Li2O over 3 m (Table 1 & 2, Figure 6).
YLP-0252 was drilled on a section an additional 50 m south to test the Echo feeder at 25-50 m below the surface and 100 m up-dip of YLP-0254 (1.23% Li2O over 6 m). New drilling intersected a 29 m wide corridor with 10 m of pegmatite spread over two dykes, neither of which returned assays over 0.1% Li2O (Table 1 & 2, Figure 6).
YLP-0257 was drilled on a section 100 m south of the previously described hole (YLP-0252) to test the Echo feeder at approximately 100 m below the surface and 75 m downdip of previously released YLP-0236 (0.79% Li2O over 7 m). New drilling intersected several 1 to 3 m wide flanking dykes at shallower depth and then a 7 m wide pegmatite interpreted as the feeder. No significant assays were returned (Table 1 & 2, Figure 6).
YLP-0244 was drilled on a section an additional 100 m south of the previously described hole to test the Echo feeder approximately 100 m from its mapped southern extent, 100 m below the surface, and 75 m downdip of previously released YLP-0245 (0.62% Li2O over 7 m). Drilling intersected a 22 m wide corridor with 11 m of pegmatite spread over two dykes, neither of which returned assays over 0.1% Li2O (Table 1 & 2, Figure 6).
BIG East Pegmatite
The BIG East pegmatite complex comprises a north-northeast trending corridor of parallel-trending dykes that is exposed for at least 1.8 km of strike length, ranges from 10-100 m wide, and dips approximately 55°-75° degrees to the west.
YLP-0267 is the northern-most hole reported from the BIG East complex to date and was drilled to test the corridor at 25-125 m below the surface on a section located 50 m north of previously released hole YLP-0262 (1.22% Li2O over 11 m). Drilling intersected a 25 m wide dyke centered at approximately 100 m below the surface and flanked by one or more 2 to 9 m wide dykes on either side. Assays returned composites of 0.46% Li2O over 3 m and 0.46% Li2O over 8 m from the thick dyke as well as 0.57% Li2O over 1 m from one of the flanking dykes (Table 1 & 2, Figures 8 & 9).
Individual Drill plans YK pegmatites Big E NR32 GT for May 21
Figure 8 – Plan view showing the surface expression of the BIG East pegmatite with diamond drill holes reported in this press release.
Yellowknife sections NR32 Big E
Figure 9 – Cross-section illustrating YLP-0267 with results as shown in the BIG East pegmatite dyke with a 8 m interval of 0.46% Li2O.
Fi Main Pegmatite
The Fi Main pegmatite complex crops out over at least 1.5 km of strike length within a north-south striking corridor that dips between 70°-85° to the west. The central 800-900 m of the complex can be split into a northern part where most pegmatite occurs in a single 25-30 m thick dyke and a southern part where this dyke splits into upper and lower pegmatites that then remerge 450 m further south. The width of the Fi Main corridor ranges from 25-75 m where it is dominated by a single dyke and between 75-150 m where it is split into two or more dykes. The two holes reported here were both drilled at the north end of the complex.
YLP-0250 was drilled to test the Fi Main corridor at approximately 10-125 m below the surface and 100 m due north of previously released YLP-0233 (no significant result). Over a 159 m interval, drilling intersected 11 pegmatite dykes with widths between 1 to 9 m that total to a cumulative pegmatite width of 46 m. Assays all returned =0.3% Li2O (Table 1 & 2, Figure 10).
YLP-0255 was drilled 50 m north of YLP-0250 to provide a similar test of the Fi Main corridor between 10-100 m below the surface. Drilling intersected 35 m of pegmatite spread over eight dykes and 101 m of drill core, with all assays returning =0.2% Li2O (Table 1 & 2, Figure 10).
Individual Drill plans YK pegmatites Fi NR32 GT for May 21
Figure 10 – Plan view showing the surface expression of the Fi Main pegmatite with diamond drill holes reported in this press release.
Table 1 – Assay highlights for drill holes reported in this press release
Hole No.
| From (m)
| To (m)
| Interval (m)
| Li2O%
| Dyke
| YLP-0244
| No significant results
| Echo
| YLP-0250
| No significant results
| Fi Main
| YLP-0252
| No significant results
| Echo
| YLP-0253
| 169
| 175
| 6
| 0.50
| Echo
| YLP-0255
| No significant results
| Fi Main
| YLP-0256
| 59
| 62
| 3
| 0.57
| Echo
| YLP-0257
| No significant results
| Echo
| YLP-0261
| 4
| 7
| 3
| 0.56
| Ki
| YLP-0263
| 66
| 78
| 12
| 0.82
| Echo
| incl
| 69
| 75
| 6
| 1.29
| YLP-0267
| 92
| 93
| 1
| 0.57
| BIG East
| and
| 120
| 123
| 3
| 0.46
| and
| 128
| 136
| 8
| 0.46
| YLP-0274
| 7
| 18
| 11
| 1
| Ki
| incl
| 8
| 14
| 6
| 1.87
| YLP-0283
| 31
| 66
| 35
| 1.32
| Shorty
|
Drilling Progress Update
Currently, LIFT has reported results from 257 diamond drill holes (44,512 m). The Company concluded its winter drill program at the Yellowknife Lithium Project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs.
General Statements
All 12 holes described in this news release were drilled broadly perpendicular to the dyke orientation so that the true thickness of reported intercepts will range somewhere between 65-100% of the drilled widths. A collar header table is provided below.
Mineralogical characterization for the YLP- pegmatites is in progress through hyperspectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene.
Table 2 - Drill collars table of reported drill holes in this press release
Drill Hole
| NAD83
| Easting
| Northing
| Elevation (m)
| Depth (m)
| Azimuth (°)
| Dip (°)
| Dyke
| YLP-0244
| Zone 12N
| 439,826
| 6,922,145
| 286
| 183
| 240
| 49
| Echo
| YLP-0250
| Zone 12N
| 371,834
| 6,942,274
| 252
| 180
| 100
| 45
| Fi Main
| YLP-0252
| Zone 12N
| 439,641
| 6,922,268
| 288
| 78
| 240
| 62
| Echo
| YLP-0253
| Zone 12N
| 439,717
| 6,922,426
| 277
| 192
| 240
| 45
| Echo
| YLP-0255
| Zone 12N
| 371,837
| 6,942,320
| 253
| 150
| 100
| 46
| Fi Main
| YLP-0256
| Zone 12N
| 439,622
| 6,922,318
| 289
| 78
| 240
| 53
| Echo
| YLP-0257
| Zone 12N
| 439,771
| 6,922,233
| 287
| 165
| 240
| 53
| Echo
| YLP-0261
| Zone 12N
| 373,077
| 6,942,941
| 256
| 120
| 57
| 45
| Ki
| YLP-0263
| Zone 12N
| 439,475
| 6,922,644
| 277
| 246
| 215
| 54
| Echo
| YLP-0267
| Zone 12N
| 346,293
| 6,933,477
| 197
| 167
| 121
| 70
| BIG East
| YLP-0274
| Zone 12N
| 373,011
| 6,943,076
| 254
| 159
| 60
| 45
| Ki
| YLP-0283
| Zone 12N
| 372,957
| 6,938,377
| 251
| 200
| 124
| 64
| Shorty
|
QA/QC & Core Sampling Protocols
All drill core samples were collected under the supervision of LIFT employees and contractors. Drill core was transported from the drill platform to the core processing facility where it was logged, photographed, and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Field duplicates consisting of quarter-cut core samples were also included in the sample runs. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from LIFT’s core logging facility to ALS Labs (“ALS”) laboratory in Yellowknife, Northwest Territories.
Sample preparation and analytical work for this drill program were carried out by ALS. Samples were prepared for analysis according to ALS method CRU31: individual samples were crushed to 70% passing through 2 mm (10 mesh) screen; a 1,000-gram sub-sample was riffle split (SPL-21) and then pulverized (PUL-32) such that 85% passed through 75 micron (200 mesh) screen. A 0.2-gram sub-sample of the pulverized material was then dissolved in a sodium peroxide solution and analysed for lithium according to ALS method ME-ICP82b. Another 0.2-gram sub-sample of the pulverized material was analysed for 53 elements according to ALS method ME-MS89L. All results passed the QA/QC screening at the lab, all inserted standards and blanks returned results that were within acceptable limits.
Qualified Person
The disclosure in this news release of scientific and technical information regarding LIFT’s mineral properties has been reviewed and approved by Ron Voordouw, Ph.D., P.Geo., Partner, Director Geoscience, Equity Exploration Consultants Ltd., and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (Geologist Registration number: L5245).
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company’s flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
Francis MacDonald
|
| Daniel Gordon
| Chief Executive Officer
|
| Investor Relations Manager
| Tel: + 1.604.609.6185
|
| Tel: +1.604.609.6185
| Email: info@li-ft.com
|
| Email: investors@li-ft.com
| Website: www.li-ft.com
|
|
|
|
|
|
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 27, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Photos accompanying this announcement are available at:
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
 |
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| To: LoneClone who wrote (22555) | 5/22/2024 1:57:27 PM | | From: LoneClone | | | | Bradda Head Lithium: Drilling Completed at Basin Lithium-in-Clay Project & San Domingo Pegmatite Project Update
accesswire.com
Wednesday, 22 May 2024 02:00 AM
BRITISH VIRGIN ISLANDS / ACCESSWIRE / May 22, 2024 / Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI), the North America-focused lithium development group, is pleased to provide an update on work at its Basin Project in Arizona. The lithium-in-clay, resource-expansion drilling programme has concluded with the completion of eight drill holes on the Basin North target portion of the Basin project. A resource expansion from 1.08 million tons (MT) to a minimum of 2.5 MT of lithium carbonate equivalent (LCE) would generate a US$3 million royalty payment to Bradda Head from Lithium Royalty Company (LRC).
To date, partial results have been received, with the remainder still pending and the Company will make further announcements as these are received in full.
The Company has also been working on the next phase of exploration at San Domingo hard rock Pegmatite Project and is excited to present a brief description of the next work program where several high-profile pegmatite targets have received little if any exploration and present excellent opportunities for growth. In addition, follow-up on last year's drilling and this year's channel sampling are planned.
Highlights:
Basin Project
- Average hole depth of 285 meters (934 feet) with a range of 231 to 387 meters (757 to 1,269 feet) in a total of 2,353 meters (7,720 feet) drilled This was less than the 2,682 meters (8,800 feet) initially envisaged as a result of finding shallower clay targets than anticipated
- Further resource increase anticipated following the definition of a window 900 meters wide (east-west) by 1,780 meters in length (north-south), consistent continuous lithium-bearing Upper and Lower Clay units, it has the potential to continue expanding, being wide open in all directions
- Thickest Upper Clay unit at 103 meters in the center of the drill pattern discovered at hole BND24-19
- Two holes were drilled on State Lands and designed to capture lower clay; substantially increasing the lower clay reach from Basin East to the northern end of Basin North, a linear distance of 3.3km
- Program was successfully completed under budget and without any environmental or safety incidents
- Completion of this program has produced promising visual results, Bradda Head's geology team are now able to recognise that the clays contained strong characteristics of high lithium values, and are greatly encouraged by the clays seen in the past eight drill holes
- The Qualified Person (QP) has made a site visit and was provided with all the geological and technical information, and the geologic block model has been revised to reflect the new intervals from drill hole lithologies and peripheral surficial geology
Figure 1. Basin drill hole distribution, land, geology, 2023 resource boundaries (inferred and indicated).
Basin Project Permitting Update
A Basin West drilling permit kick-off meeting was also held with the BLM in April and organised to initiate the NEPA (National Environmental Policy Act) process for development of the EA (Environmental Assessment) Report that, once approved, will allow the Company to commence drilling. This process follows the BLM's letter of EPO (Exploration Plan of Operations) completeness which the Company received earlier this year, and marks an important step on expanding our ability to extend exploration over the very promising Basin West target.
San Domingo Pegmatite Project
- A well thought out, and detailed exploration programme is planned for the second half of this year on the Company's San Domingo Project, building on the success of the two previous drilling campaigns. At this moment the plans include a design to offset 2023 drill hole high-grade intercepts at Morning Star, White Ridge, and Midnight Owl, surface sampling (channel, rock, soil) on new targets accompanied by detailed geologic and structural mapping, then access review for drill hole permitting
- A summer program of planned geologic/structural mapping, channel, rock chip, and soil sampling on unexplored soil anomaly/pegmatite targets
- Follow-up drilling to strategically offset last year's high grade drill hole intercepts where feasible
- Exploration of the following greenfield targets: Yellowstone, Thunder, Dragon, Lone Giant, Road Runner, in addition to recently staked lands to the northwest and south where pegmatites and greenstone are present: all targets have excellent upside potential
- Yellowstone is a 900x900 meter undrilled target with multiple lithium-caesium-rubidium anomalies, and where spodumene was identified in the field during cursory reconnaissance
- Dragon is an undrilled pegmatite target with surface grab samples up to 7.99% Li2O and 10 out of 48 surface samples >0.50% Li2O
San Domingo Pegmatite Project Update
The Company is diligently working on the next phase of exploration at the 100% owned San Domingo pegmatite project. The team believe that there is excellent potential to find new lithium bearing pegmatites given the extensive size of the nearly 33 square kilometer property and limited amount of ground coverage to date. In addition, to developing new targets, there will be follow-up on last year's drill hole intercepts, as well as this year's excellent channel sampling at Morning Star, White Ridge, and Midnight Owl. The future plan will be to strategically place drill holes to test channel sample mineralization and offset down-hole mineralization in order to grow resource potential at all three targets.
The summer program is expected to include geologic/structural mapping, channel and rock chip sampling, and additional soil sampling to refine targets for potential drilling, specific details of which will follow later. The Yellowstone target, for example, has multiple lithium-caesium-rubidium geochemical anomalies across a 900 by 900 meter target area where spodumene was identified in the field during cursory reconnaissance and this, as well as other targets, require detailed work to elevate them to drill target status. The Company remains very encouraged by the strong soil geochemistry and presence of spodumene. Additionally, the Company has undrilled targets such as Dragon, where surface rock chip samples detected up to 7.99% Li2O from a mine dump sample with 10 out of 48 rock chip samples containing over 0.50 % Li2O. The Dragon area will be the focus of channel sampling, taking advantage of excellent road access to several historic and shallow lithium prospects.
Ian Stalker, Executive Chair, commented:
"Now that drilling has concluded and the visual aspects of the clays appear promising, we await the geochemical results that we believe will support the MRE expansion from 1.08 MT to over 2.5 MT of LCE. We are confident that this is an exciting and promising clay project in west central Arizona and are proud to be contributing to lithium expansion in the USA.
"We look forward to providing further updates for all our stakeholders as the results come in from Basin, as well as more details on our forthcoming plans for San Domingo."
QAQC
Core samples were cut and sampled at the core shed under the supervision of Joey Wilkins, the Company's COO. The drill core was cut in half and one-half bagged, labelled, and tied-off. Samples were placed in a secure container until the hole was complete then shipped direct to SGS Laboratories in Burnaby, B.C., Canada where they prepped then analysed all samples using 4-acid digest with ICP-AES. Certified standards were inserted into the sample stream to ensure quality control at the laboratory. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
Qualified Person (BHL)
Joey Wilkins, B.Sc., P.Geo., is Chief Operating Officer at BHL and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr. Wilkins is a graduate of the University of Arizona with a B.Sc. in Geology with more than 38 years of experience in mineral exploration and is a qualified person under the AIM Rules and a Qualified Person as defined under NI-43-101. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information please visit the Company's website: www.braddaheadltd.com.
ENDS
Contact:
| Bradda Head Lithium Limited | +44 (0) 1624 639 396 | Ian Stalker, Executive Chairman
Denham Eke, Finance Director
|
|
|
| | Beaumont Cornish (Nomad) | +44 (0) 2076 283 396 | | James Biddle / Roland Cornish |
|
|
| | Panmure Gordon (Joint Broker) | +44 (0) 2078 862 500 | | Hugh Rich |
|
|
| | Shard Capital (Joint Broker) | +44 (0) 2071 869 927 | | Damon Heath / Isabella Pierre |
|
|
| | Red Cloud (North American Broker) | +1 416 803 3562 | | Joe Fars |
|
|
| | Tavistock (Financial PR) | + 44 20 7920 3150 | | Nick Elwes / Josephine Clerkin | braddahead@tavistock.co.uk |
About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.
The Basin East Project has an Indicated Mineral Resource of 17 Mt at an average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and 2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin Project SRK has determined an Exploration Target of 250 to 830 Mt of material grading between 750 to 900 ppm Li, which is equivalent to a range of between 1 to 4 Mt contained LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure. Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL and on the TSX Venture Exchange with a ticker of BHLI.
Technical Glossary
Kt
| Thousand tonnes
| Ppm
| Parts per million
| Exploration Target
| An estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
| Inferred Mineral Resource
| That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
| Indicated Mineral Resource
| That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered.
| Sn
| Tin
| Ta2O5
| Tantalum pentoxide
|
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends to", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, following: The Company's objectives, goals, or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals; political risks; future operating and capital costs, timelines, permit timelines, the market and future price of and demand for lithium, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects, capital and operating costs varying significantly from estimates; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDARplus. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Bradda Head Lithium Limited |
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| To: LoneClone who wrote (22556) | 5/22/2024 2:02:18 PM | | From: LoneClone | | | | Grounded Lithium Reports First Quarter 2024 Financial and Operating Results
newswire.ca
Grounded Lithium Corp. May 22, 2024, 07:00 ET
CALGARY, AB, May 22, 2024 /CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. ("GLC" or the "Company") announces our financial and operating results for the three month period ended March 31, 2024. Selected financial and operational information is set out below and should be read in conjunction with the Company's March 31, 2024 financial statements and the related management's discussion and analysis, which are available for review at www.sedarplus.ca or the Company's website at www.groundedlithium.com.
First Quarter 2024 Financial and Operational Highlights
- On January 16, 2024, the Company announced the entering of a series of agreements with Denison Mines Corp (TSX: DML; NYSE American: DNN) ("Denison"), highlighted by the Earn-In Agreement (the "Agreement"). The Agreement is expected to provide more than sufficient funding for a field pilot (the "Pilot") for the KLP which both the Company and Denison (collectively, the "Parties") plan to advance on a priority basis. Beyond the Pilot, Denison may also provide further capital during the earn-in period to fund other activities as necessary to drive the overall KLP value such as further technical evaluations and studies, drilling, sampling and expenditures to maintain the KLP lands in good standing.
(CAD$, except per share amounts and common shares outstanding)
|
|
|
|
|
|
|
| Three Months Ended March 31,
|
|
| 2024
| 2023
| FINANCIAL RESULTS
|
|
|
| Net comprehensive loss
|
| 507,607
| 1,682,288
| Per share - basic and diluted
|
| 0.01
| 0.02
|
|
|
|
| Cash flow used in operating activities
|
| 411,756
| 1,730,836
| Per share - basic and diluted
|
| 0.01
| 0.02
|
|
|
|
| Funds flow used in operations
|
| 467,640
| 1,473,056
| Per share - basic and diluted
|
| 0.01
| 0.02
|
|
|
|
| Capital expenditures
|
|
|
| Capital expenditures (dispositions)
|
| (800,000)
| 443,637
|
|
|
|
| Liquidity
|
|
|
| Working capital surplus
|
| 303,222
| 890,061
|
|
|
|
| Common shares outstanding
|
|
|
| Weighted average - basic and diluted
|
| 77,126,290
| 68,603,316
| Outstanding, end of period
|
| 78,279,227
| 69,656,423
|
|
|
|
|
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and development company that controls approximately 1.0 million metric tonnes of Measured & Indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of Inferred lithium carbonate equivalent resource over our focused land holdings in Southwest Saskatchewan as per the Company's updated PEA. The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project – Phase 1 Update" dated November 7, 2023 and effective as of June 30, 2023, reports a Phase 1 NPV8 after-tax of US$1.0 billion with an after-tax IRR of 48.5%. GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on c212.net.
Qualified Person
Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., each of whom is a qualified person within the meaning of NI 43-101.
Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, "forward-looking statements") under the meaning of applicable Canadian securities laws. These statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements regarding the internal rates of return and net present values of the KLP, activities funded by Denison to drive the KLP value and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition.
Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC's expectation that our operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; volatility in the trading price of the common shares of the Company; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Grounded Lithium Corp.
 For further information: Gregg Smith, President & CEO; Greg Phaneuf, SVP Corporate Development & CFO, Phone: 587.319.6220, Email: info@groundedlithium.com
|
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| To: LoneClone who wrote (22557) | 5/22/2024 2:04:13 PM | | From: LoneClone | | | | [Titanium/Vanadium/Scandium/Chromium]
Blackbird Announces Ground Exploration Program and Drill Targets at the Tyee Critical Metals Project in Quebec
newsfilecorp.com
May 22, 2024 8:00 AM EDT | Source: Blackbird Critical Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2024) - Blackbird Critical Metals Corp. (CSE: BBRD) (FSE: N79) (OTCQB: BBCMF) ("Blackbird" or the "Company") is pleased to announce a ground exploration program to assess additional targets highlighted by the SkyTEM survey completed in the fall of 2023 at the Tyee Critical Metals Project which is located 130 km north of Havre St. Pierre in Quebec.
Highlights:
- 12 additional SkyTEM EM targets to be assessed
- Drill collar locations to be assessed prior to commencement of 2024 drilling
- 24 Priority drill collars selected
- Ground exploration planned for June 6 - 23
Figure 1. Map showing the location of the planned drill collars and new targes. The average grade of titanium occurrences is noted in table 1.
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
"The Company is pleased to announce the start of its 2024 exploration program," stated Dr. Jacob Verbaas, Interim CEO of Blackbird Critical Metals. "While we continue to work towards receipt of the permits required for a maiden drilling program, the Company will seize an excellent opportunity to develop new targets as well as to further validate those that we assessed in the fall of 2023. This will ensure our drilling will be as efficient and cost-effective as possible in proving up the potential of the exciting titanium and nickel-copper occurrences on the Tyee Project."
Additional SkyTEM targets
Additional targets were generated from the second phase of the property-wide SkyTEM survey that was flown in 2023. Most targets appear geophysically similar to titanium occurrences discovered in 2023. However, 4 targets have good late time EM conductance and may correspond to nickel-copper sulphide mineralization. The targets will be assessed during two weeks of beep-mat prospecting based out of Havre-Saint-Pierre and are shown on figure 1.
Drill Collars
A total of 24 collars are plotted on figure 1. The drill collars are over 5 titanium targets and three nickel-copper targets. The drill holes in titanium occurrences are planned to assess the continuity of mineralization to depth and in some cases across the target widths. The drill holes in the nickel and copper occurrences are targeted to intersect the main conductor underneath gossanous outcrop with elevated nickel and copper grades. Average grades of the titanium targets are shown in table 1.
| Table 1. Rock sample results, average grades over titanium occurrences | | Showings | Samples (N) | TiO2% | V2O5% | Sc g/t | Cr2O3% | | NS Trend | 8 | 31.56 | 0.30 | 34.88 | 0.16 | | East Nugget | 3 | 34.09 | 0.30 | 39.33 | 0.26 | | Big TiO | 5 | 35.92 | 0.30 | 39.60 | 0.25 | | St Laurent | 9 | 29.82 | 0.29 | 34.33 | 0.19 | | St Denis East | 3 | 36.35 | 0.31 | 40.00 | 0.16 | | St Denis West | 3 | 23.82 | 0.20 | 29.33 | 0.15 | | Crescent | 12 | 28.79 | 0.26 | 31.58 | 0.18 | | Little West | 1 | 33.54 | 0.33 | 40.00 | 0.10 |
Corporate update
The Company also announces that it has extended its marketing contract with i2i Marketing Group LLC, previously announced on August 29, 2023. The extension will be for a period of three months or until fund exhaustion of US $100,000. The Company and i2i Marketing Group are at arm's length.
About the Tyee Critical Metals Project
The Tyee Critical Metals Project is a 100% owned 625 km2 critical metals project with surface mineralization of copper, nickel, cobalt, titanium, vanadium and scandium 130 km north of Havre St. Pierre in Quebec. There are no encumbrances or underlying NSR interests on the property.
The project covers a large portion of the Havre St. Pierre anorthosite complex. The HSP Complex is an intrusive suite of rocks to the north of Havre-Saint-Pierre, Quebec. The complex contains the Lac Tio titanium mine, the largest solid ilmenite deposit in the world, owned by Rio Tinto. This mine has been producing high grade titanium for the past 75 years and is located 100 km to the south of the Tyee Critical Metals Project.
Blackbird Critical Metals acquired the Tyee Critical Metals Project in 2022 and flew a property wide SkyTEM geophysical survey of over 3,500 line km at 200 m line spacing. The detailed geophysical data revealed over 60 conductive targets that were followed up with ground exploration. The ground exploration yielded 8 large occurrences of massive ilmenite with grades of up to 36% TiO2 and 4 occurrences with nickel and copper mineralization of up to 0.75% Ni and 0.81% Cu in gossans.
Qualified person
Ryan Versloot, P.Geo., a "Qualified Person" for the purposes of National Instrument 43-101, has reviewed and approved the contents of this news release.
About Blackbird Critical Metals Corp.
Blackbird is a Canadian company listed on the Canadian Securities Exchange (CSE: BBRD), the OTCQB Exchange (OTCQB: BBCMF) and the Frankfurt Stock Exchange (FSE: N79). The Company is a mineral exploration company focused on the acquisition, exploration, and development of critical metal properties containing minerals used in green technologies and the renewable energy sector. The Company owns 100% of the Tyee Critical Metals Project located in North-Eastern Quebec and has the right to acquire a 100% interest in the Muskox Lithium Pegmatite Project located within the Yellowknife Pegmatite Province in the Northwest Territories.
ON BEHALF OF THE BOARD,
Dr. Jacob Verbaas, P.Geo. | CEO
For further information please contact:
Focus Communications
Tel: +1 647 689 6041
Email: info@fcir.ca
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. The words "expected", "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
 SOURCE: Blackbird Critical Metals Corp. |
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| To: LoneClone who wrote (22558) | 5/22/2024 2:29:33 PM | | From: LoneClone | | | | Lithium Americas Reports First Quarter 2024 Results
ca.finance.yahoo.com
May 13, 2024
LAC
-4.71%
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia, May 13, 2024--( BUSINESS WIRE)--Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") has reported its financial and operating results for the three months ended March 31, 2024 ("Q1 2024") and has filed its condensed consolidated interim financial statements ("Financials") and management’s discussion and analysis ("MD&A").
HIGHLIGHTS
Thacker Pass
- Site preparation for major earthworks has been completed and Thacker Pass is prepared for the commencement of major construction, expected in the second half of 2024.
- The Company continues to focus on increasing the level of detailed engineering, alongside advancing procurement and execution planning, in advance of issuing full notice to proceed ("FNTP"), which is expected in the second half of 2024. Detailed engineering is over 30% design complete to date.
- On March 12, 2024, the Company received a conditional commitment ("Conditional Commitment") from the U.S. Department of Energy ("DOE") for a $2.26 billion loan under the Advanced Technology Vehicles Manufacturing ("ATVM") Loan Program consisting of $1.97 billion in aggregate principal to fund eligible construction costs of the processing facilities at Thacker Pass, targeting to produce an initial 40,000 tonnes per year of battery grade lithium carbonate ("Phase 1"), plus interest to be accrued during construction, which is estimated to be $290 million over a three-year period (the "DOE Loan").
- On March 12, 2024, the Company provided an update to the estimated total capital cost ("CAPEX") for Phase 1 construction. CAPEX has been revised to $2.93 billion to reflect estimates of key updated quantities and execution planning tied to increased engineering progress, use of union labor through a National Construction Agreement (Project Labor Agreement) ("PLA") with North America’s Building Trades Unions ("NABTU") for construction of Thacker Pass, development of an all-inclusive housing facility for construction workers, updated equipment pricing and a larger project contingency.
- During the three months ended March 31, 2024, $62.5 million of construction capital costs and other project-related costs were capitalized.
Corporate
- As of March 31, 2024, the Company had approximately $147 million in cash and cash equivalents.
- On April 22, 2024, the Company completed an underwritten public offering (the "Offering") of 55 million common shares (the "Common Shares") at a price of $5.00 per Common Share (the "Issue Price") for aggregate gross proceeds of $275 million, resulting in net proceeds to the Company of approximately $263 million.
- The Offering, together with the DOE Loan, satisfies the funding condition to closing General Motors Holdings LLC ("GM") second tranche investment. At the same time, the Offering and GM funding will allow the Company to meet the financing-related condition related to closing the DOE Loan Conditional Commitment. These financings are expected to fund Thacker Pass Phase 1 construction capital expenditures.
"I am proud of what the Lithium Americas team has accomplished so far this year despite challenging lithium market conditions," said Jonathan Evans, President and Chief Executive Officer of Lithium Americas. "Thacker Pass is now the only large-scale integrated battery-quality lithium carbonate project in North America with a clear path to production. We have all construction permits in hand and our construction financing and execution readiness are substantially de-risked. We continue to advance detailed engineering and project planning ahead of making the final investment decision, which we expect to do later this year. Our team is focused on delivering Thacker Pass to strengthen North America’s battery supply chain and ensure that the economic benefits are directed toward American workers, companies and communities."
TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, Vice President, Growth and Product Strategy of the Company, and a "qualified person" as defined under National Instrument 43-101 and Subpart 1300 of Regulation S-K under the United States Securities Act of 1933.
FINANCIALS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information)
| Three months ended March 31,
|
| 2024
| 2023
|
| $
| $
| Expenses
| 5.5
| 5.6
| Net loss
| 6.0
| 1.7
| Loss per share – basic
| 0.04
| 0.01
|
|
|
| (in US$ million
| As at March 31,
2024
| As at December 31,
2023
|
| $
| $
| Cash and cash equivalents
| 147.2
| 195.5
| Total assets
| 436.5
| 439.5
| Total long-term liabilities
| 7.9
| 7.5
|
During Q1 2024, net loss increased due to the recognition of losses on the fair value of financial instruments and higher general and administrative and equity compensation expenses reflecting the full costs of the Company operating as a stand-alone entity, subsequent to the separation transaction on October 3, 2023.
During Q1 2024, total assets were substantially unchanged as expenditures capitalized for Thacker Pass were offset by a corresponding reduction in cash and settlement of prepaids at December 31, 2023 that were capitalized as Thacker Pass construction costs in the three months ended March 31, 2024.
This news release should be read in conjunction with the Company’s Financial Statements and MD&A for the quarter ended March 31, 2024, which are available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
ABOUT LITHIUM AMERICAS
Lithium Americas is committed to responsibly developing the 100%-owned Thacker Pass project located in Humboldt County in northern Nevada, which hosts the largest known Measured and Indicated lithium resource in North America. The Company is focused on advancing Thacker Pass Phase 1 toward production; targeting nameplate capacity of 40,000 tpa of battery-quality lithium carbonate. The Company and its engineering, procurement and construction management contractor, Bechtel, entered into a PLA with NABTU for construction of Thacker Pass. The three-year construction build is expected to create approximately 1,800 direct jobs. Lithium Americas’ shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC. To learn more, visit www.lithiumamericas.com or follow @LithiumAmericas on social media.
FORWARD-LOOKING INFORMATION
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation, and "forward-looking statements" within the meaning of applicable United States securities legislation (collectively referred to as "forward-looking information" ("FLI")). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include, but are not limited to, words, such as "anticipate," "plan," "continues," "estimate," "expect," "may," "will," "projects," "predict," "proposes," "potential," "target," "implement," "scheduled," "forecast," "intend," "would," "could," "might," "should," "believe" and similar terminology, or statements that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. FLI in this news release includes, but is not limited to, the anticipated use of net proceeds of the $275 million Offering; expectation that the Tranche 2 Investment and the Offering, together with the DOE Loan will fully fund the Thacker Pass Phase 1; the expected operations, financial results and condition of the Company; the Company’s future objectives and strategies to achieve those objectives, including the future prospects of the Company; the estimated cash flow, capitalization and adequacy thereof for the Company; the estimated costs of the development of Thacker Pass, including timing, progress, approach, continuity or change in plans, construction, commissioning, milestones, anticipated production and results thereof and expansion plans; expectations regarding accessing funding from the ATVM Loan and the Tranche 2 Investment; anticipated timing to resolve, and the expected outcome of, any complaints or claims made or that could be made concerning the permitting process in the United States for Thacker Pass; capital expenditures and programs; estimates, and any change in estimates, of the mineral resources and mineral reserves at Thacker Pass; development of mineral resources and mineral reserves; the expected benefits of the Arrangement to, and resulting treatment of, shareholders and the Company; the anticipated effects of the Arrangement; information concerning the tax treatment of the Arrangement; government regulation of mining operations and treatment under governmental and taxation regimes; the future price of commodities, including lithium; the creation of a battery supply chain in the United States to support the electric vehicle market; the realization of mineral resources and mineral reserves estimates, including whether certain mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related thereto; the timing and amount of future production; currency exchange and interest rates; the Company’s ability to raise capital; expected expenditures to be made by the Company on Thacker Pass; ability to produce high purity battery grade lithium products; settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations and inputs required in the course of production; the timing, cost, quantity, capacity and product quality of production at Thacker Pass; successful development of Thacker Pass, including successful results from the Company’s testing facility and third-party tests related thereto; capital costs, operating costs, sustaining capital requirements, after tax net present value and internal rate of return, payback period, sensitivity analyses, and net cash flows of Thacker Pass; the expected capital expenditures for the construction of Thacker Pass; anticipated job creation and workforce hub at Thacker Pass; the expectation that the PLA will minimize construction risk, ensure availability of skilled labor, address the challenges associated with Thacker Pass’ remote location and be effective in prioritizing employment of local and regional skilled craft workers, including members of underrepresented communities; the Company’s commitment to sustainable development, minimizing the environmental impact at Thacker Pass and plans for phased reclamation during the life of mine; ability to achieve capital cost efficiencies; the Tranche 2 Investment and the potential for additional financing scenarios for Thacker Pass; the expected timetable for completing the Tranche 2 Investment; the ability of the Company to complete the Tranche 2 Investment on the terms and timeline anticipated, or at all; the receipt of required stock exchange and regulatory approvals and authorizations, and the securing of sufficient available funding to complete the development of Phase 1 of Thacker Pass as required for the Tranche 2 Investment; the expected benefits of the Tranche 2 Investment; as well as other statements with respect to management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.
FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. FLI reflects the Company’s current views about future events, and while considered reasonable by the Company as of the date of this news release, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: a cordial business relationship between the Company and third party strategic and contractual partners; the potential benefit of the Arrangement being realized; the risk of tax liabilities as a result of the Arrangement, and general business and economic uncertainties and adverse market conditions; the risk that the Arrangement may not be tax-free for income tax purposes and potential significant tax liabilities that the Company may be exposed to if the tax-deferred spinoff rules are not met; the risk of tax indemnity obligations owed by the Company to Lithium Argentina following the Arrangement becoming payable, including as a result of events outside of the Company's control; uncertainties inherent to feasibility studies and mineral resource and mineral reserve estimates; the ability of the Company to secure sufficient additional financing, advance and develop Thacker Pass, and to produce battery grade lithium; the respective benefits and impacts of Thacker Pass when production operations commence; settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations and inputs required in the course of production; the Company’s ability to operate in a safe and effective manner, and without material adverse impact from the effects of climate change or severe weather conditions; uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Nevada; demand for lithium, including that such demand is supported by growth in the electric vehicle market; current technological trends; the impact of increasing competition in the lithium business, and the Company’s competitive position in the industry; continuing support of local communities and the Fort McDermitt Paiute and Shoshone Tribe for Thacker Pass; continuing constructive engagement with these and other stakeholders, and any expected benefits of such engagement; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; impacts of inflation, currency exchanges rates, interest rates and other general economic and stock market conditions; the impact of unknown financial contingencies, including litigation costs, environmental compliance costs and costs associated with the impacts of climate change, on the Company’s operations; increased attention to environmental, social and governance ("ESG") and sustainability-related matters, risks related to the Company’s public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential "greenwashing," (i.e., misleading information or false claims overstating potential sustainability related benefits); risks that the Company may face regarding potentially conflicting anti-ESG initiatives from certain U.S. state or other governments; estimates of and unpredictable changes to the market prices for lithium products; development and construction costs for Thacker Pass, and costs for any additional exploration work at the project; estimates of mineral resources and mineral reserves, including whether mineral resources not included in mineral reserves will be further developed into mineral reserves; reliability of technical data; anticipated timing and results of exploration, development and construction activities, including the impact of ongoing supply chain disruptions and availability of equipment and supplies on such timing; timely responses from governmental agencies responsible for reviewing and considering the Company’s permitting activities at Thacker Pass; availability of technology, including low carbon energy sources and water rights, on acceptable terms to advance Thacker Pass; the Company’s ability to obtain additional financing on satisfactory terms or at all, including the outcome of the ATVM Loan application; government regulation of mining operations and mergers and acquisitions activity, and treatment under governmental, regulatory and taxation regimes; ability to realize expected benefits from investments in or partnerships with third parties; accuracy of development budgets and construction estimates; that the Company will meet its future objectives and priorities; that the Company will have access to adequate capital to fund its future projects and plans; that such future projects and plans will proceed as anticipated; the ability of the Company to satisfy all closing conditions for the Tranche 2 Investment and complete the Tranche 2 Investment in a timely manner; the impact of the Tranche 2 Investment on dilution of shareholders and on the trading price for, and market for trading in, the securities of the Company; as well as assumptions concerning general economic and industry growth rates, commodity prices, currency exchange and interest rates and competitive conditions. Although the Company believes that the assumptions and expectations reflected in such FLI are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct.
Readers are cautioned that the foregoing lists of factors is not exhaustive. There can be no assurance that FLI will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, readers are cautioned not to place undue reliance on this information, and that this information may not be appropriate for any other purpose, including investment purposes. The Company’s actual results could differ materially from those anticipated in any FLI as a result of the risk factors set out herein, and in the Company’s other continuous disclosure documents available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Readers are further cautioned to review the full description of risks, uncertainties and management’s assumptions in the aforementioned documents and other disclosure documents available on SEDAR+ and on EDGAR.
The Company expressly disclaims any obligation to update FLI as a result of new information, future events or otherwise, except as and to the extent required by applicable securities laws. Forward-looking financial information also constitutes FLI within the context of applicable securities laws and as such, is subject to the same risks, uncertainties and assumptions as are set out in the cautionary note above.
View source version on businesswire.com: businesswire.com
Contacts
INVESTOR CONTACT
Virginia Morgan, VP, IR and ESG
+1-778-726-4070
ir@lithiumamericas.com |
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| To: LoneClone who wrote (22559) | 5/22/2024 2:33:02 PM | | From: LoneClone | | | | Lithium Argentina Reports First Quarter 2024 Results
ca.finance.yahoo.com
Lithium Americas (Argentina) Corp.
May 13, 2024
LAAC
-1.89%
VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. (“Lithium Argentina,” the “Company,” or “LAAC”) (TSX: LAAC) (NYSE: LAAC), today announced first quarter results.
Highlights
- Operational Highlights
- During the three months ended March 31, 2024, Caucharí-Olaroz produced approximately 4,500 tonnes of lithium carbonate.
- The project continues to advance through the ramp up and test higher production levels.
- In April 2024, a planned shutdown was performed to inspect and improve reliability of the processing plant.
- Caucharí-Olaroz remains on target to produce 20,000 - 25,000 tonnes of lithium carbonate in 2024.
- The target remains to reach and maintain a near steady state production level by the end of the year.
- For 2024, Caucharí-Olaroz expects to be operating cash flow positive when adjusted for working capital changes.
- Working capital requirements are expected to remain elevated through the first half of 2024 as production continues to ramp up and sales shipments begin to normalize.
- Financial Highlights
- As of March 31, 2024, Lithium Argentina had $86M in cash and cash equivalents with an additional $20M in collateral related to loans to Caucharí-Olaroz expected to be released in Q2 2024.
- The Company has not drawn on its $75M credit facility with Ganfeng Lithium Co. Ltd. (“Ganfeng”) and has $259M in convertible debt at 1.75% due in early 2027.
- As of March 31, 2024, Minera Exar S.A. (“Minera Exar”), the Argentine joint venture company owned by the Company (44.8%), Ganfeng (46.7%) and Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”) (8.5%) had approximately $241M (on a 100% basis, less cash collateral) of local debt tied to funding working capital and startup costs.
- A substantial portion of the local debt is being refinanced with unsecured credit facilities typical of an operating company.
- The Company is working with Ganfeng to pursue additional longer term debt options to leverage improved lending conditions in Argentina and support future growth plans.
- Corporate Highlights
- On March 5, 2024, Ganfeng agreed to invest $70M for an expected 15% stake in the Pastos Grandes project through a subscription of newly-issued shares of the Company’s Argentine subsidiary, Proyecto Pastos Grandes S.A. (the “Pastos Grandes Transaction”). The transaction is expected to close mid-2024 with proceeds available to support the Company’s Argentine operations.
- In the first quarter of 2024, the Company commenced additional measures to reduce discretionary spending at the corporate level by 25%.
- The Company will hold its Annual General Shareholders Meeting on June 20, 2024.
Commenting on the results for the three-month period ended March 31, 2024, Sam Pigott, CEO, Lithium Argentina commented:
“I am proud of how the team at Caucharí-Olaroz continues to advance through the ramp up and progress towards a capacity of 40,000 tonnes per annum. During the first quarter 2024, the production volumes totaled approximately 4,500 tonnes, about 20% higher than volumes produced during the fourth quarter. The Company remains focused on completing the ramp-up at Caucharí-Olaroz, prioritizing prudent financial management practices to ensure the company remains sufficiently capitalized and advancing the regional development plan for the Pastos Grandes basin with Ganfeng.”
Mr. Pigott continued by saying, “In recent months, we worked closely with Ganfeng to advance local debt options in Argentina to take advantage of improved lending conditions in Argentina and the transition to an operating business. These actions will enhance financial flexibility to advance near-term growth, minimize dilution and preserve future opportunities to create shareholder value.
He closed by saying, “Looking ahead, we remain optimistic about the outlook for the lithium industry, which is buoyed by favorable demand fundamentals and has seen positive pricing trends in recent months. With Caucharí-Olaroz operating and a regional development plan being advanced and a talented team of professionals in Argentina and abroad, we are well-positioned to navigate the challenges and capitalize on the opportunities that lie ahead.”
INVESTOR WEBCAST
AN INVESTOR WEBCAST HAS BEEN SCHEDULED FOR 10:00am ET ON TUESDAY, MAY 14, 2024.
Please use the following link to access:
First Quarter 2024 Results Webcast
FINANCIAL RESULTS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information)
| Quarters ended March 31,
|
| 2024
|
|
| 2023
|
|
| $
|
| $
| Expenses
|
| (20.8
| )
|
|
| (9.7
| )
| Net loss
|
| (10.2
| )
|
|
| (6.4
| )
| Loss per share – basic
|
| (0.06
| )
|
|
| (0.04
| )
|
(in US$ million)
| As at March 31,
2024
|
| As at December 31, 2023
|
|
| $
|
| $
|
| Cash and cash equivalents
|
| 86.2
|
|
|
| 122.3
|
|
| Total assets
|
| 1,046.1
|
|
|
| 1,055.0
|
|
| Total liabilities
|
| (226.0
| )
|
|
| (226.1
| )
|
|
In Q1 2024, net loss was attributable to expenses in the period partially offset by a gain on change in fair value of the convertible note derivative liability.
In Q1 2024, total assets decreased primarily due to a decrease in cash and cash equivalents which were used to fund the Company’s operations and a decrease in investment in the Caucharí-Olaroz project due to elimination of the Company’s portion of capitalized intercompany interest, partially offset by an increase in loans advanced to Exar Capital.
This news release should be read in conjunction with Lithium Argentina’s condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended March 31, 2024, which are available on SEDAR+. All amounts are in U.S. dollars unless otherwise indicated.
ABOUT LITHIUM ARGENTINA
Lithium Argentina is an emerging producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Co, Ltd., is ramping up production of the Caucharí-Olaroz lithium brine operation in Argentina and advancing development of additional lithium resources in the region. Lithium Argentina currently trades on the TSX and on the NYSE, under the ticker symbol “LAAC.”
For further information contact:
Investor Relations
Telephone: +54-11-52630616
Email: ir@lithium-argentina.com
Website: www.lithium-argentina.com
TECHNICAL INFORMATION
The Technical Information in this news release with respect to Caucharí-Olaroz, has been reviewed and approved by Ernest Burga, P.Eng., a Qualified Person as defined by National Instrument 43-101 independent of the Company.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information”). These statements relate to future events or the Company’s future performance. All statements, other than statements of historical fact, may be forward-looking information. Forward-looking information generally can be identified by the use of words such as “seek,” “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “propose,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.
In particular, this news release contains forward-looking information, including, without limitation, with respect to the following matters or the Company’s expectations relating to such matters: 2024 expected production for the Caucharí-Olaroz project; goals of the Company; development of the Caucharí-Olaroz project, including timing of the ramp up in production capacity and product quality, timing of commissioning and ramp up of the KCI plant; expectations with respect to regional development planning for the Pasto Grandes basin and the timing thereof; and the timing of closing of the Pastos Grandes Transaction.
Forward-looking information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking information contained in this news release is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, including but not limited to those related to: current technological trends; a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Caucharí-Olaroz project; ability of the Company to fund, advance, develop and ramp up the Caucharí-Olaroz project, the impacts of the project when full production commences; ability of the Company to advance and develop the Pastos Grandes and Sal de la Puna projects; the Company’s ability to operate in a safe and effective manner; uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Argentina; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the impact of increasing competition in the lithium business, and the Company’s competitive position in the industry; general economic, geopolitical, and political conditions; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; regulatory, and political matters that may influence or be influenced by future events or conditions; local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policies; stability and inflation of the Argentine peso, including any foreign exchange or capital controls which may be enacted in respect thereof, and the effect of current or any additional regulations on the Company’s operations; the impact of unknown financial contingencies, including litigation costs, on the Company’s operations; gains or losses, in each case, if any, from short-term investments in Argentine bonds and equities; estimates of and unpredictable changes to the market prices for lithium products; development and ramp up costs for the Caucharí-Olaroz project, and costs for any additional exploration work at the projects; uncertainties inherent to estimates of Mineral Resources and Mineral Reserves, including whether Mineral Resources not included in Mineral Reserves will be further developed into Mineral Reserves; reliability of technical data; anticipated timing and results of exploration, development and construction activities; the receipt of required approvals for and timing of the Pastos Grandes Transaction; the Company’s ability to obtain additional financing on satisfactory terms or at all; the ability to develop and achieve production at any of the Company’s mineral exploration and development properties; the impacts of pandemics and geopolitical issues on the Company’s business; the impact of inflationary and other conditions on the Company’s business and global markets; and accuracy of development budget and construction estimates. Many of these expectations, assumptions, risk and uncertainties are beyond the Company’s control, and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information.
Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. The Company’s actual results could differ materially from those anticipated in any forward-looking information as a result of the risk factors set out herein and, in the Company’s latest annual information form (“AIF”), management information circular, management discussion & analysis and other publicly filed documents (collectively, the “Company Public Disclosure”) all of which are available on SEDAR+.
All forward-looking information contained in this news release is expressly qualified by the risk factors set out in the latest Company Public Disclosures. Such risks include, but are not limited to the following: lithium prices; inability to obtain required governmental permits and government-imposed limitations on operations; technology risk; political risk associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; risks arising from the outbreak of hostilities in Ukraine, Israel, the Middel East and other parts of the world and the international response, including but not limited to their impact on commodity markets, supply chains, equipment and construction; emerging and developing market risks; risks associated with not having production experience; operational risks; changes in government regulations; changes to environmental requirements; failure to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles and mineral tenure risk; changes in project parameters as plans continue to be refined; changes in legislation, governmental or community policy; regulatory risks with respect to strategic minerals; mining industry competition; market risk; volatility in global financial conditions; uncertainties associated with estimating Mineral Resources and Mineral Reserves, including uncertainties relating to the assumptions underlying Mineral Resource and Mineral Reserve estimates; risks related to unknown financial contingencies, including litigation costs, on the Company’s operations; unanticipated results of exploration activities; cybersecurity risks and threats; and uncertainties with obtaining required approvals (including regulatory approvals) for the Pastos Grandes Transaction. Such risk factors are not exhaustive. The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. Additional information about the above-noted assumptions, risks and uncertainties is contained in the Company Public Disclosures, which are available on SEDAR+ at www.sedarplus.ca.
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