James Bay is being aggressively attacked for precious lithium. Pic via Getty Images.
Eye on Lithium: Cygnus just the fourth ASX player in Quebec to announce a hard rock lithium resource
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- Cygnus Metals releases maiden mineral resource for its Pontax lithium project
- Iggy Tan brings his Lithium Universe to James Bay
- Drilling gets underway in the Gascoyne
All your lithium news, Monday August 14.
Delayed by fire, the Canadian summer exploration season is now well into gear.
Cygnus Metals (ASX:CY5) today released a solid maiden inferred mineral resource of 10.1Mt @ 1.04% Li20 at its Pontax lithium project, making it just the fourth ASX-listed company to produce a JORC-compliant resource in the jammed-packed region.
Cygnus says mineralisation is open in all directions and spodumene has been confirmed up to 9km from the Pontax Central resource, highlighting significant upside potential.
This maiden resource has been defined in just 12 months since acquisition. Just 11,328m has been drilled across the 182km2 project area, which Pontax says “provides an exceptional platform for resource growth, which is a key focus for the company moving forward”.
“Diamond drilling is scheduled to commence at Pontax next month, initially focussing on extensional drilling along strike at Pontax Central with systematic step out drilling on 100m spaced sections,” the company states.
“This drill spacing is sufficient to be included in future resource updates. In addition, drill targets are also being established on the wider project area aiming to follow up on LCT pegmatite mineralisation identified up to 9km from Pontax Central.”
Who are the other three?
The James Bay region is being lit up from all sides by the Aussies lately.
Just last week, lithium major Allkem (ASX:AKE) reported a whopping 173% increase in the mineral resource for its James Bay project, posting 110.2Mt @ 1.30% Li2O.
This follows another huge maiden resource at Patriot Battery Metals (ASX:PMT) Corvette project of 109.2Mt @ 1.42% Li2O.
Sayona Mining (ASX:SYA) is also in the Bay making hay while the sun shines with a 70.9Mt @ 1.15% Li2O resource at its Moblan project.
Here’s how ASX lithium stocks are tracking:
| Code | Company | Price | % Today | Market Cap |
|---|---|---|---|---|
| XTC | Xantippe Res Ltd | 0.0015 | 50% | $11,480,100 |
| WC8 | Wildcat Resources | 0.26 | 18% | $146,425,752 |
| FIN | FIN Resources Ltd | 0.015 | 15% | $8,073,460 |
| LSR | Lodestar Minerals | 0.009 | 13% | $14,747,179 |
| NIS | Nickel Search | 0.07 | 11% | $6,024,714 |
| MHC | Manhattan Corp Ltd | 0.01 | 11% | $26,432,818 |
| EMC | Everest Metals Corp | 0.155 | 11% | $18,120,635 |
| EMC | Everest Metals Corp | 0.155 | 11% | $18,120,635 |
| SRI | Sipa Resources Ltd | 0.023 | 10% | $4,791,321 |
| TEM | Tempest Minerals | 0.014 | 8% | $6,588,681 |
| PNN | Power Minerals Ltd | 0.355 | 8% | $24,161,339 |
| DLI | Delta Lithium | 0.7325 | 7% | $357,963,661 |
| REC | Recharge Metals | 0.235 | 7% | $23,228,584 |
| MTM | MTM Critical Metals | 0.063 | 7% | $5,725,757 |
| AML | Aeon Metals Ltd | 0.017 | 6% | $17,542,410 |
| EPM | Eclipse Metals | 0.017 | 6% | $32,448,957 |
| L1M | Lightning Minerals | 0.175 | 6% | $6,471,003 |
| EMH | European Metals Hldg | 0.89 | 6% | $104,963,337 |
| LNR | Lanthanein Resources | 0.018 | 6% | $19,066,785 |
| DAL | Dalaroometalsltd | 0.057 | 6% | $2,801,250 |
| EFE | Eastern Resources | 0.0105 | 5% | $12,419,465 |
| FBM | Future Battery | 0.11 | 5% | $44,923,739 |
| PSC | Prospect Res Ltd | 0.12 | 4% | $53,159,838 |
| LKE | Lake Resources | 0.2025 | 4% | $277,376,718 |
| MRR | Minrex Resources Ltd | 0.0145 | 4% | $15,188,145 |
| QXR | Qx Resources Limited | 0.032 | 3% | $27,802,732 |
| SBR | Sabre Resources | 0.036 | 3% | $10,202,017 |
| BM8 | Battery Age Minerals | 0.39 | 3% | $28,202,902 |
| LIS | Lisenergylimited | 0.2975 | 3% | $48,115,114 |
| AAJ | Aruma Resources Ltd | 0.04 | 3% | $7,651,872 |
| SGQ | St George Min Ltd | 0.04 | 3% | $33,016,424 |
| VSR | Voltaic Strategic | 0.042 | 2% | $18,503,309 |
| LPM | Lithium Plus | 0.28 | 2% | $18,146,755 |
| EG1 | Evergreen Lithium | 0.32 | 2% | $17,712,450 |
| PLL | Piedmont Lithium Inc | 0.705 | 1% | $266,082,488 |
| LM1 | Leeuwin Metals Ltd | 0.39 | 1% | $17,242,225 |
| EUR | European Lithium Ltd | 0.083 | 1% | $114,327,612 |
| LIT | Lithium Australia | 0.0485 | 1% | $58,617,200 |
| ADV | Ardiden Ltd | 0.006 | 0% | $16,130,012 |
| 1MC | Morella Corporation | 0.007 | 0% | $42,690,063 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | $2,752,409,203 |
| INF | Infinity Lithium | 0.12 | 0% | $55,511,051 |
| LPD | Lepidico Ltd | 0.012 | 0% | $91,659,669 |
| TKL | Traka Resources | 0.007 | 0% | $6,099,305 |
| GL1 | Globallith | 1.65 | 0% | $428,658,778 |
| BMM | Balkan Mining and Minerals | 0.22 | 0% | $13,435,843 |
| ARN | Aldoro Resources | 0.165 | 0% | $22,212,918 |
| PAM | Pan Asia Metals | 0.25 | 0% | $38,940,359 |
| AX8 | Accelerate Resources | 0.024 | 0% | $9,110,442 |
| AM7 | Arcadia Minerals | 0.105 | 0% | $9,875,261 |
| AS2 | Askari Metals | 0.23 | 0% | $15,725,204 |
| BYH | Bryah Resources Ltd | 0.019 | 0% | $6,640,600 |
| EMS | Eastern Metals | 0.055 | 0% | $3,659,691 |
| FG1 | Flynn Gold | 0.07 | 0% | $9,546,781 |
| FRS | Forrestania Resources | 0.078 | 0% | $7,263,548 |
| IMI | Infinity Mining | 0.115 | 0% | $8,878,159 |
| MMC | Mitremining | 0.3 | 0% | $11,470,530 |
| RAG | Ragnar Metals Ltd | 0.023 | 0% | $10,901,562 |
| WML | Woomera Mining Ltd | 0.011 | 0% | $10,518,140 |
| AZL | Arizona Lithium Ltd | 0.02 | 0% | $63,259,737 |
| SCN | Scorpion Minerals | 0.06 | 0% | $20,742,372 |
| KAI | Kairos Minerals Ltd | 0.029 | 0% | $76,006,453 |
| AVW | Avira Resources Ltd | 0.002 | 0% | $4,267,580 |
| BNR | Bulletin Res Ltd | 0.054 | 0% | $15,853,919 |
| CAI | Calidus Resources | 0.17 | 0% | $103,339,576 |
| SRZ | Stellar Resources | 0.013 | 0% | $13,077,535 |
| NWM | Norwest Minerals | 0.044 | 0% | $12,653,058 |
| AOA | Ausmon Resorces | 0.004 | 0% | $3,877,157 |
| VKA | Viking Mines Ltd | 0.011 | 0% | $11,277,843 |
| IPT | Impact Minerals | 0.016 | 0% | $45,515,262 |
| ZNC | Zenith Minerals Ltd | 0.074 | 0% | $26,076,185 |
| RAS | Ragusa Minerals Ltd | 0.054 | 0% | $7,700,334 |
| EVR | Ev Resources Ltd | 0.015 | 0% | $14,039,761 |
| MNS | Magnis Energy Tech | 0.1 | 0% | $117,949,815 |
| THR | Thor Energy PLC | 0.004 | 0% | $5,837,166 |
| MXR | Maximus Resources | 0.036 | 0% | $11,529,208 |
| M2R | Miramar | 0.055 | 0% | $6,100,974 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | $74,238,031 |
| ALY | Alchemy Resource Ltd | 0.015 | 0% | $17,671,144 |
| GW1 | Greenwing Resources | 0.2 | 0% | $34,554,171 |
| KTA | Krakatoa Resources | 0.028 | 0% | $11,938,544 |
| DAF | Discovery Alaska Ltd | 0.026 | 0% | $6,090,102 |
| FTL | Firetail Resources | 0.135 | 0% | $12,993,750 |
| TUL | Tulla Resources | 0 | 0% | $118,262,971 |
| LLL | Leo Lithium | 1.14 | 0% | $1,125,447,873 |
| OCN | Oceana Lthium | 0.24 | 0% | $12,738,360 |
| CHR | Charger Metals | 0.28 | 0% | $17,392,023 |
| RMX | Red Mount Min Ltd | 0.004 | 0% | $10,097,404 |
| DTM | Dart Mining NL | 0.033 | 0% | $5,685,478 |
| MAN | Mandrake Res Ltd | 0.044 | 0% | $26,345,436 |
| KOB | Koba Resources | 0.115 | 0% | $12,122,917 |
| IEC | Intra Energy Corp | 0.005 | 0% | $8,103,908 |
| AZS | Azure Minerals | 2.34 | 0% | $913,152,408 |
| DYM | Dynamic Metals | 0.21 | 0% | $7,350,000 |
| TOR | Torque Met | 0.14 | 0% | $13,487,185 |
| ICL | Iceni Gold | 0.105 | 0% | $21,900,000 |
| TMX | Terrain Minerals | 0.006 | 0% | $6,499,196 |
| MHK | Metalhawk | 0.12 | 0% | $9,452,521 |
| WES | Wesfarmers Limited | 50.53 | -1% | $57,708,874,712 |
| INR | Ioneer Ltd | 0.2675 | -1% | $569,541,453 |
| A11 | Atlantic Lithium | 0.4 | -1% | $246,742,872 |
| JRL | Jindalee Resources | 1.805 | -1% | $105,003,508 |
| IGO | IGO Limited | 12.935 | -1% | $9,942,926,385 |
| ASN | Anson Resources Ltd | 0.1575 | -2% | $203,308,510 |
| MLS | Metals Australia | 0.0315 | -2% | $19,969,158 |
| LTR | Liontown Resources | 2.695 | -2% | $6,034,180,306 |
| CXO | Core Lithium | 0.565 | -2% | $1,068,647,157 |
| AGY | Argosy Minerals Ltd | 0.28 | -2% | $400,256,137 |
| LPI | Lithium Pwr Int Ltd | 0.28 | -2% | $179,332,705 |
| ANX | Anax Metals Ltd | 0.054 | -2% | $23,644,715 |
| SYA | Sayona Mining Ltd | 0.1325 | -2% | $1,389,594,962 |
| LLI | Loyal Lithium Ltd | 0.48 | -2% | $33,560,100 |
| ESS | Essential Metals Ltd | 0.46 | -2% | $126,364,184 |
| RIO | Rio Tinto Limited | 106.67 | -2% | $40,462,567,326 |
| CRR | Critical Resources | 0.044 | -2% | $79,980,763 |
| LRD | Lord Resources | 0.087 | -2% | $3,304,759 |
| LRD | Lord Resources | 0.087 | -2% | $3,304,759 |
| PAT | Patriot Lithium | 0.205 | -2% | $12,891,375 |
| TKM | Trek Metals Ltd | 0.081 | -2% | $40,928,967 |
| TMB | Tambourah Metals | 0.2 | -2% | $10,846,038 |
| TMB | Tambourah Metals | 0.2 | -2% | $10,846,038 |
| G88 | Golden Mile Res Ltd | 0.039 | -3% | $13,175,580 |
| VUL | Vulcan Energy | 3.72 | -3% | $639,220,850 |
| CMD | Cassius Mining Ltd | 0.037 | -3% | $18,875,672 |
| GT1 | Green Technology | 0.55 | -3% | $120,332,300 |
| LLO | Lion One Metals Ltd | 1.1 | -3% | $15,604,559 |
| WR1 | Winsome Resources | 1.64 | -3% | $273,777,986 |
| MQR | Marquee Resource Ltd | 0.035 | -3% | $11,905,470 |
| A8G | Australasian Metals | 0.17 | -3% | $9,121,086 |
| PL3 | Patagonia Lithium | 0.17 | -3% | $8,575,613 |
| MIN | Mineral Resources. | 66.18 | -3% | $13,265,524,727 |
| QPM | Queensland Pacific | 0.096 | -3% | $172,888,444 |
| MM1 | Midasmineralsltd | 0.32 | -3% | $25,412,718 |
| IR1 | Irismetals | 1.955 | -3% | $161,054,600 |
| AKE | Allkem Limited | 14.07 | -3% | $9,271,548,570 |
| CY5 | Cygnus Metals Ltd | 0.29 | -3% | $66,981,161 |
| NMT | Neometals Ltd | 0.54 | -4% | $309,535,059 |
| PGD | Peregrine Gold | 0.27 | -4% | $15,708,731 |
| PMT | Patriot Battery Metals | 1.35 | -4% | $487,704,266 |
| STM | Sunstone Metals Ltd | 0.026 | -4% | $83,213,592 |
| LRS | Latin Resources Ltd | 0.365 | -4% | $998,409,801 |
| DRE | Dreadnought Resources | 0.048 | -4% | $167,113,911 |
| AUN | Aurumin | 0.024 | -4% | $7,375,990 |
| LEL | Lithenergy | 0.65 | -4% | $70,046,800 |
| ZEO | Zeotech Limited | 0.043 | -4% | $76,766,538 |
| NVA | Nova Minerals Ltd | 0.31 | -5% | $68,539,237 |
| YAR | Yari Minerals Ltd | 0.019 | -5% | $9,647,156 |
| GLN | Galan Lithium Ltd | 0.75 | -5% | $273,870,487 |
| PLS | Pilbara Min Ltd | 5.03 | -5% | $15,920,939,834 |
| KGD | Kula Gold Limited | 0.016 | -6% | $6,344,603 |
| NKL | Nickelxltd | 0.077 | -6% | $7,087,693 |
| KZR | Kalamazoo Resources | 0.15 | -6% | $26,888,503 |
| LRV | Larvotto Resources | 0.14 | -7% | $10,088,208 |
| TYX | Tyranna Res Ltd | 0.02 | -7% | $70,658,144 |
| RGL | Riversgold | 0.013 | -7% | $13,317,660 |
| SLM | Solis Minerals | 0.35 | -9% | $25,783,607 |
| AZI | Altamin Limited | 0.075 | -10% | $32,512,490 |
| WCN | White Cliff Min Ltd | 0.009 | -10% | $12,570,186 |
| BUR | Burley Minerals | 0.135 | -10% | $15,194,513 |
| VMC | Venus Metals Cor Ltd | 0.12 | -11% | $25,613,372 |
| RLC | Reedy Lagoon Corp. | 0.007 | -13% | $4,533,757 |
| ENT | Enterprise Metals | 0.0035 | -13% | $3,197,884 |
| ENT | Enterprise Metals | 0.0035 | -13% | $3,197,884 |
| TON | Triton Min Ltd | 0.023 | -15% | $42,156,601 |
| GSM | Golden State Mining | 0.04 | -15% | $8,981,149 |
| CTN | Catalina Resources | 0.004 | -20% | $6,192,434 |
38 lithium stocks were in the green today, while 50 stagnated. 67 dropped into the red.
WHO’S GOT NEWS OUT?
Here’s more news out of lithium plays today.
LITHIUM UNIVERSE (ASX:LU7)
Lithium mining celebrity Iggy Tan is heading into James Bay with newly listed LU7 and is laser-eyed on proving up the Apollo lithium project which has 466 claims covering ~240km2 and is ~29km southeast of Patriot’s Corvette lithium resource.
The explorer began trading today after a $4m oversubscribed IPO and is looking to replicate success with then Galaxy Resources’ and Mt Cattlin 137,000tpa spodumene project in WA.
“The team is now focused on deploying the funds raised from the public offer on the highly prospective ground in Québec,” Tan says.
“The team has spent many months completing due diligence and assessing these projects and is eager to scale up our exploration and development activities on the ground.
“My vision for LU7 is to establish ourselves as a prominent lithium project builder by prioritising swift and successful exploration and development of lithium projects – instead of exploring for the sake of exploration.”
ARIZONA LITHIUM (ASX:AZL)
AZL’s $80m Prairie brine project has just got a 39% resource upgrade to 5.7Mt LCE, representing ~8 years of current worldwide demand for LCE.
4Mt LCE was upgraded to the higher confidence indicated category, with the majority of that in the Middle Wymark unit, which grades @ 127mg/L Li.
That makes it the highest indicated-grade lithium brine resource in the country.
The large, indicated category resource now allows the company to proceed with a preliminary feasibility study (PFS) – a detailed look at the economics of building a project — and commence operations at its pilot direct lithium extraction (DLE) test plant.
“Completing the first indicated resource upgrade in a timely and efficient manner highlights the technical capability of the team and our commitment to production of lithium from the Prairie project,” AZL MD Paul Lloyd says.
“The combination of the resource upgrade and the upcoming DLE pilot plant operation in November and a PFS to be released, sets the stage for a very exciting second half of the year for the company.”
VOLTAIC STRATEGIC RESOURCES (ASX:VSR)
The drill bit is spinning again at VSR’s Ti Tree lithium project in the Yinnietharra precinct of the Gascoyne region in WA where it’s looking to unlock the potential of the Volta corridor.
A ~3,500m RC drilling campaign targeting the Morpheus, Akira and Lewis prospects has kicked off at Ti Tree South where the explorer has encountered high-priority surface geochemical anomalism.
Targets lay across the southern end of the ~80km Volta corridor, and while Phase 3 represents follow-up drilling at Akira and Lewis, it’s maiden drilling for Morpheus, which sits wedged between the two prospects.
Morpheus and Akira are interpreted to reside in the ‘Goldilocks’ zone, and Voltaic is focusing on highly prospective Leake Spring Metamorphic pelitic schists where many significant intersections have been identified by Delta Lithium (ASX:DLI) at the neighbouring Yinnietharra lithium project.
These prospects are just 3 of the 18 targets identified by Voltaic to-date.
Target generation is continuing, with reconnaissance field work underway focusing on geological mapping, rock chip sampling and soil surveys to generate additional drill prospects.
REACH RESOURCES (ASX:RR1)
Also in the region, RR1 has started spinning the drillbit at its Bonzer pegmatite field, part of the Morrissey Hill lithium project.
A maiden ~2,500m of RC and ~2,000m of diamond drilling is underway, which includes 8-10 RC holes down up to 300m and another 8-10 diamond holes to similar depths.
The holes are to assess the grade, size and scale of mapped pegmatites and test for the presence of “Blind” sub-surface pegmatite bodies.
At Stockhead, we tell it like it is. While Reach Resources, Voltaic and Arizona Lithium are Stockhead advertisers, they did not sponsor this article.
