Fin Resources identifies regional lithium targets at Cancet West as White Bear drilling looms
Special Report: While White Bear has emerged as the lithium discovery Fin Resources is especially keen to drill test, historical exploration data has indicated there’s room for more discoveries to be made at the Cancet West project in Quebec.
White Bear was discovered by Fin Resources (ASX:FIN) in October with samples returning both high grades of Li2O and pathfinder elements, along with low potassium-to-rubidium (K/Rb) ratios and elevated caesium (Cs).
Low K/Rb ratios are important when analysing what’s in the ground, as the lower they are, the more likely the potential for highly fractionated lithium-bearing pegmatites.
Since then, assaying of channel sampled outcrops has continued to prove the presence of lithium, returning results such as 1m grading 2.39% Li2O, 1m at 2.16% Li2O and 1m at 1.23% Li2O.
Unsurprisingly, the discovery tops the company’s priority list for drill testing in the current quarter.
While White Bear is undoubtedly exciting, FIN’s compilation of historical exploration data across new claims at Cancet West has provided a reminder that it is certainly not the only target worthy of interest.
This work has identified a number of outcrops of pegmatitic material mapped by the Ministry of Natural Resources and Forestry Quebec, including very coarse-grained pegmatites and an occurrence of beryl.
No exploration occurred on the majority of the interpreted pegmatite trends, making them very exciting and unexplored green fields targets.
FIN notes that these interpreted pegmatite trends appear to be associated with the ~10-15km strike length of the Archean-aged Lac Guyer greenstone belt, which hosts the Cancet and Corvette deposits.
The occurrence of beryl within an outcrop of very coarse grained graphic textured granite, foliated tonalite and amphibolite schist also highlights significant potential for lithium mineralisation beyond White Bear.
“FIN is now aggressively advancing towards its maiden drill program at White Bear to test for a new major lithium deposit discovery in the Lac Guyer Greenstone belt along from the existing multi hundred million dollar valued Cancet deposit and Corvette deposit discoveries,” chairman Jason Bontempo said.
“This is a very exciting diamond drilling program for FIN, with the fully funded initial phase of approximately 1,500m representing the first drilling ever completed across the Cancet West Project.
“Furthermore, we have defined significant regional pegmatite trends across the recently expanded claims at Cancet West. First time ever exploration work over these trends is planned during the forthcoming Canadian Spring with aim of uncovering more drill targets for potential lithium discoveries.”
FIN expects to receive approvals for White Bear drilling in the coming weeks. It is currently reviewing tenders for drill and camp contractors.
The company is fully funded for this initial 1,500m phase of drilling.
This article was developed in collaboration with Fin Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.