Green Technology’s new project extends Ontario lithium footprint
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Green Technology Metals has signed a binding option agreement to acquire an 80% stake in the Junior Lake project adjacent to its flagship Seymour project in Ontario, Canada.
The 109km2 project hosts three drill-ready lithium-caesium-tantalum pegmatite prospects – Despard, Swole Lake and Tape Lake, which were identified from previous exploration.
Notably for Green Technology Metals (ASX:GT1), these targets have similar geology to Seymour, which lead to the discovery of new proximal lithium discoveries that could grow the Seymour resource base – currently 9.9Mt at 1.04% Li2O.
This could in turn provide additional feedstock for a lithium concentrate plant at Seymour.
“We are excited to secure the agreement with Landore, adding a sizeable tenement package to our portfolio and look forward to commencing exploration on the Junior Lake Project which offers the company a unique combination of a close proximity location, identified targets through previous regional exploration and early indications of similar geology to our flagship Seymour Project,” chief executive officer Luke Cox said.
“We plan to commence exploration activities imminently at Junior Lake as we look to grow our resource base for greater Seymour and move swiftly into development.”
Junior Lake is located within the highly prospective Archean Caribou Lake – O’Sullivan greenstone belt, which is a known host to multiple known gold and other precious and base metal occurrences.
This includes all of vendor Landore’s mineral resources and prospects including the BAM Gold Deposit, Lamaune Gold Prospect, the B4-7 Nickel-copper-cobaltPlatinum-Palladium-gold Deposit and the VW Nickel-Copper-cobalt Deposit.
Previous exploration had focused on the gold potential, leaving most of the greenstone belt and broader Junior Lake underexplored.
The Despard target is located about 1km north of the east end of North Lamaune Lake and hosts exposed outcrop and boulders intermittently over an east-west length of about 914m and across widths of up to 27m, which contain up to 30% spodumene.
Historical exploration is limited to 10 diamond holes carried out in 1959 that returned results including 6.1m at 1.68% Li2O and 2m at 1.7% Li2O.
Swole Lake is located in the centre of the Junior Lake project where grab and channel sampling carried out during 2009 and 2010 field exploration programs identified the prospective nature of this area for base metals and lithium mineralisation.
Meanwhile, a 10 hole program was completed by Landore to test a geophysical anomaly and confirmed the presence of a pegmatite dyke.
Last but not least are the discovery of two spodumene bearing pegmatite dykes ranging from 5m to 8m about 5km north of Swole Lake, which are observed to be cross cutting gabbroic rocks identified in the north end of the property and trend 140-150 and dip shallowly to the east.
The southerly pegmatite has up to 30% spodumene and rock chip samples from one pegmatite dyke returning up to 2.37% Li2O.Upcoming plans
Green Technology plans to carry out a two-phase exploration project at Junior Lake from June 2023.
Phase one will consist of geological mapping and sampling of the Despard and Swole target areas to identify additional drill targets at the property.
The second phase maiden drill program totalling 1,200m will be focused initially on the Despard area.
The company will also carry out exploration such as geological mapping of the North Seymour and Falcon project areas.
This article was developed in collaboration with Green Technology Metals (ASX:GT1), 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.