• GT1 acquires ~109km2 Junior lithium project, 20km from 9.9Mt flagship Seymour
  • Tenure has multiple LCT pegmatites at surface; three targets to be drilled Q1 2024
  • “Project’s proximity to Seymour … and Falcon Lake, offers a unique opportunity to bolster our resource base”: GT1 CEO Luke Cox
  • A 46-hole drilling campaign to increase the size of the lithium inventory at the 12.6Mt Root Bay project due to begin soon

 

Advanced, vertically integrated lithium play Green Technology Metals has cemented full ownership of the Junior lithium project, down the road from its 9.9Mt-and growing Seymour flagship in Ontario, Canada.

An original deal to acquire 80% of the project has now been upgraded to 100% due to “initial exploration success”, with Green Technology Metals (ASX:GT1) paying vendor Landore Resources Canada C$1m cash and C$600k in shares (at A$0.425/sh).

It is all part of GT1’s plan to be a major player in Canada’s hard rock lithium sector, where it has amassed a 22.5Mt -and-growing inventory across its impressive project portfolio.

Junior holds “immense promise”, the company says, with the multiple pegmatites already discovered at surface — including three drill-ready targets — providing a valuable opportunity to secure additional feedstock for a lithium concentrate plant at Seymour.

 

Adding Junior to a big pile of assets in Ontario

To date, GT1 have collected 353 samples and mapped ~400 outcrops and successfully confirmed historical LCT pegmatite outcrops within the project area.

Three drill ready lithium targets have been prioritised at Junior, with the preliminary drill program commencing Q1 2024.

“The Junior Lake project’s proximity to Seymour, coupled with its adjacency to GT1’s lithium claim at Falcon Lake, offers a unique opportunity to bolster our resource base at Seymour,” GT1 CEO Luke Cox says.

“Extensive field exploration has been conducted over the past five months at Junior, including aeromagnetic surveys, mapping and sampling.”

This transaction aligns seamlessly with GT1’s overarching strategic goal of becoming a prominent player in the lithium sector, with a focus on near-term production, Cox says.

“It complements our progress on the flagship Seymour project and the development of our lithium chemical plant in Thunder Bay, in line with our mission to become Ontario’s first vertically integrated lithium producer.”

 

Upcoming milestones

At present, GT1’s flagship Seymour boasts a resource of 9.9Mt grading @ 1.04%, with >50% falling within the more robust Indicated category.

The company recently signed an offtake agreement for the provision of 25% of its annual Li output to LG Energy Solution on the back of an equity subscription of $20m, making LG GT1’s second-largest shareholder.

At Root Bay, the resource stands at 12M @ 1.21% Li2O.

It recently completed a 119-hole infill drill campaign for 20,000m, returning high-grade intercepts, including:

  • 18.2m at 1.43% Li2O from 336.1m;
  • 16m at 1.52% Li2O from 297.6m; and
  • 17.6m at 1.36% Li2O from 46.7m.

GT1 is currently progressing a 46-hole Phase 2 extensional drill campaign to increase the mineral resource, concentrating on the eastern side of an untested 3km extension of the deposit.

“Over the last 6 months, we have focused a lot of our resources on the Western Hub, mainly around our Root Bay deposit,” Cox told Stockhead.

“As the field season is nearing completion, we are now pooling geological resources over to the Eastern Hub and the addition of the Junior ground with known LCT spodumene pegmatites will play a significant role in bolstering the Eastern Hub resource base.”

 

 

This article was developed in collaboration with Green Technology Metals, 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.