High-grade lithium assays from the historical resampling program have significantly enhanced the project’s value, LM1 says. Pic via Getty Images
Mining
Special Report: A further three holes have returned significant widths of high-grade lithium mineralisation at the Cross Lake project in Manitoba, Canada, confirming the project as an emerging lithium opportunity.
Leeuwin Metals’ (ASX:LM1) Cross Lake project represents a large-scale opportunity, featuring mapped pegmatite swarms extending over 6km of strike.
To date, this vast region has remained largely unexplored despite its lithium potential.
So far in its exploration endeavours, LM1 has found promising indications of a mineralised system through the discovery of multiple spodumene bearing occurrences during the re-sampling of historic drill holes and channel sampling.
Spodumene, a mineral which grades ~6% lithium, is the holy grail for hard rock explorers.
Exploration has also uncovered pegmatites over a 4.7km trend at the Spodumene Island and Metis Island prospect areas, enhancing the project’s value and making it a top priority heading into 2024.
Assays have been received from recent sampling of three historic drill holes at Cross Lake.
A total of nine holes have been assayed, all of which have shown significant widths and grades of lithium mineralisation.
These latest results indicate that the system remains open in all directions, even with the limited drill testing that has occurred.
Multiple, shallow intersections of spodumene bearing pegmatites include:
“Building on our successful re-assay of historical drill holes for lithium, today’s findings reinforce the presence of high-grade lithium and contribute to the substantial scale and potential of Cross Lake,” LM1 managing director Christopher Piggott says.
“Geographically, Manitoba is centrally located in North America, providing significant benefits to the project, this includes its close proximity to major railway, hydro power, and year-round road access.
“Leeuwin is well-capitalised to advance into the next phase of exploration, and the company looks forward to providing regular updates to the market as we advance our activities.”
With the completion of 2023 field work and the receipt of all remaining drill assays, LM1 is aiming to complete a maiden drill program at the project in the first half of 2024.
A drill permit application has been submitted to the Permitting Offices of the Manitoba Department of Economic Development, Investment and Trade for an initial 10,000m of drilling.
This article was developed in collaboration with Leeuwin 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.
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