Narryer picks up prospective lithium portfolio in Canada, plans to start exploring asap
Narryer Metals has acquired a portfolio of projects prospective for Lithium-Caesium-Tantalum (LCT) type pegmatites in the James Bay (Quebec), Abitibi and Northwest Ontario regions of Canada.
The projects include:
The new portfolio provides lithium exposure for Narryer Metals (ASX:NYM) close to a fast-developing battery industry in North America and geopolitically safe jurisdiction in Canada – and complements other critical minerals (REE, Ni-Cu-PGE) the company is currently exploring in Australia.
Prospective dykes have already been identified for immediate sampling, with field-based exploration to begin in the coming month
The granted mining claims comprise five lithium projects covering 124 km2 in total in areas of active lithium exploration and mine development in one of the most prospective critical minerals jurisdictions in the world.
“The Superior Province, Canada was historically underexplored for lithium pegmatite mineralisation but has now become a Tier 1 jurisdiction,” MD Dr Gavin England said.
“This is particularly evident in the James Bay, Abitibi and NW Ontario regions, where there have been several discoveries in the past 2 years.
“There are lithium projects progressing from companies such as Sayona, Allkem, and Patriot Battery Metals, not far from the new Narryer projects.
“The area has also been recognised by the majors, with Rio Tinto committed to exploring in the James Bay area, with a CAD$65 million option agreement to explore on ground of Midland Exploration3 (TSX-V:MD) plus a recent second deal consisting of cash/expenditure with a value up to CAD$115.7 million for ground held by Azimut Exploration4 (TSX-V:AZM).”
Not to mention, the global demand for lithium batteries is expected to surge more than five-fold by 2030, with lithium supply needed for the nearby battery gigafactories planned and in operation in North America for coming years.
Canada is supportive in creating a critical minerals industry and becoming a major global supplier, committing ~ $4 billion in the FY22 budget to further develop the industry and Narryer sees exploring in the country as low risk and supported jurisdiction to do its exploration business.
Fieldwork will soon commence, with evidence of outcropping pegmatites in proximity to known lithium mineralisation.
This work includes compilation of data, geological interpretation, target generation which will dictate channel sampling or drilling to follow.
“Work will now begin on targeting some of the intrusives identified in the early work and begin targeting areas for initial fieldwork in the coming month,” Dr England said.
“This complements our ongoing work in Australia, with a drilling program next to commence at the Rocky Gully REE project.
“We also look forward to welcoming Mimaro Group and their associates, as major shareholders in the company.”
This article was developed in collaboration with Narryer Metals Limited, 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.