Nice: Falcon Lake grows 69% so Battery Age Minerals can join up contiguous spodumene hits from recent step-out drilling
Does lithium extend all the way from the spodumene-rich Falcon Main to Falcon North areas? Battery Age Minerals is about to find out, following the acquisition of ground which makes Falcon Lake one contiguous project area.
The now 51km2 Falcon Lake project is in one of Canada’s lithium exploration hotspots, surrounded by other lithium hunters such as Rock Teck, Imagine Lithium, Ultra Lithium, and Green Technology Metals’ (ASX:GT1) 9.9Mt @1.04% Li2O Seymour Lake project.
This is a certified lithium-rich tenure, with historical drilling at Falcon Lake returning hits such as 24.4m @ 1.43% Li2O including 10.9m @ 1.95% Li2O.
The company has a further 30 mapped pegmatites that it intends to systematically explore as it continues its 15,000m winter drilling campaign.
Battery Age Minerals (ASX:BM8) has executed an option agreement with Ombabika Group to earn up to 100% of the highly prospective 20km2 Falcon Extension property, which lies immediately adjacent to its existing Falcon Main (90% owned) and Falcon North (100% owned) properties, taking the total project package to 51km2.
To purchase 100% of the project, BM8 will pay a three-stage payment for a total of C$190,000 and the issue of 750,000 BM8 shares to Ombabika at 40c per share.
The greenfield Falcon Extension purchase lies immediately between the Falcon Main and Falcon North properties on the already proven Caribou O’Sullivan greenstone belt where exploration by BM8 returned 31.75m @ 1.45% Li2O in its maiden campaign.
Multiple pegmatites were found at both the Falcon North and Falcon Main properties during summer step-out drilling, and the purchase of Falcon Extension conjoins the contiguous findings.
BM8 MD Gerard O’Donovan says the purchase is an outstanding acquisition opportunity for the company to expand the scale of the project.
“Building on the excellent results generated by our summer fieldwork program – both through drilling and from our regional prospecting – this adds another exciting dimension to the discovery opportunity at Falcon Lake,” O’Donovan says.
“To add 69% more land in an extremely fertile area strategically positions us to further explore this highly prospective asset and continue to add to the scale of Falcon Lake.
“We now have a continuous project that extends over an area of 50km2 in a Tier-1 jurisdiction, and we have proven through drilling that we have thick mineralised intercepts from shallow depths.
“This acquisition aligns with our strategy to grow our land holding in Ontario and the best place to start is adjacent to your existing mineralised asset.”
This article was developed in collaboration with Battery Age Minerals, 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.