Pegmatites confirmed: Hot IPO Pioneer spies multiple lithium targets across the fence from GT1 in Ontario
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Pioneer Lithium is off to a flying start with its maiden exploration program at the Root Lake project in Ontario, Canada, flagging the discovery of multiple pegmatite outcrops just days into its inaugural fieldwork campaign.
Recent IPO Pioneer Lithium (ASX:PLN), which is chaired by mining entrepreneur Robert Martin, is building an executive team with impressive resumes, recently naming Fortescue Future Industries and Galaxy Resources veteran Clinton Booth as CEO and former Sandfire Resources (ASX:SFR) executive Richard Nash as general manager of exploration.
It has also hit the ground running in its hunt for lithium deposits in Ontario and Quebec, currently mapping and sampling at Root Lake, which sits directly between Green Technology Metals’ (ASX:GT1) Root Bay and Morrison/McCombe lithium deposits in Ontario.
It’s no wonder the stock is up 80% on its IPO price of 20c per share.
Pioneer has now found three pegmatites — a host rock for lithium mineralisation — along the Extended Morrison trend in the north-west part of the project, which is directly along strike from Green Technology Metals’ Morrison-McCombe pegmatite system.
The outcrops are interpreted to be open in multiple directions over a 3km strike length, and the pegmatites are generally white in colour and can be easily differentiated from the surrounding mafic metavolcanic host rocks.
“The discovery of multiple pegmatites at Extended Morrison confirms our initial expectations of the potential for the continuation of the Morrison-McCombe pegmatite system,” Pioneer Lithium (ASX:PLN) CEO Clinton Booth said.
“We are looking forward to including this information to support the design of the upcoming drilling program.”
The outcrops are interpreted to be open in multiple directions but are concealed beneath thick overburden and densely vegetated forestry in what has proven to be challenging terrain for field teams completing sampling and mapping.
Lithogeochemical channel sampling will commence shortly, and the company is considering collecting additional geophysical datasets to support the development of high-confidence drill targets – ahead of a planned maiden winter drilling program.
In the meantime, field work will continue over the coming weeks, moving towards the Central Corridor in the south-eastern portion of the project area.
This article was developed in collaboration with Pioneer Lithium, 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.