Glen Eagle Resources Inc TSXV:GER announced assays from its Lac Lisette phosphate property in Quebec. Results include
2.83% phosphate over 25.5 metres
2.36% over 85.2 metres
4.12% over 51 metres (including 6.01% over 10.5 metres)
3.32% over 31.5 metres
2.82% over 102 metres
2.86% over 96 metres
3.14% over 36 metres
3.39% over 27 metres
4.22% over 31.5 metres
3.32% over 61.5 metres
3.14% over 27 metres
2.52% over 48 metres
2.61% over 72 metres
Glen Eagle also announced that it is drilling its Authier Lithium project to upgrade its current inferred resource to the indicated category. Authier currently has an NI 43-101 mineral resource estimate of 4.18 million tonnes at a grade of 1.04% lithium in the indicated category, 2.29 million tonnes at 1% inferred.
President Jean Labrecque tells ResourceClips.com, “Basically we’re in the same area as Arianne Resources TSXV:DAN, which has an excellent deposit south of us. We did an airborne survey, which has indicated that there’s a huge anomaly and that the potential for phosphate was definitely there. But we couldn’t be sure until we started drilling it. So that’s what we did, and I think the last drill program was very good in the sense that we’ve been able to make a discovery. [But of a] 12-kilometre mag we’ve just drilled 2.5 kilometres—it’s a huge area to cover. The grades seem to be improving as we move north. There’s huge potential at Lac Lisette and it needs to be seen what is there. It’s early now, but it certainly looks good.
I’m very excited about bringing the Authier project to production, because we do have a mine—Jean Labrecque
“We did our homework pretty well before starting to drill. We conducted a sampling/trenching program, and what we’ve hit at Lac Lisette is pretty much in line with the sampling that we’ve published. We were hoping that it might get richer, the ore, as we went deeper. It didn’t happen in most of the holes, but Hole 9—the furthest to the north—ended in mineralization, and the grades started to get pretty good. So it’s all open.”
“The next program will be to do more trenching in the spring when it gets dry,” Labrecque continues. “And we have to digest all that we have so far to prepare the next program. I don’t know exactly what the program will be, but I think it would be a good idea to maybe spread out a few holes to see if we can’t find out where the high-grade zones are. That remains to be seen. The geologists will determine what is the best way to go over this huge area, because we’ve basically just scratched the surface. But there’s no question that we’re anxious to go back and see what is there.”
Labrecque notes that it’s too early to say when the company intends to do a resource estimate for Lac Lisette.
“We also have another [phosphate] property in Moose Lake which is accessible in winter, and at that property we did get a lot of high-grade grab samples on surface. We know where to place the drill there—it doesn’t require as much homework as the other property. So we’ll test it as well in the near future.”
Regarding Glen Eagle’s Authier lithium deposit, Labrecque says, “We’re working on a feasibility study. We already have the preliminary economic assessment, and it’s very robust. You couldn’t ask for better numbers. I’m extremely positive on Authier. The PEA’s release will validate this. In fact, I’m very excited about bringing the Authier project to production, because we do have a mine. The numbers speak for themselves. We will be working to bring this project into production at a very reasonable cost. We’re not talking about a huge capex.
“We have the metallurgy, but we’ve got to reassess it under the TSX regulations, so we have to rerun the old tests. You have to have the metallurgy in line with your feasibility study to make sure that what you have in mind can be realized. This property used to belong to Raymor Resources and they spent millions doing a prefeasibility study. It’s a huge study—it’s all there—and the engineering firm told me I was wasting my time redoing the prefeasibility study. So we’ll just prove it 43-101 [compliant] and come up with a bankable feasibility study. Because the metallurgy has already been done we don’t see any problems in the future. So we’re slowly putting the pieces of the puzzle together.”
“Basically, the idea is to have two classes of assets,” Labrecque concludes. “One in phosphates and one in lithium. We’re really trying to hedge our risk, because commodities are cyclical. When phosphate is up, lithium is down, and a year later it’s the other way around. Things are looking very good moving forward. I feel the company is on very solid ground, and I think that the share price in the future will reflect that.”
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by Ted Niles