by Greg Klein | April 25, 2016
Having acquired the Northwest Territories property in February, 92 Resources TSXV:NTY announced a 500-hectare addition to Hidden Lake on April 25. The new claim increases the project to about 1,600 hectares and covers extensions or potential extensions to the original property’s lithium-bearing pegmatites, the company stated.
This year’s proposed exploration would consist of ground sampling and mapping to identify and delineate pegmatite dykes rich in lithium-bearing spodumene. The most promising dykes would then undergo detailed channel sampling.
Recent forest fires have exposed pegmatite dykes to aerial photography.
Historic mapping and sampling covered an exposure of Hidden Lake’s LU#12 pegmatite measuring about 10 metres by 300 metres. Seven surface trench samples graded between 1.37% and 3.01% Li2O. “The very high grades of lithium were attributed to observed concentrations of coarse-grained spodumene,” 92 Resources stated. “Crystals up to 36 inches long were noted, with visual estimates across the dyke(s) in some places of 20% to 35%.”
Different deposits tend to show lithium-rich pegmatites about the same distance from their source granite, the company added. “The target pegmatite dykes at Hidden Lake are a similar distance from the Archean granitoids as the known spodumene-bearing bodies and, as such, their potential for similar spodumene mineralization is considered high.”
The property sits about 40 kilometres northeast of Yellowknife, just off Highway 4.
Earlier this month 92 Resources closed the final tranche of a private placement totalling $318,836.
In February Benchmark Mineral Intelligence analyst Simon Moores reported a 47% increase in lithium carbonate prices over last year’s average. As of April he estimates “at least 12 lithium-ion battery megafactories are in the pipeline between now and 2020. These are classified as new or existing plants being planned, constructed or expanded to gigawatt-hour capacity.” Tesla Motors has its Gigafactory “already operational today,” CEO Elon Musk announced at this month’s Model 3 debut.