by Greg Klein | July 26, 2016
A company already exploring for lithium in the Northwest Territories, 92 Resources TSXV:NTY announced its acquisition of a Quebec prospect on July 26. The 5,536-hectare Pontax property in the James Bay region has undergone little exploration so far. Yet historic satellite imagery has shown pegmatite outcrops and indicated other potential pegmatite occurrences.
A 1999 government mapping program identified tourmaline-bearing pegmatite outcrops on the property’s northern area, about one kilometre from a spodumene- and tourmaline-bearing pegmatite outcrop.
The company plans to review historic data prior to mapping and sampling known pegmatite occurrences.
The purchase agreement calls for three million shares and $50,000 over one year. The vendor gets a 3% NSR, of which 92 Resources may buy a third.
In June the company announced a field program at Hidden Lake, an NWT project where recent sampling assayed as high as 3.06% Li2O.
Also last month the company raised $862,820 from exercised warrants that followed an April private placement of $318,836.