by Greg Klein | August 30, 2016
While waiting for assays from the property’s LU #12 pegmatite dyke, channel sampling continues on 92 Resources’ (TSXV:NTY) Hidden Lake lithium project in the Northwest Territories, the company announced August 30. LU #12 took priority in the Phase II program, having previously given up seven samples ranging between 1.27% and 3.01% Li2O within a 10- by 300-metre area. A crew from Dahrouge Geological Consulting took another 85 samples from 15 channels on the dyke this summer.
Attention has now turned to three nearby pegmatites observed to have appreciable amounts of spodumene, 92 Resources stated. Channel sampling now underway will test the pegmatites for lithium.
The 1,657-hectare Hidden Lake project sits 40 kilometres northeast of Yellowknife, just off Highway 4.
Last month 92 Resources announced its acquisition of the 5,536-hectare Pontax property in Quebec’s James Bay region. Historic satellite imagery and a 1999 government mapping program have shown pegmatite outcrops on the property.
The company raised $318,836 from a private placement in April, followed by $862,820 from exercised warrants in June.