by Greg Klein | March 1, 2016
The search for energy minerals draws 92 Resources TSXV:NTY to the Northwest Territories with a purchase agreement announced March 1. The object of desire is a 100% interest in Hidden Lake, described as highly prospective for spodumene-bearing lithium pegmatites. The 1,100-hectare property sits about 40 kilometres northeast of Yellowknife, just off Highway 4.
Previous work mapped and sampled the property’s LU#12 pegmatite over an exposure measuring about 10 metres by 300 metres. Historic, non-43-101 results for seven samples from surface trenches ranged between 1.37% and 3.01% lithium oxide. “The very high grades of lithium were attributed to observed concentrations of coarse-grained spodumene,” the company explained.
“Spodumene-bearing pegmatites continue to be an important supply of lithium despite the advent of low-cost production from lithium brine deposits in South America in the mid-1990s,” 92 Resources stated.
“As the demand for lithium is increasing, other pegmatite deposits around the world are gaining attention. In many lithium pegmatite districts, including the Yellowknife district, other rare and specialty metals have been recovered. Tin, beryllium, tantalum and niobium are often associated with spodumene pegmatite deposits.”
With a private placement of up to $300,000 on offer, the company hopes to get on the field as soon as weather allows. Initial work would consist of mapping and sampling the project’s known pegmatites to determine grade, mineralogy and surface dimensions.
The 100% interest would close on completing a series of payments to Zimtu Capital TSXV:ZC and two of its prospecting partners. The price consists of a $5,000 deposit, two million shares on regulatory approval, $50,000 within 30 days of approval, another $35,000 and two million shares a year later, $250,000 of exploration expenditures by September 30, 2016, and another $250,000 of spending by May 31, 2017.
A 2% NSR applies, of which 92 Resources may buy half for $2 million.
As massive expansion takes place in manufacturing facilities for batteries used in power tools, consumer electronics, electric vehicles and energy storage, lithium demand has attracted highly bullish forecasts. Read more.