Fin Resources (ASX:FIN) is laying the foundations for a Q1 2024 drilling program at its White Bear lithium discovery after posting ‘exceptionally high-grade’ lithium results from rock chip samples.
White Bear is part of Fin’s Cancet West Project in Quebec, Canada.
The $20.12 million market capitalisation company says the rock chip results confirm ‘high-grade’ values of up to 6.85% Li2O and 6.5% Li2O and demonstrate a ‘strong’ relationship between anomalous lithium and potassium/rubidium ratios.
Fin reports that the results demonstrate additional ‘strong’ caesium values and low niobium/tantalum ratios, which are considered ‘highly encouraging’ as they can be associated with ‘significant’ lithium deposits at depth.
The company notes the results and field observations, in conjunction with evidence from a recently completed follow-up fieldwork program, confirm there is ‘significant’ potential for a ‘highly fertile’, fractionated, and evolved lithium system at White Bear.
Further, Fin says the results reinforce the validity of its exploration model, the methods used, and the potential for further lithium mineralisation to be defined.
Assays from 28 channel samples and 10 rock chip samples gathered from Cancet West are expected before the end of November, and Fin plans to submit an initial drilling proposal in the coming week to Hydro Quebec and the Quebec Ministry of Natural Resources.
Fin Resources Director Jason Bontempto says: “The confirmation that we now have a high-grade, highly evolved and fractionated system at the new spodumene-rich White Bear discovery is significant, and we are now working extremely hard towards drill testing this exciting target during Q1 2024.”
The company’s Cancet West Project sits about 45km west of Winsome Resources’ (ASX:WR1) Cancet lithium deposit and 100km west of Patriot Battery Metals’ (ASX:PMT) Corvette lithium deposit.
As of 30 September 2023, Fin Resources had $1.983 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Fin Resources
