Battery metals explorer Loyal Lithium (ASX:LLI) is looking to enhance an ongoing field program following the discovery of multiple spodumene-bearing pegmatite dykes at its Trieste Lithium Project in James Bay, Canada.
The company, which has a $38.58 million market capitalisation, says these 5 pegmatites represent a ‘significant breakthrough’ in its ongoing fieldwork and each consists of a series of outcrops.
Loyal Lithium reports these pegmatites have been uncovered within a 6km-square area to the south of the Trieste Greenstone Belt, which is situated in a metasediment host.
The company notes this discovery marks the first occurrence along the belt outside of the known spodumene-bearing pegmatites of Winsome Resources’ (ASX:WR1) Adina-Jamar discovery, which is located only 14km to the west.
As a result, Loyal Lithium will now prepare for an upcoming drilling campaign, with its existing in-field team from Dahrouge Geological Consulting (DGC) increasing to 19 field crew.
The company notes the current field program will also be enhanced to include additional tasks such as channel sampling, light detection and ranging (LiDAR) surveys, and high-resolution geophysics.
Speaking on the Canadian discovery, Loyal Lithium Managing Director Adam Ritchie says: “These discoveries are a true credit to the Loyal Lithium team and partners. We are passionate about lithium and on a mission to play a part in the North American Lithium supply chain.
“We are passionate about lithium and on a mission to play a part in the North American Lithium supply chain”
Although still very early, we are excited by the potential of this fertile area south of the Trieste greenstone. The discovery of five spodumene-rich dykes gives us great confidence as we accelerate our exploration activities and prepare for drilling.”
This discovery comes less than a week after it was reported that a new ‘significant’ lithium basin was unearthed at the company’s Scotty Lithium Project in Nevada, US, as announced by Loyal Lithium last week (11 August 2023).
Loyal Lithium stated this new basin demonstrated an average grade of 1,120 parts per million (ppm) lithium at a 700ppm cut-off grade and returned a peak lithium value of 4,007ppm.
Loyal Lithium is an ASX-listed battery metal and technology company with a portfolio of projects in ‘tier one’ North American mining jurisdictions in the Northwest Territories of Canada, the James Bay Lithium District in Quebec, and Nevada, US.
The company’s wholly owned Trieste project is located about 14km east of Winsome Resources’ Adina project and represents a ‘large-scale’ lithium project that has recorded a ‘significant’ lithium mineralised intercept of 1.34% over 107.6m.
Loyal Lithium had $3.752 million cash at hand as of 30 June 2023, excluding the $1.5 million raised under a re-compliance prospectus, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Loyal Lithium Ltd
