Megado Minerals (ASX:MEG) has uncovered more than 400 potential lithium-bearing pegmatite targets following completion of an analysis of hyperspectral imagery within its Cyclone Lithium Project in Quebec, Canada.
The company reports the pegmatite targets are interpreted to cluster within 9 distinct zones, a number of which are close to existing roads, which is described as ‘critical’ for the potential to build on ‘significant’ tonnage of possible mineralised rock.
Additionally, these clusters range in size but are reported to be generally over 4km in length, with individual targets in the order of 10s to 100s of metres in length. A number of these clusters are present within proximity to main road access into the Cyclone area.
Megado notes that Terra Resources undertook the detailed interpretation, and was aided by the correlation of historically identified pegmatite occurrences and known lithium spectral bands to provide the most ‘robust’ results.
Commenting on the discovery, Megado Minerals Chief Executive Officer (CEO) and Managing Director, Ben Pearson says: “The outcomes of this survey work has exceeded our expectations. To identify 400+ potential lithium bearing pegmatite outcrops in nine distinct areas, shows that our underlying thesis regarding the prospectivity for lithium at Cyclone Project is sound.
“The potential for a discovery within the area is now significantly more favourable”
This is a belt that has not previously been explored for lithium. The potential for a discovery within the area is now significantly more favourable, especially given the success of our peers in similar greenstone belts. We are excited to follow up this work with a systematic program of ground truthing during the upcoming summer field season.”
The company also notes ground truthing hyperspectral targets remains the number one priority for its planned upcoming field season in preparation for drilling.
Meanwhile, Megado says there is also ‘significant’ potential for massive nickel sulphides and orogenic style gold deposits in addition to lithium within the belt.
With the detailed interpretation of hyperspectral imagery now complete, Megado Minerals announces another remote sensing program is now underway, utilising high resolution satellite imagery and detailed topography to perform a structural analysis of the Cyclone Project.
It is reported this work is being undertaken to provide an additional data layer to aid initial field work and drill targeting, as well as to identify areas of possible pegmatite mineralisation that may be under cover. Results are expected to be announced once completed.
The company also reports logistics planning is ongoing, with drilling anticipated later in the season once the snow has cleared.
Megado Minerals is an ASX-listed exploration company with assets situated in Idaho within the US, as well as within the James Bay region of Quebec, Canada. The company’s Cyclone project is centred on the Aquilon Greenstone Belt and encompasses a total land area of 130km-square within 304 claims.
The project was acquired by Megado in February 2023 and does not carry any restrictions relating to mining or exploration according to the James Bay Agreement. It is easily accessible year-round via the Trans Taiga Road.
Images: Megado Minerals Ltd
