Mont Royal Resources (ASX:MRZ) intends to expedite assay of results collected from the current campaign underway at Bohier and Eastmain Léran to delineate to the extent they are spodumene bearing.
The company will also further use data gained from the high-resolution LIDAR aerial imagery and magnetics to define high-quality targets.
Diamond drilling will be utilised on the targets identified from the mapping and geochemical sampling. This program will be led by IOS Services Geoscientifiques technical team.
Today (7 August 2023) the company reports it has received firm commitments to raise $2.209 million via a placement at $0.16 per share to advance the Northern Lights projects in the Upper Eastmain Greenstone Belt located in Quebec, Canada.
The company’s share price had spiked 33.33% to $0.260 as of 3.20pm AWST.
The proceeds from the placement will further strengthen the balance sheet, allowing Mont Royal to advance the dual focused exploration of the Bohier and Eastmain Léran projects by expanding the breadth of its prospecting program.
This may include excavation/trenching to gauge the scale and size of outcropping features highlighted by the recent LIDAR survey; expanded soil and rock chip sampling; and ranking and prioritising drill ready targets in the autumn/fall exploration season.
The proceeds will also enable the company to start a helicopter supported lithium prospecting program across a number of pre-defined pegmatite dyke formations at its Wapatik Project. These target areas have been determined from visible air imagery accompanied by property scale till sampling programs carried out in 2021.
The exploration at Wapatik is due to begin once exploration service providers return to this specific part of the region following the shutdown of activities due to recent wildfires.
Settlement of new shares is expected to occur on 14 August 2023.
Mont Royal Resources is an Australian company incorporated for the purpose of pursuing various mining opportunities in the resources sector, with the aim of building shareholder value by acquiring, exploring, evaluating, and exploiting mineral resource project opportunities.
Mont Royal acquired 75% of Northern Lights Minerals 536km-square tenement package located in the Upper Eastmain Greenstone belt – the projects are located in the emerging James Bay area, a tier-one mining jurisdiction of Quebec, Canada, and are prospective for lithium, precious (gold, silver) and base metals mineralisation (copper, nickel).
The company has a binding JV option agreement with Azimut Exploration (TSXV:AZM), to earn-in up to 70% of the Wapatik Gold-Copper Nickel Project.
Write to Adam Orlando at Mining.com.au
Images: Mont Royal Resources Ltd