Blaze Minerals expands its gold and nickel portfolio to include lithium with the acquisition of the North Spirit Lithium Project in Ontario’s ‘Electric Avenue’.
Capturing Canadian Lithium
The explorer entered into a Heads of Agreement with previous owner Exiro Minerals to acquire 100 per cent of the promising project, which comprises 1,698 claims for approximately 340 square kilometres of lithium prospective land sitting just 30 kilometres along strike of Frontier Lithium’s world class PAK and Spark Lithium Project, where it recently reported an intercept of 398m @ 1.88% Li2O.
This development aligns with a similar strategic move by Sultan Resources, who recently finalised the acquisition of two highly prospective lithium projects in the region.
Figure 1: Map of Blaze’s new claims and the surrounding area
Pak and Spark have already reported resources of 7.2 Mt @ 1.8% Li2O and 18.8 Mt @ 1.5% Li2O respectively, with Frontier now working towards a production scenario, highlighting the potential of the region and Blaze’s new holdings.
The claims that comprise the holdings were built up over two years by Exiro Minerals with the intent of following up on historic work completed by the Ontario Geological Survey in 2007 which results in the collection of 341 samples from the North Spirit Greenstone Belt, the southern portion of which is now completely covered by the Project.
Hitting the Ground Running
With the claims now secured, Blaze will waste no time getting to work uncovering the Project’s lithium potential, with Exiro’s experienced management assuming in-country exploration management of the Project due to its advanced and positive relationship with Indigenous committees and experience in the region.
Initial exploration will target two mica granite pegmatites that were uncovered by an Ontario Geological Survey mapping program and show favourable comparisons to the 2001 results of the PAK deposit, with the Company planning a series of mapping and sampling activities for the Project in the upcoming field season.
The Company said that the Project is strategically located in the red lake region and boasts favourable access and infrastructure, including the Wataynikaneyap Power Project and Bear Skin Commercial Airport.
We are delighted to have acquired a substantial land holding in the highly prospective “Electric Avenue” in Ontario and look forward to the execution of our northern hemisphere summer exploration program with our partners at Exiro,” Corporate Director Matthew Walker said.
BLZ’s Australian Stock Exchange-listed share price has soared 130 per cent today, currently selling at 2.3c (11:50 am UTC+ 8 hours).