Blaze Minerals has extended its recently acquired North Spirit Lithium Project in Ontario’s ‘Electric Avenue’ by an additional 2,550 hectares.
With the newly staked claims, the Canadian project comprises 1,827 exploration claims covering a cumulative 36,510 hectares of the emerging lithium region.
The 129 additional claims cover land adjoining the south-western Batholith contact of the Project’s existing tenue and include a highly-prospective localised magnetic low along the Batholith contact approximately 30 km along strike from Frontier Lithium’s world-class 7.2 Mt @ 1.8% Li2O PAK Lithium Project.
Figure 1: Map detailing the newly acquired tenure
The announcement comes just under two weeks after Blaze entered into a Heads of Agreement with Exiro Minerals Corporation to acquire the Project which saw the explorers ASX listed share price skyrocket 130 per cent.
Alongside the announcement of the expansion, the Company also revealed that due diligence activities in regard to the acquisition are well advanced and on schedule, with field activities currently being planned and expected to kick off next quarter.
Initial exploration activities will focus on 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.
Exiro’s experienced management team will assume in-country exploration management of the Project due to its advanced and positive relationship with Indigenous committees and experience in the region, having built up the claims that comprise the promising project over two years.
The explorer’s entrance to Canada’s emerging lithium scene is well-timed, with the battery metal posting a month-on-month price increase of 67.61% as it defied dropoff speculation.
BLZ’s Australian Stock Exchange-listed share price has risen 9.99 per cent today, currently selling at 2.2c (1:00 pm UTC+ 8 hours).