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Narryer Secure Canadian Lithium

17 July 2023 10:20
ASX: NYM
Power Metal Farms Into Lithium Rich Canada

Narryer Metals is looking to tap into Canada’s growing lithium pedigree, with the ASX-listed explorer having secured a portfolio of lithium-focused, granted mining claims covering a total of 124 square kilometres of the country’s emerging Archaean Superior Province.

Prospective Projects

The new tenure comprises five prospective projects across Canada’s James Bay, Abitibi and NW Ontario regions, many of which already host identified pegmatites and all of which are located near existing developing projects.

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Figure 1: Project locations around the James Bay and Abitibi regions, with surrounding lithium projects being developed.

The Pontax East, Le Moyne and Walrus Island Projects are all located on the James Bay region’s prospective Archean granite-greenstones, which hosts a number of big-name lithium projects such as Patriot Battery Metals Corvette Project and Allkem’s James Bay Project, which gives the region a combined lithium oxide resource exceeding 100 Mt.

Covering 77 square kilometres, Pontax East is easily the largest of Narryer’s new holdings, with the Project also hosting potentially the largest potential for lithium with satellite imaging identifying approximately 20km of potential pegmatite strike in granite greenstones to explore.

Compounding the potential of this extensive strike is the Project’s proximity to Cygnus Metal’s Pontax Project which sits just 5km Southeast and has returned significant lithium intersections grading up to 2.6% Li2O.

Also of particular interest in the James Bay region is the Walrus Island Project which has already been identified as hosting outcropping spodumene-hosted in pegmatites.

The Eades Project meanwhile is perched on the Abitibi granite-greenstone belt of Ontario’s Kirkland Lake region, sitting an estimated 200km west of Sayona Mining’s currently in production Abitibi lithium hub which boasts a massive 75 Mt of combined resource.

Eades is geologically similar to the Case Li-Cs Project held by Power Metal Corp, located 15km northwest of Eades and has returned high-grade Cesium results in up to 14.70 % Cs2O.

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Figure 2: Hailstone Project location in Northwest Ontario, with surrounding lithium projects being developed.

The final new project is the Hailstone Project in Northwest Ontario’s Red Lake Mining District, which hosts an estimated 12km of pegmatite strike prime for exploration and is located near Green Technology Metals’ 14.4 Mt @ 1.03 % Li20 Root Lithium Project.

Getting To Work

The Company has already identified a number of prospective dykes across its new tenure for immediate sampling, with initial field-based exploration targeting outcropping pegmatites in proximity to known lithium mineralisation set to kick off next month.

Initial work will comprise data compilation, geological interpretation, and target generation to be followed up on in the fieldwork in the coming months, with the identification of mineralisation then dictating future work in the form of channel sampling or drilling.

Looking Ahead

With the acquisition completed, Narryer has joined a number of new international players looking to crack into Canada’s emerging lithium industry, with explorers including Power Metal Resources, First Class Metals, Sultan Resources and Blaze Minerals all staking claims in Canada.

Companies internationally have been drawn to the country’s battery metal bounty and look to be well supported in their exploration efforts, with the Canadian government moving to invest CAD$3.7 billion dollars to the development of strategic projects in mining, processing, manufacturing and waste reduction of critical minerals.

The Company said its new holdings in Canada will complement its current holdings in Australia, with the Company planning to commence a drilling program for its Rocky Gully REE Project in tandem with the commencement of fieldwork in Canada.

“The Superior Province, Canada was historically underexplored for lithium pegmatite mineralisation but has now become a Tier 1 jurisdiction. This is particularly evident in the James Bay, Abitibi and NW Ontario regions, where there have been several discoveries in the past 2 years,” Managing Director Dr Gavin England said.

“The area has also been recognised by the majors, with Rio Tinto committed to exploring in the James Bay area, with a CAD$ 65 million option agreement to explore on the ground of Midland Exploration3 (TSX-V: MD) plus a recent second deal consisting of cash/expenditure with a value of up to CAD$115.7 million for ground held by Azimut Exploration4 (TSX-V:AZM).”

“The new projects of Narryer are also close to a fast-developing battery industry in North America and geopolitically safe jurisdiction in Canada. Work will now begin on targeting some of the intrusives identified in the early work and begin targeting areas for initial fieldwork in the coming month.”

Investors are obviously taking note of Narryers new projects, with the explorer’s share price surging 33 per cent on the back of the announcement to trade at 16c (10:06 UTC + 8 hours).

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