Loyal Lithium (ASX: LLI) ‘s ASX-listed share price has skyrocketed 71.87 per cent today to trade at 55c (UTC+ 8 hours) on the back of the Company commencing exploration at its recently acquired Hidden Lake high-grade lithium project in Canada’s northwest territories.
The now-underway campaign will target 315 yet untested pegmatite outcrops identified through a recently acquired set of high-resolution satellite images, with an extensive field mapping and sample program planned for these numerous pegmatites to be undertaken by Dahrouge Geological Consulting.
The newly identified pegmatite bodies are in addition to the four spodumene-bearing pegmatite dykes that the Project is already known to host, remaining open along strike and at depth bearing a cumulative strike length of 2,250m, with previous drilling showing intersections up to 81% Li2O.
In addition to the comprehensive groundwork program, Airborne, Lidar, High-Resolution Aeromagnetic/Radiometric and Orthophoto surveys are also planned across the 2,500-hectare Project, with these surveys aimed at identifying additional drilling targets ahead of the Project’s upcoming 3,300-metre drilling campaign.
Drilling Hidden Lake Lithium
While the now underway exploration program will focus on the 315 untested pegmatites, the upcoming drilling campaign will focus on uncovering extensions of the known spodumene-rich pegmatites with a particular focus on intersecting these pegmatites near the surface above 150m depth.
Drilling will still test potential deep extensions of pegmatites however to allow the explorer to interpret the potential size of these pegmatite bodies, with the Project’s previous owners only drilling to a maximum depth of 50 metres despite all holes intercepting high-grade spodumene.
Due to these high-grade returns and relatively limited drilling, the Company believes the Project for the upcoming drilling campaign has considerable potential to extend known lithium mineralisation both at depth and along strike.
The commencement of exploration represents an extremely fast turnaround on the Project as the LLI only took an interest in the Project in April, entering into a joint venture with ASX-listed lithium exploration Patriot Battery Metals (ASX:PMT) in what the Company described at the time as a “Transformational Acquisition”.
Hidden Lake has become the foundation of Loyal’s new corporate strategy to develop into a major player in North America’s growing Battery Metal industry, with Hidden Lakes’ lithium potential being further supplemented by the Company’s Triese, Brisk and Scotty lithium projects.
Particularly of interest is that Triese and Brisk sit within Quebec’s prolific James Bay lithium district, the same region where the explorer’s Hidden Lake JV partner Patriot recently delivered the largest lithium pegmatite resource in the Americas with its Corvette hosting a massive 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred resource.
The Company said that the commencement of exploration at Hidden Lake represents its first step in the transition from junior gold explorer to emerging lithium explorer.
“With the first phase of our exploration program now underway, we can immediately see the potential of this underexplored project. The impressive historical metallurgical results are likely a product of the metasediment geological setting, with simple mineralogy resulting in large spodumene crystals throughout the pegmatites,” Managing Director Adam Richie said.