- The Success and the Success West residential or commercial properties (together the “Success Task”) lie 40 km east of Kenora and 70 km west of Dryden in Ontario with outstanding close-by facilities and are quickly available through the Trans Canada Highway and logging roadways.
- The 2 big spodumene bearing pegmatites found at the Success Task are determined over 40 to 50 meters in width and each have actually been traced over 200 to 300 meters along strike on surface area.
- Spodumene mineralization has actually been aesthetically observed to cover to 50% of the pegmatites in particular locations.
- A 6 km long structural passage on the Success Task supports the capacity of finding more of comparable sized spodumene pegmatites along the sedimentary contact that runs subparallel to the local subprovince border.
- Beyond Lithium will perform a comprehensive mapping and tasting program at the 2 spodumene pegmatites on the Success Task in the next 2 weeks and will request a removing and trenching authorization and a drilling authorization with Ontario’s Ministry of Mines.
- The Success Task lies within 100 km of Beyond Lithium‘s Ear Falls Task, where the Business just recently found spodumene-bearing pegmatites with grab samples returning as much as 4.54% Li2O (see news release outdated September 17, 2023, https://beyondlithium.ca/retransmission-beyond-lithium-discovers-new-spodumene-bearing-pegmatite-zone-at-ear-falls-project-in-northwest-ontario).
- Beyond Lithium now has 2 tasks with freshly found spodumene discoveries, the Success Task, and the Ear Falls Task, together with 8 other extremely potential properties situated within 100 km of 3 regionally substantial lithium deposits.
Beyond Lithium Inc. ( CSE: BY) (OTCQB: BYDMF) (the “Business” or “ Beyond Lithium“) is delighted to reveal that it has actually participated in an alternative contract with Bounty Gold Corp. (” Bounty Gold”) and Last Option Resources Ltd. (” Last Option”) to obtain 100% of the Success Task (7,873 ha) and the Success West Task (8,808 ha) (together the “Success Task”) located in the Dryden-Ear Falls area of Ontario. The Success Task lies simply 40 km east of Kenora and 70 km west of Dryden with outstanding close-by facilities consisting of:
- Pacific Train (CP Rail) and network along the southern claim borders of the Success Task
- Gain Access To by means of Trans-Canada Highway and Highway 17 that link to Kenora and Thunder Bay
- 20-minute commute time from the nearby town of Vermilion Bay
- Power line along Highway 17
In March 2023, Beyond Lithium participated in an alternative contract with Bounty Gold and Last Option for 57 tasks. As part of that contract, Beyond Lithium was approved a right-of-first rejection on future tasks staked by Bounty Gold and Last hope which generated today’s brand-new alternative contract.
District Scale
The Success Task with its 2 brand-new spodumene discoveries lies within 100 km of the Ear Falls Task (20,623 ha), where the Business just recently revealed top-quality grab samples as much as 4.54% Li2O in a recently found spodumene-bearing pegmatite zone (see news release outdated September 17, 2023, https://beyondlithium.ca/retransmission-beyond-lithium-discovers-new-spodumene-bearing-pegmatite-zone-at-ear-falls-project-in-northwest-ontario ).
In addition to the Success Task and the Ear Falls Task, Beyond Lithium continues to advance 8 other tasks (Satellite, Laval, Gullwing-tot, Webb East, Webb West, Temple Bay, Ogani Lake, and McKenzie Bay) situated within 100 km of 3 regionally substantial lithium deposits (Figure 1):
- The Mavis Lake Lithium deposit owned by Crucial Resources Ltd. with 8 Mt at 1.07% Li2O1
- The Separation Rapids Lithium deposit owned by Avalon Advanced Products with a PEA of the pre-tax NPV (8% discount rate) determined at C$ 156 million and the IRR at 27.1% 2
- The Root and McComb Lithium deposit owned by Green Technologies Metals with 22.5 Mt at 1.14% Li2O3
Figure 1 Regional map revealing area of Beyond Lithium tasks relative to other substantial close-by deposits.
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Beyond Lithium, in collaboration with its group of prominent prospectors, now has actually produced 2 substantial spodumene discoveries that it manages 100%. With the freshly optioned ground, Beyond Lithium has a district-scale grip (68,307 ha) in the Dryden-Ear Falls area which is becoming a significant lithium center with a beneficial geological setting for lithium, cesium, tantalum (” LCT”) pegmatites.
Allan Frame, President and CEO of Beyond Lithium, commented “In less than 6 months, Beyond Lithium has actually grown from a greenfield lithium expedition business to having a 100% interest in 2 substantial spodumene discoveries plus the crucial discovery of the Allen Graeme LCT pegmatite invasive stock in the Georgia Lake location. Expedition work is continuous at numerous other residential or commercial properties, and we are expecting continued success as more outcomes get received and examined.”
He included: “The spodumene discovery revealed today was made by Jason Leblanc, Jace Angell and Kyle Brand name, respectively with Bounty Gold, and Last Option. Bounty Gold and Last hope are big investors of our business as an outcome of the alternative offer we revealed on March 31, 2023 when we optioned their lithium expedition portfolio in Ontario. We are delighted to see them increase their equity interest in our business.
Jason Leblanc, President of Bounty Gold, commented: “Back in March when we participated in our very first alternative contract with Beyond Lithium, I specified that Beyond Lithium‘s method of concentrating on high quality properties for which substantial geological information is readily available lined up completely with our staking method and it was the best business to now advance these tasks forward and provide expedition success. This most recent spodumene discovery, together with that made previously in the year on the Ear Falls Task, show the group’s capability to produce expedition success. We highly think the 2 brand-new spodumene discoveries made this season are simply the suggestion of the iceberg, which more will follow in 2024 and beyond. Last but not least, suggestion of the hat to prospector Kyle Brand name of Last Option Resources who made the preliminary spodumene discovery at the Success Task.”
Bounty Gold President and Beyond tactical partner conversation the most current discovery at Success Task: https://youtube.com/shorts/UP17yh0NVWw
” This crucial discovery is a testimony to the synergy in between careful research study and identified expedition. It strengthens our belief that there are more discoveries out there to be made, following a tested design that continues to yield success,” stated Jace Angell, President of Last Option.
Mr. Frame concluded: “ Beyond Lithium now has fresh crucial discoveries throughout 3 lithium expedition tasks in Ontario, the Ear Falls, the Success, and the Cosgrave Lake Projects, together with numerous other extremely potential tasks which our company believe might flourish. We will continue with our 2023 expedition project till the weather condition allows and prepare for constant news circulation over the next couple of months as we get more arise from Ear Falls, Cosgrave Lake, Success, and other tasks.”
Lawrence Tsang, VP Expedition of Beyond Lithium, commented: “It is extremely interesting to have 2 big spodumene pegmatites found on the Success Task. More significantly, they were both found along a 6 km long structural passage, from the spodumene pegmatites found in the western level to the other spodumene pegmatite found in the eastern level, supporting the capacity of discovering more of comparable sized spodumene bearing pegmatites along the exact same pattern. Likewise, broader dykes typically have much better strike and dip connections which would make expedition and drilling more uncomplicated and possibly be quicker to develop the emergency for advanced programs.”
Beyond Lithium Senior Geologist Graeme Evans talks about the spodumene bearing pegmatite discovery at Success Task: https://youtube.com/shorts/f5nDyYFRBU4?feature=share
Figure 2 Claim Maps of the Success and the Success West Projects with the Place of the Spodumene Pegmatites.
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Figure 3 Comprehensive Map of the Spodumene and Beryl Locations in Association of Mapped Pegmatites from the Bounty Gold and Last Option Prospecting Program.
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Figure 4 Spodumene Crystal at One of the Spodumene Bearing Pegmatites.
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Figure 5 Alain Lambert, Cofounder and Capital Market Consultant of Beyond Lithium, Checked Out the Spodumene Pegmatite at the Success Task.
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Task Geology
The Success Task is located along the subprovince border of the Winnipeg River and Wabigoon subprovinces in the Medication Lake location. This location was initially found in 1949 by E. Sobiski as a beryl-beryllium possibility followed by the delineation of the Medication Lake Pluton by Pryslak in 1976 (Breaks 2003). The Medication Lake Pluton has to do with 0.5 by 1.5 km in size as a fertile pluton based upon the extremely fractionated potassium feldspar samples evaluated by Breaks and Tindle in 1997 (Breaks 2003). The primary host rocks in the 2 tasks specified by Ontario Geological Study mapping are metasediments and metavolcanics with granitic invasions in the surrounding.
The 2 freshly found pegmatites are primarily made up of spodumene, quartz, feldspar, spotty tourmaline, and beryl with regional spodumene mineralization as much as 50% (Figures 4 and 5). The 2 pegmatites were found along a 6 km long contact structure in between the contact of metasediments and the metavolcanics, showed in Figures 2 and 3. This contact structure likewise runs subparallel to the local pattern of the subprovince border in between the Winnipeg River and the Wabigoon subprovinces that extends for over 50 km in range; this local subprovince border functions as the perfect permeable structure for the development of pegmatite dykes. These 2 pegmatites vary from 40 to 50 meters in width and have actually been traced along strike for over 200 to 300 meters on surface area. Figures 6 and 7 listed below are drone pictures of the 2 spodumene pegmatites discoveries situated in the eastern and the western levels of the potential contact structure at the Success Task which are plainly laid out by the topographic high and direct functions that extend for over 200 to 300 meters on surface area.
Based Upon Ontario Geological Study’s geological maps (M2302 and M2303), 140 mapped pegmatites were formerly recognized at the Success Task. Up until now, Beyond Lithium has just prospected a little part of them and 2 spodumene bearing pegmatites have actually currently been found. Beyond Lithium will perform a comprehensive mapping and tasting program at the 2 spodumene pegmatites and a prospecting program in the western extension at the Success Task in the next 2 weeks. Likewise, Beyond Lithium will request a removing and trenching authorization to more expose the 2 spodumene-bearing pegmatites and to identify the orientation and the density of the pegmatite dykes and a drilling authorization to drill test the spodumene system at the Success Task.
Figure 6 Drone Picture Of the Spodumene Pegmatite Discovered in the Eastern Level Along the Potential Zone of the Success Task.
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Figure 7 Drone Picture Of the Spodumene Pegmatite Discovered in the Western Level Along the Potential Zone of the Success Task.
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Regards To the Alternative Arrangement
The deal revealed today was finished pursuant to the terms of an alternative contract (the “Alternative Arrangement”) participated in by the Business, as optionee, with each of Bounty Gold Corp. and Last Option Resources Ltd., as optionors, where Beyond Lithium will obtain a 100% interest in the Success Task. Pursuant to the Alternative Arrangement, the Business will make money payments to the optionors amounting to $2,250,000 and problem to the optionors an aggregate of as much as 6,875,000 typical shares in the capital of the Business (the “Shares”) as follows:
- within 5 organization days of the date of the Alternative Arrangement, providing 1,168,750 Shares;
- on or before December 31, 2023 by paying $382,500;
- on or before the very first anniversary of the date of the Alternative Arrangement, by paying $495,000 and providing 1,512,500 Shares;
- on or before the 2nd anniversary of the date of the Alternative Arrangement, by paying $630,000 and providing 1,925,000 Shares; and
- on or before the 3rd anniversary of the date of the Alternative Arrangement, by paying $742,500 and providing 2,268,750 Shares.
Upon obtaining a 100% interest in the Success Task, the Business will approve the optionors a 2.0% net smelter return royalty on such job. In addition, the Business will pay the Optionors a $1 million turning point payment for a preliminary mineral resource price quote submitted by the Business in regard of a deposit consisting of the Success Task that reveals a deposit or orebody surpassing 5 million metric tonnes with a typical grade equivalent to 1.0% Li2O or higher and a $2 million turning point payment for a mineral resource price quote submitted by the Business in regard of a deposit consisting of the Success Task that reveals a deposit or orebody surpassing 20 million metric tonnes with a typical grade equivalent to 1.0% Li2O.
Sources
- Crucial Resources Limited, Mavis Lake. https://www.criticalresources.com.au/our-projects/mavis-lake-lithium-project/
- Avalon Advanced Products, Separation Rapids. https://www.avalonadvancedmaterials.com/projects/separation_rapids/
- Green Innovation Metals, Root/McComb. https://www.greentm.com.au/root-project
- Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and associated rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Witch Hunt; Ontario Geological Study, Open File Report 6099, 179p.
Certified Individual and Third-Party Data
The clinical and technical details in this press release has actually been examined and authorized by Lawrence Tsang, P.Geo., VP Expedition of the Business. Lawrence Tsang is a “certified individual” as specified in National Instrument 43-101 – Standards of Disclosure for Mineral Projects
About Beyond Lithium Inc.
Beyond Lithium Inc. is the biggest greenfield lithium expedition gamer in Ontario with 63 high prospective greenfield lithium residential or commercial properties amounting to over 195,000 hectares. The Business has actually embraced the job generator organization design to take full advantage of funds readily available for expedition tasks, while lessening investor dilution. Beyond Lithium is advancing particular of its tasks with its expedition group and will look for to alternative other residential or commercial properties to joint endeavor partners. Partnering on numerous tasks will supply a source of non-dilutive operating capital, partner-funded expedition, and long-lasting recurring direct exposure to expedition success.
Beyond Lithium presently has 29,032,399 typical shares exceptional.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube
To learn more, please describe the Business’s site at www.beyondLithium.ca
CAUTIONARY DECLARATION REGARDING FORWARD-LOOKING DETAILS: This press release consists of particular “positive details” within the significance of relevant Canadian securities legislation. All declarations, aside from declarations of historic reality, consisted of herein consisting of, without restriction, declarations relating to future capital investment, prepared for material, start, and expense of expedition programs in regard of the Business’s tasks and mineral residential or commercial properties, prepared for expedition program arises from expedition activities, resources and/or reserves on the Business’s tasks and mineral residential or commercial properties, and the awaited organization strategies and timing of future activities of the Business, are positive details. Although the Business thinks that such declarations are sensible, it can provide no guarantee that such expectations will show to be appropriate. Frequently, however not constantly, positive details can be recognized by words such as “pro forma”, “strategies”, “anticipates”, “will”, “might”, “must”, “spending plan”, “set up”, “price quotes”, “projections”, “means”, “expects”, “thinks”, “prospective” or variations of such words consisting of unfavorable variations thereof, and expressions that describe particular actions, occasions or outcomes that may, could, would, may or will take place or be taken or attained. In specifying the positive details in this press release, the Business has actually used numerous product presumptions, consisting of without restriction, that market basics will lead to continual valuable and base metals need and rates, the invoice of any essential licenses, licenses and regulative approvals in connection with the future expedition of the Business’s residential or commercial properties, the accessibility of funding on ideal terms, and the Business’s capability to adhere to ecological, health and wellness laws.
Positive details includes recognized and unidentified threats, unpredictabilities and other aspects which might trigger the real outcomes, efficiency or accomplishments of the Business to vary materially from any future outcomes, efficiency or accomplishments revealed or indicated by the declarations of positive details. Such threats and other aspects consist of, to name a few, declarations regarding the awaited organization strategies and timing of future activities of the Business, the proposed expenses for expedition deal with its residential or commercial properties, the capability of the Business to acquire enough funding to money its organization activities and strategies, hold-ups in getting governmental and regulative approvals (including of the Canadian Securities Exchange), allows or funding, modifications in laws, policies and policies impacting mining operations, threats connecting to upsurges or pandemics such as COVID-19, the Business’s minimal operating history, currency variations, title conflicts or claims, ecological problems and liabilities, in addition to those aspects gone over under the heading “Threat Elements” in the Business’s prospectus dated February 23, 2022 and other filings of the Business with the Canadian securities regulative authorities, copies of which can be discovered under the Business’s profile on the SEDAR site at www.sedarplus.ca
Readers are warned not to position unnecessary dependence on positive details. The Business carries out no commitment to upgrade any of the positive details in this press release other than as otherwise needed by law.
For more details, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: [email protected]
Jason Frame
Supervisor of Communications
Tel: 587-225-2599
Email: [email protected]
To see the source variation of this news release, please see https://www.newsfilecorp.com/release/183463