Ross Lake Lithium Project

The Ross Lake Lithium Project is a single claim situated approximately 70 kilometres east-northeast of Yellowknife and 25 kilometres away from the Hidden Lake Lithium Project (Loyal Lithium ASX:LLI). The claim is surrounded by the South Slave/North Slave Land withdrawal with one live claim to the north covering the now closed Peg Tantalum Mine which operated in the 1940’s (Figure 1).

The Ross Lake Lithium Project area was first examined between 1944 and 1955 by the Geological Survey of Canada (GSC) who carried out an extensive study of the zoning of pegmatites in the region around the Ross Lake Lithium Project as depicted in Figure 1.  The study confirmed distinct zones of mineralisation related to the Redout Granite which is to the southeast of the project with the claim itself lying over the zones noted to contain lithium + niobium +/- tantalum and beryl + niobium +/- tantalum and contains over 100 mapped pegmatites.  This affirms the prospectivity of the project.

Importantly, spodumene has been documented in a significant pegmatite within the project, ‘Dyke #No. 75’ (Figure 2) is mapped for over 150m of strike with extensions of the pegmatite prospective along strike.  It contains spodumene perthite + quartz +/- plagioclase +/- muscovite in its core which is around 10m wide at surface.  This is a walk-up drill target both directly targeting the spodumene zone at depth and along strike.  It is expected that drilling will commence in early 2024.

First phase field work, to commence around the end of September 2023, will focus on extensions of the known spodumene bearing pegmatite as well as drone assisted detailed outcrop mapping, geochemical sampling, and channelling across the entirety of the claim.  This work is envisaged to develop additional drill targets for drilling during in the early 2024 campaign.  The western part of the claim, which potentially is in the best geological location for mineralisation, is under a shallow lake and will be tested directly by drilling as part of the above-mentioned program.

Given the number of pegmatites, the presence of spodumene and favourable indicator mineralogy, there is potential for mineralisation across the property and at depth.