Lithium in Canada is considered a critical element because of its use in renewable energy. As it currently stands, lithium is produced in Canada from two mines in Manitoba and Quebec. That being said, other provinces such as Ontario, Quebec, Alberta and Saskatchewan have companies working on projects ranging from early exploration to the pre-production stage.
One of those companies is Imagine Lithium (TSXV:ILI), which is a junior mining exploration company focused on the exploration and development of advanced mineral projects. Notably, Imagine Lithium holds the Jackpot Lithium Property in the Georgia Lake area of Ontario.
In early September, the company announced an initial NI 43-101 compliant lithium mineral resource estimate (MRE) on the Jackpot Property.
Imagine Lithium releases initial mineral resource estimate at Jackpot
In a news release, the initial MRE highlighted:
- Indicated MRE of 3.1 million tons at 0.85 per cent lithium oxide containing 26.2 kilo metric tons of lithium oxide
- Inferred MRE of 5.3 million tons at 0.91 per cent lithium oxide contains 49.5 kilo metric tons of lithium oxide
- The MRE exhibits excellent mineralized continuity through a range of lithium oxide cut-off grades up to 0.5 per cent lithium oxide
- Casino Royale is defined by eight diamond drill holes and remains open in all directions
- Additional nearby targets from previous exploration work provide excellent future Mineral Resource expansion potential
- Metallurgical test work by SGS Canada achieved an overall lithium oxide recovery of up to 81.5 per cent
“The initial MRE gives Imagine an excellent starting point on which to build Mineral Resources in the near future. There are several areas of the Deposit which remain open as well as new pegmatite targets which are untested,” J.C. St-Amour, president of Imagine Lithium, said in a statement. “The unexplored potential on the property gives us momentum to find and build additional lithium mineral resources.”
About the Jackpot Property
Located in the Georgia Lake Area roughly 140 kilometres from Thunder Bay, Ontario, the Jackpot Lithium property is 12 kilometres by road from the TransCanada Highway and is roughly 50 kilometres from Nipigon.
The project is well-serviced by existing infrastructure with access to nearby power sources. Jackpot is also proximal to the Great Lakes and St. Lawrence Seaway giving shipping access to processing plants globally, as well as giga factories planned for Southern Ontario and a possible lithium hydroxide plant contemplated for Thunder Bay or Red Rock.
The project contains NI 43-101 compliant mineral resources that are contained in two pits approximately 500 metres from each other, including the Jackpot deposit and the Casino Royale deposit. The Casino Royale deposit remains open for expansion in all directions.
Imagine Lithium previously reported in May the largest lithium-bearing drill intersection on the property to date at the Jackpot Project.
Drill results supported the company’s exploration model and highlighted the importance of drilling previously untested areas of the property. The company also began a mapping and prospecting program in early May and discovered new spodumene-bearing pegmatite dykes east of the “500 Pegmatite” and southwest of hole JP-24-31.
“The recently discovered Casino Royale Zone has been traced in drilling for 200 m and will be the focus of a fall drill program,” St-Amour said in a statement. “In addition, the discovery of new spodumene-bearing pegmatite southwest of hole JP-24-31 and east of the ‘500 Pegmatite’ supports our exploration model and demonstrates the potential to add lithium resources within our significant land package.”
The investment corner
Lithium exploration and mining in the province of Ontario is growing, and Imagine Lithium is at the forefront of this.
Thanks to the company announcing its MRE and its focus on building on these resources, Imagine Lithium is in a solid position to be a leader in the space.
Now that Imagine Lithium has locked in an initial MRE, investors can expect further exploration news flow in the months and weeks to come as the company continues to its exploration programs at the Jackpot Property.
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