Green Technology Metals Ltd (ASX:GT1) is in the hunt for an 80% interest in Landore Resources Canada Inc’s Junior Lake Project, which consists of 591 staked mineral claims on 109 square kilometres of tenure right next to GT1's flagship Seymour Project in Ontario, Canada.
The Canada-focused multi-asset lithium business has entered into a binding option agreement with Landore to secure the lithium-hosting project covering about 109 square kilometres of tenure.
Drill-ready LCT targets
These tenements are some 22 kilometres from the company’s flagship Seymour project in Ontario and are host to three drill-ready lithium-caesium-tantalum (LCT) pegmatite prospects that point to the project’s lithium potential.
The LCT targets were confirmed by historical exploration activities on the property and present similar geology to Seymour.
The company thinks Junior Lake offers outstanding potential for it to make new proximal lithium discoveries and strategically grow the resource base for Seymour.
GT1 is now preparing for summer mapping and an initial 1,200-metre drilling program to begin in the third quarter of the year, subject to all the relevant approvals.
Junior Lake location relative to the Seymour Project.
“We are excited to secure the agreement with Landore, adding a sizeable tenement package to our portfolio and look forward to commencing exploration on the Junior Lake Project," GT1 chief executive officer Luke Cox said.
This "offers the company a unique combination of a close proximity location, identified targets through previous regional exploration and early indications of similar geology to our flagship Seymour Project.
“We plan to commence exploration activities imminently at Junior Lake as we look to grow our resource base for greater Seymour and move swiftly into development.”
Project background
The Junior Lake Project, currently 100%-owned by Landore, consists of 33,029 hectares, including 10,856 hectares relating to lithium tenure in the province of Ontario, Canada.
It is 235 kilometres north-northeast of Thunder Bay, 75 kilometres east-northeast from the town of Armstrong and easily accessible via Jackfish Highway which connects the Seymour, Falcon and Junior Lake project areas.
Junior Lake is part of the Caribou Lake-O’Sullivan greenstone belt of the East Wabigoon Subprovince of the Superior Province, a highly prospective Archean greenstone belt known host to multiple known gold and other precious and base metals.
The greenstone belt traverses the Junior Lake Property from east to west for around 31 kilometres and ranges from 0.5 to 1.5 kilometres wide containing all of Landore’s stated mineral resources and prospects including the BAM gold deposit, the Lamaune gold prospect, the B4-7 nickel-copper-cobalt-platinum-palladium-gold deposit and the VW nickel-copper-cobalt deposit.
Past exploration has largely targeted gold and a greater portion of the greenstone belt and Junior Lake project remains underexplored.
The exploration results have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the exploration results in accordance with the JORC Code 2012.
It is possible that following further evaluation and/or exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code 2012.
Proposed exploration program
GT1 plans to undertake a two-phase exploration program at the Junior Lake property commencing in June 2023.
Phase one exploration will initially consist of geological mapping and sampling of the Despard and Swole target areas to identify additional drill targets at the property and will be followed by a phase two maiden 1200-metre diamond drilling program initially focusing on the Despard target area.
The two-phase program is anticipated to be completed by the last quarter of the year.
At the same time, GT1 plans to conduct an exploration program including geological mapping of the North Seymour and Falcon project areas.