ACME Lithium Inc. (CSE:ACME, OTCQB:ACLHF) told investors it has completed the summer exploration program at its Bailey Lake pegmatite discovery area in northeastern Saskatchewan.
The company said a 3-in-1 airborne geophysical survey consisting of helicopter-borne tri-axial gradiometer magnetics, radiometrics, and LiDAR (light detection and ranging) was completed over a 7,975-hectare area on the Bailey Lake property consisting of 1,166 line kilometers.
The survey was aimed at helping to identify regional structural trends and localized controls of pegmatite bodies along trend of the lithium-mineralization identified in a 2017 surface sampling of the property.
The company used preliminary data from the survey to help guide the subsequent prospecting, with final geophysical data still pending.
In the geological prospecting program, 366 rock samples were collected along trend of historically reported lithium-bearing pegmatite samples. It also gathered mineralogical, alteration, and structural data, where possible, at the sample sites. The samples, which consisted of pegmatites/pegmatitic dykes and local country rock, were submitted to SGS Canada for analysis, with a focus on lithium, tantalum, and cesium.
The company noted that its geologists identified two generations of pegmatite dykes in various outcrops which have not been historically sampled.
Some samples tested by the field crew with a handheld Laser-Induced Breakdown Spectroscopy (LIBS) exhibited lithium values. The geochemical lab results, expected in the fourth quarter of 2023, will be required to verify these values, the company added.
ACME noted that Saskatchewan is a highly prospective region for critical mineral development. The government of Saskatchewan recently announced an expansion to its existing investment and innovation incentive programs to include eligible lithium projects with the aim of becoming one of the best resource development jurisdictions in the world.
Contact the author at stephen.gunnion@proactiveinvestors.com