Leeuwin Metals Ltd (ASX:LM1) continues to deliver promising indications of a large-scale mineralised system at its 100%-owned Cross Lake Lithium Project in Manitoba, Canada, through further high-grade lithium assays from a historical resampling program.
Results from the remaining three of nine historical drill cores assayed showed continuity of significant widths and grades of lithium mineralisation over a 6-kilometre strike, which is open in all directions.
Cross Lake has seen limited drilling in the past.
The latest key intersections from shallow depths include:
- XL-17 - 24.96 metres at 1.09% Li2O from 6 metres; 2.68 metres at 1.12% from 65 metres; 1.54 metres at 1.13% from 70.71 metres; 9.79 metres at 1.18% from 75.55 metres; and 1 metre at 1.65% from 91 metres;
- XL-19 - 7.21 metres at 1.94% Li2O from 19 metres; and 5 metres at 0.86% from 40 metres; and
- XL-4 - 1.69 metres at 2.3% Li2O from 24.31 metres; and 4.73 metres at 1.78% from 45.27 metres.
Leeuwin shares have opened higher today, up as much as 22.96% to A$0.375.
Oblique view of current geological model with assays from available drill holes.
Top priority
“Building on our successful re-assay of historical drill holes for lithium, today’s findings reinforce the presence of high-grade lithium and contribute to the substantial scale and potential of the Cross Lake Project,” Leeuwin managing director Christopher Piggott said.
“Despite the fact that the region remains underexplored, promising indications of a large-scale mineralised system have been observed in the field.
“The high-grade lithium assays from the historical resampling program have significantly enhanced the project’s value, making it a top priority for the company leading in to 2024.”
Future plans
The critical metals explorer has now completed its 2023 fieldwork and looks forward to completing a maiden drill program at the project in the first half of 2024.
A drill permit application has been submitted to the Permitting Offices of the Manitoba Department of Economic Development, Investment and Trade for an initial 10,000-metre drilling campaign.
At the same time, the company continues to engage with First Nations partners and government departments.
Additionally, it has applied for up to C$300,000 of the Manitoba Mineral Development Fund and expects an outcome in the March quarter of 2024.
Central location
Cross Lake consists of 2,002 square kilometres of granted and pending exploration licences about 120 kilometres to the south of the major regional mining centre of Thompson.
“Geographically, Manitoba is centrally located in North America, providing significant benefits to the project, including close proximity to major railway, hydropower and year-round road access," Piggott said.
“Leeuwin is well-capitalised to advance into the next phase of exploration, and the company looks forward to providing regular updates to the market as we advance our activities.”