Argonaut Resources NL (ASX:ARE) has received initial results from drilling at the Falcon Lake West lithium deposit, which is part of the Crescent Lake project in Ontario, Canada.
Assays from the first batch of samples feature an intercept of 21.7 metres at 1.09% lithium from 48 metres including 7.9 metres at 1.31% lithium.
These initial laboratory results confirm the deposit’s lithium grades indicated by historical drill results.
Further results will be reported within two weeks.
Preparations are underway for follow-up exploration in the Crescent Lake area.
Argonaut is focused on fast-tracking the development of its three lithium assets.
The company currently has rights to two Canadian projects – Crescent Lake and Greenbush Lake. It also owns 100% of the Lake Blanche lithium target in South Australia.
Crescent Lake is located 250 kilometres from Thunder Bay in Ontario, Canada.
Argonaut has completed a six-hole program of diamond core drilling at the Falcon Lake West deposit within the Crescent Lake project.
The program targeted two pegmatite units, one of which outcrops boldly with clear evidence of spodumene mineralisation.
The first hole has confirmed the presence of targeted spodumene bearing pegmatites which builds on historical drilling results of:
- 8.1 metres at 1.48% lithium from 2.7 metres (Falcon Lake);
- 10.5 metres at 1.15% lithium from 34.5 metres (Falcon Lake);
- 14 metres at 0.99% lithium from 69.3 metres (Falcon Lake);
- 7 metres at 1.07% lithium from 55.3 metres (Falcon Lake);
- 11 metres at 1.10% lithium from 39.4 metres (Falcon Lake); and
- 6.1 metres at 1.08% lithium from 12.4 metres (Zigzag).
Argonaut engaged an international structural geology expert to consider the spodumene pegmatites at Crescent Lake.
The resultant report has outlined two zones that warrant detailed exploration for undiscovered pegmatites.
Argonaut is preparing to investigate these target zones with the aim of adding to the inventory of known lithium mineralisation at Crescent Lake.
Contingent drilling to define pegmatite thicknesses and grades is intended to follow this near-term program.
Assays from the first hole confirm lithium mineralisation in thick spodumene-bearing pegmatites.
Argonaut is leveraged to ongoing lithium exploration success as it awaits further assays results from the remaining five holes, expected in two weeks.
Argonaut is continuing its successful transformation as a lithium explorer with three projects now able to produce lithium related news flow.
Argonaut shares are up 225% year to date trading at $0.013.
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