Mineral exploration company Progressive Planet Solutions Inc (CVE:PLAN) announced Tuesday that initial rock chip sampling found higher grade lithium mineralization at Snow Lake Resources’ Sherritt Gordon pegmatite.
The Vancouver-based explorer said rock chips samples identified new spodumene occurrences, which is a pyroxene mineral consisting of lithium aluminum.
“Initial phase of rock chip sampling at Sherritt Gordon records values of up to 3.78% Li2O,” the company said in a statement.
The Snow Lake Resources team has discovered details on a cluster of spodumene-bearing pegmatite dykes located about 2 km southwest of the recently drilled Thomson Brothers pegmatite.
This cluster known as the Sherritt Gordon pegmatites was traced about 600 miles along strike by the Sherritt Gordon Mines in the 1940s.
READ: Progressive Planet's 20% stake in lithium property included in Snow Lake IPO
Snow Lake Resources will launch “a follow-up drilling program” to evaluate the SG-1, 2 and Grass River pegmatites which could contribute to expanding the Thompson Brothers Lithium project’s resource inventory.
"We are committed to assisting Snow Lake Resources with their goal of fast-tracking development of the Thompson Brothers Lithium project. As a significant shareholder, we are excited to watch this new Sheritt Gordon Zone be systematically explored by Snow Lake in an effort to increase the tonnage of the Thompson Brothers Lithium Project," Progressive Planet CEO Steve Harpur said in a statement.
Progressive Planet said Monday that it has signed an agreement to include its 20% interest in the Thompson Brothers lithium property in Manitoba as part of the upcoming Snow Lake Resources initial public offering.
Snow Lake intends to raise C$3 million in a flow-through financing by year-end to finance drilling during the first quarter of 2019.
Derek Knight, chief operating officer of Progressive Planet, will be leading Snow Lake Resources as CEO. Knight plans to step down from his role at Progressive Planet on November 30 to focus on the Thompson Brothers lithium property.
Progressive Planet is a Canadian mineral exploration company with a flagship Zeolite Mine in British Columbia, a 20% interest in a lithium project in Manitoba and a graphite property in Buckingham, Quebec.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive