Plan to advance the four primary projects, the Ear Falls Spodumene, the Victory Spodumene, the Cosgrave Lake, and the Wisa Lake Projects with diamond drilling and advanced mapping and sampling programs to delineate more targets for mechanical stripping and further diamond drilling.
Permitting activities include the submission of the exploration permits for the Ear Falls and the Victory Projects which exploration permit applications have now entered the public review and comment period of 30 days.
Further Joint Venture and Option discussions with other interested parties for other promising lithium projects outlined by 2023 exploration data.
Winnipeg, Manitoba--(Newsfile Corp. - March 4, 2024) - Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium"), the largest greenfield lithium portfolio explorer in Ontario with projects across the province located in multiple well-known lithium exploring districts, today provided an update on its 2024 strategic priorities.
"Following careful planning over the last several weeks by the senior staff of Beyond Lithium, including our partners at Bounty Gold Corp. ("Bounty Gold") and Last Resorts Resources Ltd. ("Last Resort"), we are pleased to unveil our priorities for the current year. These priorities take into account the exploration success achieved in 2023 and the current capital markets conditions for lithium explorers," said Allan Frame, President and CEO of Beyond Lithium. "Having been a stockbroker for over 47 years before retiring in 2022, I am acutely aware of the need to set the right and realistic priorities to maximize the value of our assets while being attentive to shareholder dilution."
Allan Frame commented further: "Exploration remains the top priority for Beyond Lithium in the 2024 program. We plan to advance four priority projects, the Ear Falls Spodumene, the Victory Spodumene, the Cosgrave Lake, and the Wisa Lake Projects through diamond drilling and advanced and detailed mapping and sampling programs to delineate more targets for mechanical stripping and further diamond drilling. We have already submitted two exploration permit applications to the Ministry of Mines in Ontario for stripping and drilling activities and these applications have now entered the 30 days public review and period. As we continue to uncover and discover additional new spodumene mineralization at different projects in the upcoming exploration programs, we expect Beyond Lithium's portfolio of projects in Ontario to include both early to intermediate staged projects by the end of the year. Concurrently, we are actively discussing with different interested parties for our other promising lithium projects for potential Joint Ventures and Option opportunities. We believe our lithium portfolio is well positioned to take full advantage and be ahead when the market turns around."
Lawrence Tsang, VP Exploration of Beyond Lithium, stated, "Despite the current global market conditions, the long-term demand for critical minerals projects to develop remains a crucial part for the Canadian Critical Minerals Strategy of "Powering the Green". Beyond Lithium will focus its exploration in 2024 on four priority projects: the Ear Falls Spodumene, the Victory Spodumene, the Cosgrave Lake, and the Wisa Lake Projects. We will also concurrently continue to evaluate other promising lithium projects situated in other prolific lithium districts like in the Superb Lake District, the Gathering Lake District, the Case Lake District, and the Mavis Lake District."
Lawrence added, "Our exploration program will continue to rely strongly on the field collected geological data to establish a solid geological model for each project as it will provide a vector on how and where to look for further spodumene mineralization. Ideally, we would like to make the next discovery by simply spotting spodumene mineralization on an exposed surface. While field exploration may lead to spodumene discoveries, we will continue to be driven by the geological model that we have established for each project to guide us to uncover both buried and exposed pegmatites and lithium mineralization."
Main Strategic Goals for 2024
The main strategic goals for 2024 are to (i) drill test the spodumene mineralized corridors at Ear Falls and Victory to demonstrate the size and the potential of the system along strike and at depth, (ii) uncover additional spodumene mineralization at the Victory Spodumene Project and the Ear Falls Spodumene Project along their well-defined exploration corridors, and (iii) to discover new spodumene-bearing pegmatites at Cosgrave Lake and Wisa Lake.
Projects (Figure 1):
the Victory Spodumene Project (16,682 ha) located in the Medicine Lake area near the towns of Vermilion Bay, Dryden, and the city of Kenora with excellent and existing infrastructure and grab samples from multiple spodumene-bearing pegmatites (40-50m wide) assayed up to 5.11% Li2O along a six kilometers long exploration corridor. Initial Channel sampling program will recommence in Spring (May/June). Previous program was not completed due to onset of snow. Initial results of 0.32% Li2O and 162ppm Cs over 13.85 meters with 2.05% over 1.00m are indicative of mineralization throughout the channel with, narrower, higher-grade zones. The results confirm surface observations and emphasize the need for mechanical stripping to reveal more mineralized zones of the pegmatite.
the Ear Falls Spodumene Project (20,623 ha) located right outside the town of Ear Falls with excellent and existing infrastructure and reconnaissance test holes outlined extensive lithium and cesium alterations in the pegmatites and the host rocks suggesting the presence of a larger system nearby. This model is also supported by a number of higher fractionated samples than the Wenasaga North Zone's spodumene-bearing pegmatites (up to 4.54% Li2O) that are located along the 13 kilometers long exploration corridor suggesting multiple spodumene zones are yet to be uncovered.
the Cosgrave Lake Project (8,993 ha) located in the prolific Georgia Lake District surrounded with a few well-known lithium deposits including Imagine Lithium's Jackpot Lithium Project, Rock Tech Lithium's Georgia Lake Project, Balkan Mining's flagship Gorge Lithium Project. The 2023 exploration program outlined highly fractionated grab samples assayed up to 0.39% Li2O from pegmatite located in the green muscovite zone away from the newly discovered AG Pluton.
the Wisa Lake Project (6,666 ha) is located in the southwestern part of Ontario that is positioned along trend of Green Technology Metals Wisa Project and Libra Lithium Corp's Flanders Project. Beyond's 2023 exploration program identified two swarms of pegmatites at the Wisa Lake Project, the eastern pegmatites, and the western pegmatites. The eastern pegmatites strike subparallel to the Green Technology Metals' south pegmatite with grab samples of 6.38% Li2O along a 1.5km length by up to 2km wide trend and the western pegmatites are located 4km north of Libra Lithium's new N-S trending spodumene-bearing pegmatite discovery with grab samples assayed up to 2.86% Li2O. The discovery of beryl, and the presence of low K/Rb ratios and high Ta values at our Wisa Lake project is indicative of highly fractionated LCT pegmatites on both sides of the property. All the factors combined, justify further exploration at this project.
Figure 1: Beyond's Four Primary Projects Map in relation to Existing Infrastructure
The four primary projects, the Ear Falls Spodumene, the Victory Spodumene, the Cosgrave Lake, and the Wisa Lake Projects, are located in proximity to existing infrastructure including access road, trans-Canada highway, trans-Canada railway, powerline, and nearby town with work force and equipment (Figure 1). In addition, the Ear Falls Spodumene and the Victory Spodumene Projects are located within 100 km of each other. From a recent operational review of the 2023 exploration program, the technical team has identified numerous opportunities to lower the overall exploration cost while exploring the Ear Falls Spodumene and the Victory Spodumene Projects in 2024 which will provide a better and a more stable budget control under this challenging market conditions.
Permitting
In December 2023, Beyond submitted the exploration permit application for the Ear Falls Spodumene and the Victory Spodumene Projects to apply for mechanical stripping and diamond drilling activities. Each application is for 30 drilling sites and 20 stripping locations. Each drill site is designed to drill multiple holes. The stripping locations are focused on each project's main exploration corridors. Both permit applications have just entered the public review and comment period of 30 days. The 30-day review and comment period is designed to consult with Aboriginal communities regarding the Exploration Permit Application to ensure the proposed exploration activities and plans have low impacts to the environment and don't adversely affect any treaty rights. During this review and comment period, Beyond will continue to actively communicate with the Ministry and Aboriginal communities to provide them with any necessary documentation.
Joint Ventures & Option Opportunities
Beyond Lithium plans to advance the four primary projects and at the same time dedicates to be a project generator company. Besides the four primary projects, Beyond Lithium has other promising projects located in other active lithium exploration districts including in the Superb Lake District, the Case Lake District, the Gathering Lake District, and the Mavis Lake District. Beyond has been actively involved in a number of Joint Ventures & Option discussions with various interested parties. Beyond will continue to engage in these discussions to strive to minimize dilution and to maximize shareholder values through Joint Ventures & Option partnerships.
Projects Option Status
Based on the results of the 2023 exploration program, Beyond Lithium will terminate the option of 15 projects due to the combination of limited accessibility, unfavourable local geological setting for lithium-cesium-tantalum ("LCT") pegmatites, and the lack of elevated background geochemical signature associated with LCT pegmatites (Table 1). Beyond Lithium is also working with Bounty Gold and Last Resort to amend terms on additional projects that we believe still have potential for new discoveries while continuing to minimize hard dollar expenditures.
Jace Angell of Last Resort remarked, "We look forward to continuing our relationship with Beyond Lithium and renegotiating our current agreements so that they are equitable and conducive to our long-term outlook and partnership. We are confident that the 2024 field season will see a continuation of the success we had in 2023 and we look forward to uncovering that potential with Beyond Lithium."
Project
Size (ha)
Escape Lake W
1,684
Escape Lake E
1,727
Edwards Lake
1,062
Brule Lake
640
Arrel Lake
3,585
Smiley Lake
5,094
Pillar Lake
662
Hilltop
4,204
Mountairy
7,503
Bannerman
562
Oneman Lake
578
Separation Lake
620
Windfall Road
1,068
Jessiman
3,746
Antenna Lake
820
Table 1 Discontinued Option Project List
Alain Lambert, Cofounder and Capital Markets Advisor of Beyond, commented "One of the main objectives of the 2023 exploration program was to have "boots on the ground" and to collect field data from as many projects as possible to allow our management team to prioritize a handful of projects in 2024. We have achieved this goal with great success. Based on the results of the 2023 exploration program, as mentioned by our CEO and VP Exploration, we will focus on four core projects and discontinue the option on 15 projects (Table 1). The cash payment due on March 30 for the Ear Falls, Cosgrave and Wisa project is currently evaluated at $97,900 and the next option payment for Victory is only due in October."
He added: "In the meantime, we are having discussions with our prospector partners and optionors, Bounty Gold Corp. and Last Resort Resources, to come up with the final list of projects to keep in our portfolio and minimize option payments and maximize exploration expenditures. Projects that will be included in the final list will be evaluated based on accessibility and infrastructure, regional and local geology, field data, and permitting. This final list will be announced before the end of March."
All collected rock samples were put in sturdy plastic bags, tagged, and sealed at site. Sample bags were then put in rice bags and kept securely before being sent by road transport or delivered by the crew supervisor to SGS's preparation facility in Red Lake or Sudbury, Ontario, for sample preparation. Pulps are analyzed at the SGS facility in Burnaby, BC. All samples are analyzed with Four-Acid Digestion/Combined ICP-AES/MS package (49 elements). Samples with lithium overlimit (>10,000 ppm Li) are analyzed with another Four-Acid Digestion with higher detection limit of up to 10% Li. Batches of samples with overlimit >10,000 ppm or 1% Li are analyzed with Sodium Peroxide Fusion for validation. The QA/QC protocol included the insertion and monitoring of appropriate reference materials, in this case high concentration and low concentration certified OREAS and CDN lithium standards to validate the accuracy and precision of the assay results.
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Lawrence Tsang, P.Geo., VP Exploration of the Company. Lawrence Tsang is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Beyond Lithium Inc.
Beyond Lithium Inc. is the largest greenfield lithium exploration player in Ontario with 63 high potential greenfield lithium properties totalling over 195,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Beyond Lithium currently has 33,874,482 common shares outstanding.
For more information, please refer to the Company's website at www.beyondLithium.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame President and CEO Tel: 403-470-8450 Email: [email protected]
Jason Frame Manager of Communications Tel: 587-225-2599 Email: [email protected]
