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Perth-based lithium exploration and development company Winsome Resources (ASX:WR1; “Winsome” or “the Company”) is pleased to provide an update on its recently completed exploration drilling program at the Company’s flagship Cancet project in Quebec, Canada.
- Core samples being prepared and delivered to laboratory for assays
- Initial assay results expected within four weeks
- Work underway to identify targets for spring and summer exploration programs
- Field teams appointed to investigate geophysical anomalies, complete field mapping, trenching and gather rock chip/channel samples
The campaign, which included some 2,142m of diamond drilling across 23 holes, was designed to provide infill drilling on known high-grade lithium mineralisation identified in previous exploration1 , as well as to test geological anomalies indicated through various geophysical methods including magnetic surveys.
Winsome expects results from the drill program will help extend the strike length of the lithium mineralisation, and ultimately underpin the Company’s maiden resource estimation and delivery of a scoping study, in turn supporting ongoing strategic partnership end-user discussions.
As previously announced, visible spodumene crystals were detected in the pegmatites and these samples have already been sent to the laboratory for assay to identify if lithium mineralisation is present2 .
Initial geological logging of all core samples was conducted on site near Cancet and all samples were then relocated to the Winsome operations base in the town of Rouyn Noranda for detailed logging and laboratory sample preparation.
The first batch of samples are being cut and expedited for shipment to the SGS laboratory in Lakefield, Ontario for assays, with first results expected to return within four weeks.
In addition to the drilling, a gravity survey was also completed across parts of the Cancet site. Data is currently being processed and will then be overlaid with previously gathered magnetic data and lidar survey data to generate targets for the planned northern summer field exploration program.
While there was still considerable snow on the ground during the drill campaign, it has started to melt and Winsome expects to have field exploration teams on the ground at Cancet in late May/early June.
Two field teams have been commissioned in to conduct the spring and summer exploration program, consisting of a geologist and one or two field assistants in each team, who will spend time investigating the geophysical anomalies, field mapping and taking rock chip samples.
In addition, a separate team will be deployed to Cancet during the summer, at the current site of known mineralisation, to conduct ground stripping to expose more pegmatite and then channel sampling to inform detailed geological mapping of the known lithium mineralisation.
Findings from these activities will be used to generate further drill targets, with the intention of having drill rigs back on site at Cancet in the late summer and autumn.
Winsome Managing Director Chris Evans said: “We are pleased with the progress being made at Cancet and look forward to receiving the assay results from this most recent drill program. In the meantime, we’re busy planning the spring and summer exploration programs and anticipate some busy months ahead as we move towards declaring our maiden resource.”
This announcement is authorised by the Winsome Board of Directors.
This article includes content from Winsome Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lithium continues to be an essential resource in the manufacturing of batteries required to power modern technologies, such as laptops. smartphones, and other devices. Add to that the surging demand for electric vehicles (EVs) and other clean energy technologies, and it’s clear why the need for lithium continues to grow. The US Department of Energy expects the global lithium battery market to increase by five to ten times within the next decade. Additionally, research shows that demand for lithium will exceed two million metric tons by 2030.
North American governments have set ambitious goals to transition to green technologies, with both the United States and Canada adding lithium to their critical minerals lists. Both countries are focused on developing internal supply chains, including promoting further development of domestic lithium deposits and expanding downstream processing capabilities.
Nevada, Arizona, Saskatchewan and Quebec all rank within the top ten most attractive jurisdictions for mining in the world, but one notable source of hard rock lithium assets is found in Northern Quebec.
Winsome Resources (ASX:WR1) is an exploration and development mining company focused on cultivating four lithium assets in Quebec. The province has a highly-developed mining industry, strong support from the local government that includes tax incentives and significant offtake opportunities throughout North America. The company is fully-funded for exploration due to completing an AUD$18 million IPO that was heavily oversubscribed. Additionally, the Cancet, Adina, and Sirmac-Clappier projects are 100 percent owned by the company, with exclusive rights to purchase its fourth project, Decelles.
The company’s flagship Cancet Project is an advanced exploration project, with extensive diamond drilling and metallurgical test work already completed. The results reveal high-grade deposits of both lithium and tantalum, boasting a JORC exploration target of 15-25 Mt at 1-2 percent lithium Oxide (Li2O), alongside 100-250 ppm tantalum oxide (Ta2O5)
The company embodies a proactive approach to maintaining an excellent Environmental, Social and Governance (ESG) rating. Winsome Resources’ commitment to its ESG rating has a tangible impact on reduced emissions during exploration and future production. It has direct access to hydropower to power its operation with renewable energy. Additionally, the coarse grained nature of its hard-rock lithium deposits allow for using Dense Media Separation, a pre-concentration process that maximizes energy conservation.
Winsome Resources Managing Director Chris Evans provided context into why its hard-rock assets give the company a distinct advantage. “The fact that we're hard rock lithium is very important. And the fact we've got very coarse-grained spodumene, which makes it amenable to DMS, dense media separation, which is, like the old town of mine in Western Australia, which makes it relatively quick to market and lower capex.”
Winsome Resources is guided by a strong management team with direct experience that builds confidence in the company. Chris Evans, Managing Director, has a background in lithium exploration and development, previously leading the Pilgangoora lithium mine to full production. Dr. Qingtao Zeng holds a doctorate in geology and has been extensively involved in the lithium sector. Carl Caumartin, general manager in Canada, holds an MBA alongside a bachelor’s degree in geological engineering, making him a perfect addition to the team. Chairman Justin Boylson has over 25 years’ experience in commodity trading and resource project management, involved in the start-up of several mining and recovery projects worldwide. The team is rounded out by Peter Youd, CFO, who has 30 years of financial executive experience primarily in the mining, oil, and gas sectors.
- Winsome Resources is a lithium-focused exploration and development mining company with four hard-rock lithium assets in Quebec, three of which are 100 percent owned by the company with exclusive rights to purchase its fourth asset
- Quebec is known as an extremely mining-friendly province, with its government providing tax incentives to attract mining companies alongside a strong mining infrastructure
- The company is fully-funded due to its oversubscribed IPO that raised AUD$18 million
- Winsome Resources’ flagship project, Cancet, is in advanced exploration stages and previous exploration data revealed a JORC exploration target of 15-25 mt at 1-2 percent Li2O, and 100-250 ppm Ta2O5
- Core to Winsome Resources' vision is its commitment to maintaining an excellent ESG rating by utilizing hydropower and Dense Media Separation, which is known for its energy efficiency
- A management team with direct experience in the lithium sector, in addition to management and financial experience, builds confidence in the company’s ability to fully develop its assets
The Cancet Project
Cancet is the company’s most advanced lithium asset and is the flagship project. It contains 395 claims and covers 20,000 hectares. The project’s primary targets are close to major roads and power lines, along with containing multiple access trails. Exploration has revealed a shallow high-grade ore body, allowing the company to use low-cost and low-impact concentrate production.
- Ideal Geology: The project is within a favorable geological setting that contains a mineralized spodumene-bearing pegmatite.
- Additional Targets May Expand Tonnage: New targets have been identified by remote sensing and magnetic surveys for further exploration that may significantly increase the lithium tonnage of the project
- Completed Exploration Had Promising Results: Assay highlights from previous drilling include
- 18m at 3.15% Li2O from 8 meters;
- 21.45m at 2.24% from 5 meters;
- 17m at 2.06% from 6 meters; and
- 11m at 2.93 percent lithium from 41 meters.
- Exceptional tantalum grades were also discovered.
The Adina Project
Adina has completed maiden drilling of 10 holes covering 1,726m in 2018. This exploration revealed a 2-kilometer strike due to the presence of a pegmatite ridge. The drilling results showcased well-mineralized deposits that warrant additional exploration.
- Additional Exploration Necessary: Before additional drilling commences, additional field prospecting and mapping will be completed to isolate drill targets
- Encouraging Previous Results: A 2018 drill program revealed lithium deposits with grades ranging from 1.24 % to 1.85% Li2O at depths between 43.69 meters to 99.09 meters
The Sirmac-Clapier Project
The project contains 67 claims covering 3,400 hectares. It hosts a favorable geological setting to host pegmatites and is situated immediately adjacent to an existing Lithium Resource.
- Nearby High-Grade Deposit: The project is less than 3 kilometers away from a known high-grade lithium deposit that contains 2.04% Li2O
- Helpful Historical Exploration: Extensive reports and historical exploration data available for the region.
- Ideal Location and Infrastructure: Sirmac-Clapier is close to a major mining town and airport, and already has roads and power infrastructure throughout the property
The Decelles Project
The project has 669 claims that cover 385 square kilometers of promising land. Winsome Resources recently signed an exclusive option agreement to explore and potentially acquire located in Decelles over 24 months.
- Nearby High-Grade Deposit: The adjacent Cadillac property operated by Vision Lithium (TSX.V: VLI) recently discovered a high-grade spodumene, creating more confidence in Decelles
- Thorough Exploration Planned: Winsome Resources aims to begin exploration immediately, beginning with desktop mapping of granitic outcrops revealed by historical data
Chris Evans - Managing Director
Chris Evans has a strong lithium and project development background with close to 20 years of demonstrated success in managing large-scale construction and mining development projects and operations across various commodities. As Chief Operating Officer, Evans was responsible for building and bringing into operation the Pilgangoora lithium mine and processing facility which was recently acquired by Pilbara Minerals (ASX: PLS) in a deal valued at more than $200 million. In this role and also in his subsequent role as Managing Director of an ASX-listed lithium development Company, Evans was involved in establishing and maintaining key relationships with project finance and off-take partners. Evans holds a Master of Engineering Science, Construction Management, (University of New South Wales), a Bachelor of Engineering (Hons), Civil (University of New South Wales), and is a graduate of the Australian Institute of Company Directors.
Dr. Qingtao Zeng - Director (Non-Executive)
Qingtao Zeng has been extensively involved in the lithium exploration and development sector and has helped clients complete a range of contracts relating to the supply or purchase of lithium. He has been engaged as a consulting geologist, principally working with Eldorado Gold Limited CSA Global China and Australia, and has a range of geological and commercial specialties. Dr. Zeng completed a Ph.D. in geology at the Centre of Exploration Targeting (CET) of the University of Western Australia in 2013. Dr. Zeng has published several academic papers on orogenic gold or structure control gold geological studies and is a member of AUSIMM and the Society of Economic Geologist (SEG). He is currently a Director of Kodal Minerals Plc, MetalsTech Ltd & Australasian Gold Ltd.
Justin Boylson - Chairman (Non-Executive)
Justin Boylson is an experienced commodity trader and resource project manager with over 25 years of experience. Boylson has been responsible for several high-profile off-take transactions and has been involved in the start-up of several mining and recovery projects in Australia, the United States and Asia. Recent ASX directorships include Manuka Resources Ltd and Riversgold Ltd. Boylson is currently the Non-Executive Chairman of Mamba Exploration Ltd.
Carl Caumartin - General Manager (Canada)
Carl Caumartin holds a Bachelor of Science in Geological Engineering, as well as an MBA and is a Quebec native with more than 30 years of international experience as a mining executive and consultant. He has worked across projects focused on lithium, gold and numerous other commodities in Canada, Africa, Asia, and South America. Caumartin is a key part of the Company’s plans to develop the assets to become a significant player in the Canadian lithium market.
Peter Youd - CFO & Company Secretary
Peter Youd is a senior finance executive with more than 30 years of experience predominantly across the mining, oil and gas sectors in Australia and overseas. During his career, Youd has held Director/Chief Financial Officer/General Manager/Company Secretary roles with First Graphene Limited, Ausdrill Limited (now Perenti Global Limited) and Weatherford Compression Services.