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.
Winsome Resources (ASX:WR1, OTCQB:WRSLF, FSE:4XJ) is an Australian exploration and development company with six lithium assets in Quebec, headlined by its two advanced flagship assets - Adina and Cancet.
As a top global mining jurisdiction, Quebec has a well-developed resource industry, strong support from the local government that includes tax incentives, and significant offtake opportunities throughout North America. Both Cancet and Adina, as well as the Sirmac-Clappier ans Tilly projects are 100 percent owned by the company. Meanwhile, exclusive option agreements are in place for Winsome to acquire 669 claims in Decelles and 259 claims in Mazerac, spanning 385 square kilometers and 149 square kilometers, respectively.
In April 2023, Winsome entered into a purchase agreement to acquire the prospective Tilly Project located 20 kilometers from the Adina Project. The acquisition increases Winsome’s tenure in the James Bay region of Quebec to 856.6 square kilometers, maintaining
its position as one of the largest landholders in this highly prospective region.
The company’s flagship projects Adina and Cancet are both in advanced exploration phase with a combined approximately 30,000 meters of drilling completed (20,000 meters at Adina and 10,000 meters at Cancet) with exceptional assay results, including a 3-kilometer strike of high-grade lithium mineralization; 1.34 percent lithium oxide over 107.6 meters from 2.3 meters to 109.9 meters at Adina; 1.64 percent lithium oxide over 47.4 meters from 32.7 meters; 1.78 percent lithium oxide over 23 meters from 55.1 meters; and 1.92 percent lithium oxide over 18 meters from 48 meters.
Winsome is currently working toward a maiden resource and preliminary economic assessment for the Adina project later in 2023.
In addition to its impressive portfolio of lithium projects in Quebec, Winsome Resources owns 100 percent of the offtake rights for lithium, cesium and tantalum from Power Metals’ (TSXV:PWM) Case Lake Project in Eastern Ontario, as well as a 10 percent equity stake in PWM.
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 allows 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, meaning it’s relatively quick to market , lower capex and lower carbon footprint
Winsome Resources is guided by a strong management team with direct experience that builds confidence in the company. Evans has a background in lithium exploration and development, previously leading the Pilgangoora lithium mine to full production. “The Chairman, Stephen Biggins, was until last year Managing Director of Core Lithium, Australia’s latest lithium producer. Dr. Qingtao Zeng holds a doctorate in geology and has been extensively involved in the lithium sector for almost 10 years. Carl Caumartin, general manager in Canada, holds an MBA alongside a bachelor’s degree in geological engineering, making him ideally suited and qualified to lead the team in Canada.
- Winsome Resources is a lithium-focused exploration and development mining company with six hard-rock lithium assets in Quebec, four of which are 100-percent-owned by the company with exclusive rights to purchase its fourth and fifth assets
- Quebec is known as an extremely mining-friendly province, with its government providing tax incentives to attract mining companies alongside a strong mining infrastructure
- Winsome Resources’ flagship projects, Adina and Cancet, are in advanced exploration stages. Adina is progressing toward a maiden resource estimate in 2023 and a preliminary economic assessment.
- 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 Adina Project
The 100-percent-owned flagship Adina lithium project has undergone 20,000 meters of diamond drilling and is advancing toward a maiden resource and preliminary economic assessment in 2023.
Recent intersections have confirmed the discovery of a new lithium-bearing pegmatite dyke swarm at Adina, with strong, high-grade lithium intercepts including 2.44 percent lithium oxide over 10.1 meters from 219.9 meters to 230 meters. Further drilling at the Adina Main Zone also revealed high-grade lithium including 2.25 percent lithium oxide over 18.7 meters from 43.3 meters.
- Maiden Resource Development: A maiden resource estimate and preliminary economic assessment study are underway.
- Adina Main Zone: A total of 54 holes have now been completed, assays have been received and several new zones of spodumene-bearing pegmatite have been logged.
- Excellent Jurisdiction: Easy access to nearby roads, established infrastructure, hydropower and tax incentives.
The Cancet Project
Cancet is the company’s second flagship project with an advanced lithium asset. It covers 395 exploration claims and covers 20,000 hectares. The project’s primary targets are close to major roads and power lines, along with multiple access trails. With approximately 10,000 meters of drilling completed, exploration at Cancet has revealed a shallow high-grade ore body, highlighting its potential for low-cost and low-impact concentrate production.
- Ideal Geology: The project is within a favorable geological setting that contains a mineralized spodumene-bearing pegmatite.
- High-grade Assay Results: Notable assays include: 2.91 percent lithium oxide + 504 parts per million (ppm) tantalum pentoxide over 18.3 meters from 3 meters to 21.3 meters; 0.99 percent lithium oxide + 59 ppm tantalum pentoxide over 15.2 meters from 1.5 meters to 16.8 meters; and
- New Pegmatite Discovery: A new pegmatite body (Butte) was identified some 4 kilometers northeast of the Cancet main pegmatite body, indicative of further mineralization.
- Next Exploration Phase: Area to be surveyed includes the new Butte pegmatite, which will provide substantial dataset to aid in the targeting of pegmatite bodies within the project area.
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 percent lithium oxide
- 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 and Mazerac Project
The project has 669 claims that cover 38,000 hectares of promising land. Winsome Resources has an exclusive option agreement to acquire these claims. These properties hold vast potential for exploration or strategic partnership.
- Nearby High-Grade Deposit: The adjacent Cadillac property operated by Vision Lithium (TSXV:VLI) has discovered a high-grade spodumene, creating more confidence in Decelles and Mazerac.
- Strategic Location: Proximity to a highly prospective lithium area near the mining center of Val-d’Or and Rouyn-Noranda.
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.
Stephen Biggins - Non-executive Chairman
Stephen Biggins is a high-profile lithium industry professional with 25 years’ experience as a geologist and mining industry executive. Biggins' experience gained over 10 years as managing director of Core Lithium (ASX:CXO) will be leveraged to fast-track development of Winsome’s Canadian hard rock assets. Biggins has applied his honor’s degree in geology and MBA as the founding managing director of several ASX-listed companies. Biggins has built prospective portfolios of lithium, gold, uranium and base metal exploration projects in Australia, Asia and Africa.
Dr. Qingtao Zeng - Non-executive Director
Dr. 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. Zeng completed a Ph.D. in geology at the Centre of Exploration Targeting (CET) of the University of Western Australia in 2013. 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 Geologists. He is currently a director of Kodal Minerals Plc, MetalsTech Ltd & Australasian Gold Ltd.
Justin Boylson - Non-executive Director
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.