Multiple Discoveries Of High-Grade Lithium-Pegmatite At Corvette-FCI
VANCOUVER, BC - 92 Resources Corp. reported lithium-tantalum assay results from its recently completed 2019 summer field program at its Corvette-FCI Property. Surface exploration identified several new areas of spodumene pegmatite outcrop, in addition to previously announced gold-silver-copper discoveries.
Collectively, the new 2019 discoveries of the CV5 through CV11 pegmatites expand the lithium potential of the Property considerably and highlight strong potential for lateral continuity. Further, these discoveries have significantly expanded the previously identified lithium exploration corridor across the entirety of the Corvette-FCI Property - in excess of 25 km of prospective trend. This lithium exploration trend is interpreted to reside, with some overlap, between the northern gold exploration trend, and the southern copper-gold-silver exploration trend (the "Maven Trend"), potentially indicating a large zone of structural weakness within the greenstone belt which favors spodumene pegmatite emplacement.
Company President & CEO Adrian Lamoureux said, "We are delighted with the discovery of the high-grade spodumene pegmatites at Corvette-FCI. Although the focus of the program was base and precious metals, we would be remiss if we did not also evaluate the same areas of the Property for other commodities that may be valuable and of interest, now or in the near-term. As such, these discoveries are very well-received and outline a considerable expansion to the lithium exploration corridor previously identified, and thus also to the lithium potential of the Property as a whole."
The CV5-6 pegmatite outcrops are located approximately 1 km southwest and along trend of the previously discovered CV1-2 pegmatites (see news release dated September 11th, 2018) (Figure 2). The CV5 spodumene pegmatite is the largest discovered to date on the Property, with approximate dimensions of 220 m long x 20-40 m wide (Photo 1). A total of eight (8) samples were collected averaging 3.00% Li2O and 154 ppm Ta2O5, including a peak assay of 4.06% Li2O and 564 ppm Ta2O5. In addition, approximately 400 m further along trend to the southwest, are two closely spaced pegmatite outcrops (CV6) with an assay of 1.39% Li2O and 259 Ta2O5, to a peak of 3.85% Li2O. Both CV5 and CV6 also host a strong tantalum component.
The CV5 and CV6 spodumene pegmatites span a strike length of more than 750 m and are situated approximately 1 km along trend to the southwest of CV1-2. Collectively, the occurrences outline a prospective core trend of at least 2 km with the pegmatites interpreted to potentially interconnect beneath the shallow overburden.
Another well-mineralized spodumene pegmatite outcrop (CV7) was discovered approximately 110 m to the northeast of CV1, with a sample assay of 4.44% Li2O and 195 ppm Ta2O5 (Figure 2). The CV11 pegmatite outcrops are also situated in the general area with a sample assay of 0.66% Li2O and 386 ppm Ta2O5 and more enriched in tantalum, relative to lithium, compared to the other CV occurrences on the Property. Both CV7 and CV11 are situated immediately along strike of CV2 and may indicate an interconnection subsurface.
In addition to the mineralized pegmatite outcrop occurrences on FCI East and Corvette, numerous mineralized boulders were also discovered in the area. Several of these boulders are located in the down-ice direction of the well-mineralized CV5-6 pegmatites and are likely sourced from there; however, several are located further to the south and east, including one assaying 2.72% Li2O. This is a strong indication that additional sub-parallel trending spodumene pegmatites remain to be discovered in the immediate area.
Collectively, the high number of well-mineralized pegmatites in the area, highlighted by the large CV1 and CV5 exposures, indicate a strong potential that a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, may be present.
The CV8 Pegmatite was discovered proximal to the historical Lac Long Nord Gold-Molybdenum Showing (2.95 g/t Au, 3.75% Mo), and highlights how past exploration did not document the presence of lithium pegmatite. Two samples were collected with assays of 2.03% Li2O and 117 ppm Ta2O5, and 4.44% Li2O and 205 ppm Ta2O5 respectively (Photo 2). The pegmatite is exposed discontinuously with overall dimensions of approximately 80 m long by 10 m wide. The significance of this discovery is further highlighted by its location, being situated approximately 8 km along strike to the west-southwest of CV5-6, and 7.5 km to east-southeast of CV9, thereby emphasizing the potential size of the lithium mineralizing system at Corvette-FCI. No follow-up work was completed, and the discovery area has not been explored along trend or adjacent to it.
The CV9 and CV10 pegmatite outcrops are within the northwest portion of the FCI West claim block (Figure 3). The primary occurrence is CV9 where five (5) samples returned assays >2.0% Li2O to peak of 4.72% Li2O. The mineralization occurs over a series of outcrop exposures spanning a strike length of approximately 300 m. The CV10 pegmatite is located approximately 1.7 km west of CV9 with a sample assay of 1.33% Li2O and 255 ppm Ta2O5.
The CV9-10 spodumene pegmatite discoveries were unexpected and outline an entirely new area of lithium mineralization. No additional lithium exploration was completed during the 2019 program; however, the area is a high-priority lithium target for follow-up with high-potential for expansion.
The lithium potential at Corvette-FCI has expanded significantly as a result of the 2019 surface exploration program and is even more so poignant of a statement given it was explored for as a secondary objective to the base and precious metals focus. A total of eleven (11) well-mineralized lithium pegmatite occurrences have now been identified on the Property along a prospective exploration trend of at least 25 km, which remains largely unevaluated for lithium pegmatite. The Company intends to continue to evaluate the lithium occurrences on the Property and advance towards a drill ready status in a practical and reasoned approach, based on market dynamics and available capital, while at the same time not detracting from its focus on the Maven Copper-Gold-Silver Trend and its high-grade Lorraine and Elsass Prospects, as well as the gold potential at Golden Gap and Lac Bruno.