Despite a nearly two-month delay as the company acquired additional turf, field work has resumed at 92 Resources’ (TSXV:NTY) Hidden Lake lithium project. Mapping and channel sampling on known pegmatites in the Northwest Territories property will likely continue into early September.
Targets include the LU #12 pegmatite dyke where last spring the crew found five samples grading 1.64%, 2.45%, 2.69%, 2.89% and 3.06% Li2O, for an average grade of 2.54%. The pegmatite continues northeast and southwest of the sampled area, the company stated.
Last month 92 Resources staked an additional 57 hectares, covering potential extensions of pegmatites revealed by satellite imagery. Now measuring 1,657 hectares, Hidden Lake sits 40 kilometres northeast of Yellowknife, just off a highway.
“The Yellowknife pegmatite belt may one day prove to be an important source of lithium, which will help fuel Canada’s transition to a green energy economy,” said president/CEO Adrian Lamoureux. Hidden Lake is located within the central parts of the belt, which parallels the Prosperous Lake granite suite.
In July the company announced acquisition of the 5,536-hectare Pontax property in Quebec’s James Bay region. Pegmatite outcrops have been revealed by historic satellite imagery and a 1999 government mapping program.
92 Resources raised $862,820 from exercised warrants in June and $318,836 from a private placement in April.