Loyal Expands Trieste Lithium Project Land Holding
Perth, Nov 21, 2022 AEST (ABN Newswire) - Loyal Lithium Limited (
ASX:LLI) is pleased to announce that it has expanded its 100% owned Trieste Lithium Project, located in the prolific James Bay Lithium District Quebec, Canada (the Trieste Lithium Project or Project or Mineral Claims).
The large-scale Trieste Lithium Project now covering 251 km2, expanded by 31km2, with the approval of 43 claims in a previously reserved hydroelectric flood zone. The Project now covers a 39km long contact zone in the highly prospective Trieste Greenstone Belt just 14km east along strike of Winsome Resources' (ASX:WR1) Adina Lithium Project, which has recorded 160m of Pegmatite collectively intercepted in drilling below the recently discovered, well mineralised Jamar outcrop at Adina (with rock chips up to 4.89% Li2O2).
Loyal Lithium's Chief Executive Officer, Adam Ritchie, commented:
"We have continued excitement about Trieste with the approval of these additional claims. We have now secured an incredible 39km long continuous contact zone in the highly prospective Trieste Greenstone belt. Although previously explored for other minerals & metals it has never been explored for Lithium.
"Prior to defining a field exploration program, the team - in consultation with our in country geological partners - will conduct a detailed review of the historical exploration data obtained via the acquisition and staking."
"We look forward to updating investors with insights and next steps."
Trieste Lithium Project:
The project was identified due to its prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralisation. The acquisitions associated with the Trieste Lithium Project combine to connect the eastern extension of the Trieste greenstone belt (7km) with its inferred eastern continuation (32km).
Multiple historically mapped pegmatites exist within the Trieste Project area, with a 180ppm lithium rock chip sample analysed by the Geological Survey of Canada (GSC). The Lithium was contained within a tonalite rock type, 24 km along strike east in the same stratigraphic sequence and location that hosts the Winsome Resources' (ASX:WR1) Adina Lithium Project, which has recorded 160m of Pegmatite collectively intercepted in drilling below the recently discovered, well mineralised Jamar outcrop at Adina (with rock chips up to 4.89% Li2O2)
The Trieste greenstone belt has a prominent ironstone (magnetite) unit through the central portion of the mafic volcanics and this magnetic feature appears to pinch out to the east but the leading northern edge of the mafics may continue further east as the geological interpretation is based on geophysical data with no mapping points across the eastern LLI claim extension. The new claims cover both known GSC mapped mafic volcanic suite and ironstones, and northern tonalite, granodiorites and gneisses, in the western (central) claim portion and in the east follow a magnetic high with the anomalous lithium sample located where mafic volcanics have not been mapped, but are on an interpreted E-W structure.
Further east the mafic rocks appear again along the interpreted structure and LLI's new claims are across these greenstones with mapped pegmatites having strong indicator minerology.
Update of key terms - Jody Dahrouge (DGRM) 126 claims (including the additional 43 claims)
The Company and Jody Dahrouge (Vendor) entered into an agreement (Agreement) for the Brisk Project (LLI Announcement 18 August 2022) and have amended this contract to consider the 126 Trieste claims with respect to the Deferred Consideration Shares.
The following key terms relate to the additional 43 Claims:
1. Staking Fee: The Company paid AUD$7,994 in staking fees
2. Royalty: From Settlement, the Company grants the Vendor (and/or their nominee) a 1.0% net smelter royalty on all minerals recovered from the Mineral Claims (Royalty).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/K4W64771
About Loyal Lithium Limited
Loyal Lithium Limited (ASX:LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in the James Bay Lithium District in Quebec, Canada and Nevada, USA. Through the systematic exploration of its projects, the Company aims to delineate JORC compliant resources, creating value for its shareholders.
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