Equitorial Exploration Corp. [EXX-TSXV; EQTXF-OTCQB, EE1-FSE] was an active trader Wednesday June 13 after the company reported drill assays results from its 100%-owned Cat Lake Lithium property in southeastern Manitoba.
In late morning trading, Equitorial shares eased 10% or $0.01 to 9 cents on volume of 1.3 million. The 52-week range is 5.5 cents and 15 cents.
The assay results announced on Wednesday are from discovery hole CT-18-02 in the Cat Tail Pegmatite, where the company recently encountered approximately 36 metres of spodumene-bearing pegmatite in core.
Equitorial is aggressively developing four 100%-owned high potential lithium projects in North America. Aside from Cat Lake, the Little Nahanni Pegmatite Group is a NI 43-101 compliant hard rock lithium property in the Northwest Territories. The Tule and Gerlach Lithium Brine Projects are located in lithium-rich Utah and Nevada within easy reach of the Telsa Gigafactory #1.
All four projects have demonstrated highly encouraging grades, the company said.
The Cat Lake Project is adjacent to the Cat Lake Mineral Project (previously the Irgon Lithium Mine) owned by Quantum Minerals Corp. [QMC-TSXV, QMCQF-OTC, 3LQ-FSE]
Drill hole CT-18-02 is the second drill hole of the company’s aggressive 1,256-metre drill program. It was positioned to intersect a possible extension of the Irgon Pegmatite system, presently being explored by QMC Quantum Minerals to the west of the company’s claims.
The drill hole encountered approximately 36 metres of spodumene-bearing pegmatite (true width not determined at this time) at a depth of 126 metres downhole or 90 metres below surface.
The hole was collared approximately 200 metres southeast of the last surface exposure of the Irgon Pegmatite. Prior to being drilled, this pegmatite was buried with no surface expression, the company said.
On Wednesday Equitorial said a weighted average of 1.90% Li2O was obtained over a mineralized length of 31.88 metres [true width not determined at this time] from the discovery hole at the Cat Tail Pegmatite. Three zones of spodumene mineralization were noted within the mineralized zone, with the highest assay being 3.74% Li2O.
With the favourable lithium assay results, the company will submit the remainder of the samples from the six other holes to the assay lab.
There is no ready market for lithium. Lithium prices are determined by the purity and chemistry of the material as well as the length of the contract between buyer and seller.
Brines (in salt ponds) and spodumene (hard rock) represent the two main sources of commercial lithium production.
The Irgon Lithium Mine property operated briefly as an underground mine from 1956 to 1957. That property hosts several rare-element granitic pegmatite occurrences, one of which hosts the former Irgon Mine.
On June 12, 2018, Equitorial said it closed a previously announced non-brokered private placement that raised gross proceeds of $507,380. The placement was comprised of 6.34 million units at $0.08 per unit. An insider of the company subscribed for an aggregate of 500,000 units, raising $40,000.