Beyond Lithium continues sampling multiple properties, Ontario
Beyond Lithium Inc.’s [BY-CSE; BYDMF-OTCQB] fully financed 2023 phase 1 exploration program is progressing on schedule and on budget, with prospecting and sampling surveys now completed at multiple properties, and continuing sampling to continue in the weeks ahead over several additional properties across Ontario. The company announces that it has further strengthened its technical team by appointing veteran geologist, Graeme Evans as Technical Advisor.
The field crews are on track to complete the Phase 1 fully funded exploration program before August including prospecting, mapping, and sampling of all 64 properties in Ontario.
Since the beginning of the Phase 1 exploration program, three teams have covered a total of 15 properties including six properties in the Dryden Mavis Lake area, three properties in the McKenzie Bay area, three properties in the Mountairy and Hill Top Lake areas, and three properties in the Escape Lake area.
Exploration teams have now begin prospecting six properties in the Georgia Lake area around Rock Tech Lithium’s Georgia Lake deposit and Imagine Lithium Inc. and two properties in the Hearts area.
A fourth team will be deployed in early June to the Case Lake area to prospect three properties around Power Metals’ Case Lake property.
Historical drill core of three properties that intercepted pegmatites will be relogged and sampled by a senior geologist in June with results expected in July.
The LiDAR survey on the Wisa property is anticipated to start in early June and the final report is expected to be delivered in July.
Beyond has submitted 73 samples to a lab in Red Lake, Ontario for analysis with an additional 66 collected samples to be submitted for analysis shortly.
Allan Frame, President and CEO, commented: “I am glad to report that our technical team, under the leadership of our VP Exploration, Lawrence Tsang, is proceeding on schedule and on budget with our fully funded 2023 exploration program. I am also pleased to announce the appointment of accomplished geologist Graeme Evans as Technical Advisor. Both Lawrence and I have had the opportunity to work closely with Graeme on other exploration projects and feel his addition to our existing technical team will increase our ability to explore our entire portfolio comprehensively and effectively with a view to identifying and prioritizing drilling targets.”
The Phase 1 exploration program is designed to sample, map and assess over 500 mapped pegmatites across all 64 Beyond Lithium properties totalling over 150,000 hectares. Most of the properties are accessible via highways and logging roads which allow the field crews to prospect the properties efficiently. The field crews commenced the Phase 1 exploration program in southern Ontario and, as the melting snow conditions permit, are moving progressively north, towards the Pak & Spark deposit owned by Frontier Lithium and the McKenzie Bay area near Green Technology Metals’ McCombe Deposit.
The 64 Beyond Lithium properties in Ontario are exploration properties that historically have not been prospected or explored specifically for Lithium or Lithium-Cesium-Tantalum pegmatites. The main focus of the Phase 1 exploration program is to assess and systematically sample these mapped pegmatite outcrops, identify new pegmatite showings, and locate prospective regional or terrane structures.
The re-examination and sampling of core from the historical pegmatite drill intercepts from three properties are expected to be completed in June of 2023 and could provide critical guidance for follow up drill targeting. Results are expected in July.
The LiDAR survey for the Wisa Lake property is anticipated to be conducted in early June of 2023 and the final report should be delivered by July.
The company granted 50,000 incentive stock options, 1,450,000 stock appreciation rights (the SARs), and 535,000 restricted share units (the RSUs) to certain directors, officers, and consultants subject to certain vesting requirements. Each Option is exercisable into one common share of the company at a price of $0.33 per share upon vesting, for one year. Upon vesting, each SAR entitles the holder to receive Common Shares in an amount equal to the difference in the fair market value of the Common Shares on the date of grant (i.e., $0.33 per share) and the market price of the Common Shares on the settlement date, for one year from the date of grant. Each vested RSU entitles the holder to receive one Common Share.
Beyond Lithium is the largest greenfield lithium exploration player in Ontario with 64 high potential greenfield lithium properties totalling over 150,000 hectares. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners.