92 Resources Corp. [NTY-TSXV] has begun to release assay results from an extensive sampling program on its 100%-owned Hidden Lake lithium property within the central part of the Yellowknife Lithium Pegmatite Belt, Northwest Territories, Canada.
The 2016 summer exploration program included mapping and sampling of the LU D12 pegmatite, in addition to the newly discovered HL1, HL3 and HL4 pegmatites where spodumene, the hardrock ore of lithium, has been visually identified. Today’s results only include the LU D12 pegmatite with 85 samples collected from 15 channel samples. Additional assays from 223 samples from HL1, HL3 and HL4 are pending and are expected to be released shortly, respectively once received from the lab.
The best combination of grade and thickness from LU D12 returned an average of 1.53% Li2O and 64 ppm Ta2O5 over 11.58 metres, including 1.9% Li2O and 52 ppm Ta2O5 over 9.02 metres.
Of the 85 samples collected from the LU D12 pegmatite, a total of 52 returned greater than 1% Li2O, with 34 samples returning greater than 1.5% Li2O to a peak of 3.08% Li2O.
The company considers these results highly encouraging for the upcoming winter drill program, which may extend widths below surface even more.
For perspective, the Whabouchi deposit in Québec from Nemaska Lithium Inc. ($400 million CAD market cap.) averages about 1.5% Li2O. The James Bay deposit in Québec from Galaxy Resources Ltd. ($600 million AUD market cap.) averages about 1.3% Li2O (indicated) at a 0.75% Li2O cut-off. The Mt Cattlin deposit in Australia from Galaxy averages 1.1% Li2O. The Rose Lithium-Tantalum Deposit in Québec from Critical Elements Corp. ($79 million CAD market cap.) averages 0.98% Li2O and 163 ppm Ta2O5 (indicated).
The full report can be accessed with the following links: