Tearlach stakes Ontario lithium project, shares up 23%
Tearlach Resources Ltd. [TEA-TSXV, TELHF-OTC, V44 Frankfurt] rallied in active trading Wednesday after the company said it has staked more ground in the Georgia Lake area, adjacent to its Georgina Stairs project in northwestern Ontario.
Tearlach shares rose sharply on the news, gaining 23.4% or $0.075 to 39.5 cents on volume of 2.32 million, putting Tearlach among the most actively traded stocks on the TSX Venture Exchange, Wednesday. The shares are trading in a 52-week range of 14 cents and $2.55.
The company said the new property, Georgina East, consists of 500 cell claims and is located near Jellicoe and Beardmore. The claim block has an area of 10,580 hectares and measures approximately 17 kilometres by 10 kilometres.
“Not only is this project underexplored, but it also provides a potential discovery value add for mere staking costs,’’ said Tearlach CEO Morgan Lekstrom.
Tearlach has said it is taking a multi-pronged approach to positioning itself as leading explorer and developer of lithium properties in North America. Tearlach’s portfolio includes assets in a developing lithium hub in northwestern Ontario. The portfolio includes Final Frontier, Georgina Stairs and New Frontier projects.
The Final Frontier Project includes the Pakwan/Margot Lake claim block, directly contiguous to Frontier Lithium Inc.’s [FLI-TSXV, LITOF-OTCQX, HL2-FRA] flagship Spark and Pag deposits.
The Georgia Lake pegmatite field consists of multiple spodumene pegmatites, with the first discovery of spodumene (a lithium mineral) in 1955. The Georgia Lake spodumene pegmatites are hosted by the metasedimentary rocks near the muscovite granites and diabase dykes and sills.
In a press release, Tearlach said the Georgina East property’s geology shows many similarities with Rock Tech Lithium Inc.’s [RCK-TSXV]  Georgia Lake project, located 23 kilometres east of Rock Tech’s spodumene pegmatites.
The company said the Georgina East property is underexplored because it is located just of E.G. Pye’s Georgia Lake Area map (Ontario Geological Survey, 1964), which has guided lithium pegmatite exploration in the area for many decades. Recorded historical exploration on the Georgina East property consists of drilling in 1972 and 1973 in search of sulphides and prospecting in 2009 and 2011. Most of the property has no historical exploration despite its close proximity to the Trans Canada Highway.
Tearlach recently began drilling on the Tonopah North lithium project (also known as Gabriel), which is situated in West Central Nevada along the Tonopah lithium belt bordering American Lithium Corp.’s [LI-TSXV] TLC Deposit. Previous exploration at Gabriel shows similarities to the TLC project, which currently hosts 3.35 million tonnes of lithium carbonate equivalent (LCE) in the measured resource category. On top of that is 2.02 million tonnes of LCE (indicated) and 1.76 million tonnes LCE (inferred).