Blaze Minerals Limited (ASX: BLZ) has entered into a Heads of Agreement (HOA) with Exiro Minerals Corporation to acquire 100% of the North Spirit Lithium Project located in Ontario, Canada.
Highlights
• The North Spirit Lithium Project is strategically located in Ontario’s ‘Electric Avenue’ in the Red Lake Region.
• The North Spirit Lithium Project comprises 1,698 claims for approximately 340 square kilometres, located 30 kilometres along strike to the southeast from Frontier Lithium’s world class PAK and Spark Lithium Project.
• Frontier Lithium recently reported an intercept of 398m @1.88% Li2O1, including 23m @3.12% Li2O2.
• Frontier Lithium has reported mineral resources on two deposits, the PAK Deposit (7.2Mt @1.8% Li2O Measured & Indicated, 2.8 Mt @2.22% Li2O Inferred) and Spark Deposit (18.8Mt @1.5% Li2O Indicated, 29.7Mt @1.3% Li2O Inferred) and is working towards a production scenario.
• Exiro has an experienced management team in the Region and an advanced and positive relationship with Indigenous Committees and in conjunction with Blaze will assume in country exploration management of the Project.
• Advanced and favourable access and infrastructure inclusive of the Wataynikaneyap Power Project and Bear Skin Commercial Airport.
• Initial field activities will target two-mica granite pegmatites defined in regional Ontario Geological Survey (OGS) mapping which compare favourably to 2001 results of Frontier Lithium’s PAK deposit.
• Whole rock analysis of the litho-geochemical data reveals multiple areas of fractionation and enrichment in key volatile elements, a precursor to lithium mineralization.
“We are delighted to have acquired a substantial land holding in the highly prospective ‘Electric Avenue’ in Ontario and look forward to the execution of our northern hemisphere summer exploration programme with our partners at Exiro,” Corporate Director, Mathew Walker, said.
The claims covering some 340 square kilometres, have been carefully selected by Exiro over a two- year time period to follow up on historic work and now cover the entirety of the southern portion of the North Spirit Greenstone Belt, an underexplored prospective large land package, immediately along strike from the Frontier Lithium claims.
For further information please visit: https://www.blazelimited.com.au/
