Narryer Metals Limited (ASX: NYM) has announced the 100% acquisition of a portfolio of lithium focused, granted mining claims in the Archaean Superior Province of Canada comprising five lithium projects.
Managing director Dr Gavin England said, “Narryer Metals is excited about the acquisition of its lithium focused projects in addition to the company’s critical minerals portfolio. The Superior Province, Canada, was historically underexplored for lithium pegmatite mineralization but has now become a Tier 1 jurisdiction. This is particularly evident in the James Bay, Abitibi, and NW Ontario regions, where there have been several discoveries in the past 2 years. There are lithium projects progressing from companies such as Sayona, Allkem, and Patriot Battery Metals, not far from the new Narryer Projects.”
The projects covering 124km2 in total, are in the James Bay, Abitibi, and NW Ontario regions. The much sought after tenure is in areas of active lithium exploration and mine development, and one of the most prospective critical minerals jurisdictions in the world.
The new portfolio provides lithium exposure for the company and complements other critical minerals (REE, Ni-Cu-PGE) the company is currently exploring in Australia. Additionally, the global demand for lithium batteries is expected to surge more than five-fold by 2030.
Narryer sees exploring in Canada as low risk and supported jurisdiction to do its exploration business. Fieldwork will soon commence, with evidence of outcropping pegmatites in proximity to known lithium mineralization. This work includes compilation of data, geological interpretation, target generation, and then follow up in the fieldwork in coming months.
Successful identification of mineralization will then dictate channel sampling or drilling to follow.
“The area has also been recognized by the majors, with Rio Tinto committed to exploring in the James Bay area, with a C$65M option agreement to explore on ground of Midland Exploration (TSXV:MD) plus a recent second deal consisting of cash/expenditure with a value up to C$115.7M for ground held by Azimut Exploration (TSXV: AZM). The new projects of Narryer are also close to a fast-developing battery industry in North America and geopolitically safe jurisdiction in Canada. Work will now begin on targeting some of the intrusives identified in the early work and begin targeting areas for initial fieldwork in the coming month. This complements our ongoing work in Australia, with a drilling programme next to commence at the Rocky Gully REE project.” Continued Gavin.
To find out more, please visit www.narryer.com.au
