SYDNEY 3 AUGUST 2023: Australian Securities Exchange listed, Loyal Lithium Limited (ASX: LLI) recommenced trading on the ASX today, with the share price jumping 50% in intra-day trade following the company completing the acquisition of the advanced, high-grade Hidden Lake Lithium Project in Yellowknife, Northwest Territories, Canada.
Loyal’s wasting no time in getting started, also announcing today that an exploration program is underway, following the company acquiring high-resolution satellite imagery which identified numerous unsampled pegmatites, confirming the underexplored nature of the project.
And underexplored it is, with 315 new untested individual outcropping pegmatite targets identified via high-resolution satellite imagery, adding to the existing four spodumene rich dykes which were drilled in 2018 to a limited depth of 30-50 metres, with all drill holes intercepting high-grade spodumene of up to 1.81% Li2O.
“With the first phase of our exploration program now underway, we can immediately see the potential of this underexplored yet well understood project,” added Loyal Managing Director, Adam Ritchie.
The exploration program is to include both in-field and airborne activities with planning underway for a 3,300 metres drill program planned for the upcoming Canadian winter.
Loyal’s certainly in good company in the region, with Li-FT Power (CSE: LIFT; FSE: WS0) acquiring a portfolio of 14 spodumene pegmatites in the Yellowknife region in November 2022 via an all-scrip deal valued at ~CAD$155m, with pegmatites just to the north of Loyal’s claims. Li-FT power recently announced drill results of 79 metres at 1.13% Li2O and 39 metres at 1.43% Li2O
Metallurgical testwork completed at the project indicates consistency across spodumene rich dykes with very simple mineralogy of predominantly course grained spodumene, quartz, and feldspars, with low impurities (<0.25% FeO).
“The impressive historical metallurgical results are clearly a product of the metasediment geological setting, with the simple minerology resulting in large spodumene crystals throughout the pegmatite ore.” said Adam,
Community involvement and education form a key part of the Loyal Lithium strategy, with the company working to establish strong connections and relationships with the land and communities within the Akaitcho Territory of Yellowknife, NWT.
Loyal also recently appointed Yellowknife Indigenous Local, Eileen Marlowe, as Land & Community Manager, representing the first indigenous person to be appointed to an executive position in a resource company.
“Sharing the Loyal Lithium story and vision ahead of this exploration program has provided us with a great opportunity to understand the history and status of the Yellowknife region. We look forward to working with the First Nations as well as all other levels of the local community to uncover the potential of the Hidden Lake Lithium Project and lithium in the Northwest Territories.” Adam added
The acquisition formalises a Joint Venture arrangement between Loyal Lithium and Patriot Battery Metals (ASX:PMT, TSXV:PMET) - minority owner of 5 of the 6 claims (The easternmost claim is 100% owned by Loyal Lithium).
Yellowknife has a proud history of mining with well-established services and a workforce supporting numerous active mines, including Rio Tinto’s (ASX:RIO) Diavik Diamond Mine and Vital Metals’ (ASX:VML) Nechalacho REE Mine.
Notable infrastructure connects the Project to the rest of Canada, with a domestic airport located 65km from the Project with daily connections to Calgary, Vancouver and Edmonton, an all-weather highway connecting the Project to Yellowknife, and a heavy rail terminal and seaport facilities within trucking distance.
Loyal Lithium Limited (ASX: LLI) is a well-structured listed resource exploration company with projects in Tier 1 mining jurisdictions of North America. Through the efficient exploration of its projects, the Company aims to delineate JORC compliant resources.