Azincourt Energy has announced that its joint venture partner, New Age Metals, has signed an exploration agreement with the Sagkeeng First Nation.
The agreement could provide a clear path to the company’s proposed drill programs at the Lithium One and Lithium Two projects.
The agreement is designed to promote a cooperative and mutually respectful relationship and ensure that Sagkeeng has been properly consulted and accommodated regarding mineral exploration activities undertaken by in Sagkeeng’s traditional territory.
“We’re very pleased New Age Metals was able to reach an agreement with the Sagkeeng Nation and are grateful to Chief Henderson and the others who worked together to get this agreement in place,” said Alex Klenman, President & CEO.
“This is a major step toward developing our lithium projects and we’re happy to be able to move forward in short order and complete our work commitments for year one of the joint venture agreement. We believe very strongly the projects have tremendous upside and are pleased to get the all important first phase drilling components completed,” continued Klenman.
There is a total of eight projects totaling over 14,000 hectares in three distinct areas that comprise the AAZ-NAM joint venture lithium exploration and development agreement. Work programs this past summer and fall confirmed the presence of several hundred pegmatites across the various project locations. Sampling at the Lithium Two project, specifically the Eagle and FD5 Pegmatites, returned the presence of high-grade Li2O (Lithium Oxide).
Lithium Two Project
- Channel samples obtained in the summer of 2018 at the Eagle Pegmatite returned values from 0.5 to 2.9% Li2O, with assays from the FD5 Pegmatite returning values from 0.9 to 3.3% Li2O.
- Several known Spodumene bearing pegmatites are present, including the 1100-meter long Eagle Pegmatite which was drilled in 1947 and contains an historic (non-43-101 compliant) tonnage estimate of 544,460 tonnes grading 1.4% Li2O* to the 61-meter level and remains open to depth. The FD5 Pegmatite, located east of the Eagle Pegmatite, has never been drilled.
- All samples obtained at Lithium Two his past summer returned lithium values, with 14 samples returning greater than 1000 ppm Li.
- To check the purity of the spodumene at Lithium Two, a sample of spodumene blade obtained in the summer of 2018 was extracted from the FD5 Pegmatite. This sample yielded an assay value of 7.62% Li2O. A review of Spodumene Mineral Data indicates that spodumene can contain Li2O content from 3.73% to 8.03% Li2O. This would tend to indicate that the spodumene present in the pegmatite dykes on the project is high in purity.
Lithium One Project
- Field work in 2016 sampled several historical pegmatites
- Grab samples of the pegmatitic granites and pegmatites in the project area returned values from 0.00 to 4.33% Li2O with the high values obtained at the Silverleaf Pegmatite
- Several of the other pegmatites in the project area yielded lithium values from lepidolite and spodumene
- Approximately 40 pegmatites are estimated to exist north of Greer Lake, with around 100 to the south of the lake
- The Silverleaf Pegmatite was excavated and mined for spodumene in the 1920’s, with surface exposure of 80 m X 45 m
Source: Company Press Release