LIBRA LITHIUM OPTIONS DOCKER PROJECT IN AN EMERGING LITHIUM PEGMATITE FIELD
TORONTO, Jan. 10, 2024 /CNW/ - Libra Lithium Corp. ("Libra Lithium" or the "Company"), a privately-held, critical minerals explorer, is pleased to announce it has entered into an option agreement with an individual ("Vendor") to acquire a 100% interest in the Docker project near Kenora, Ontario. The Docker project is located in an emerging lithium pegmatite district off the Trans-Canada Highway. Although lithium exploration is the Company's focus, the project is also prospective for other critical metals, including uranium, zinc, and copper, as well as for precious metals.
- The Docker project comprises 5,166 hectares of prospective ground, situated along trend of new spodumene discoveries1, including:
- The Last Resort Pegmatite and the Bounty Gold Pegmatite, where recent sampling returned up to 5.11% Li2O and 3.48% Li2O, respectively; these pegmatites, located on Beyond Lithium's recently optioned Victory project, are approximately 30-40m in width and have been traced over 150-300m along strike2.
- A 5m-wide pegmatite, with visible spodumene concentrations locally up to 80%, from the Benham project that was recently optioned by Pioneer Lithium3.
- The Docker project is favourably located approximately 40km from Kenora and 40km from Dryden, near the town of Vermilion Bay, and is easily accessible from Trans-Canada Highway 17, which transects the project area. Other nearby infrastructure includes power lines, railway lines and a network of logging roads.
- The Docker area is located in a geological environment prospective for lithium-cesium-tantalum (LCT) pegmatites, situated along the Winnipeg River-Western Wabigoon subprovince boundary within the Superior Craton, and is proximal to the peraluminous Ghost Lake Batholith. The nearby Mavis Lake project, where recent drilling by Critical Resources returned 1.18% Li2O over 74.4m, is believed to be genetically related to this batholith4.
- Exploration for lithium has been relatively limited at Docker; however, several pegmatites have been mapped on the project, with numerous indicator minerals present and grab samples returning up to 1.85% Nb2O5 and 0.17% Ta2O55.
- The Docker project is also prospective for uranium; historical sampling by Delta Uranium in 2008 returned up to 1,286.2 ppm U3O8 on what is now part of the Docker claims6.
- Libra Lithium plans to commence exploration work during the upcoming field season in 2024, which is expected to include LiDAR and geophysical surveys, as well as mapping and sampling. Depending on the initial results, trenching and drill programs may follow.
- Exploration results remain pending for several projects owned by Libra Lithium, including the Flanders District, where the Company recently discovered lithium mineralization7.
"We are taking advantage of the current lull in the lithium market; our acquisition costs to enter the Docker area are, in our view, more attractive than what neighbouring companies have recently negotiated. We are optimistic on a lithium market turnaround, and when it does, we will be well positioned. Until then, we will continue to be opportunistic with regards to targeted acquisitions," said Koby Kushner, CEO of Libra Lithium.
___________________________ |
1 Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. |
2 https://beyondlithium.ca/beyond-lithium-announces-up-to-5-11-li2o-at-its-last-resort-pegmatite-and-up-to-3-48-li2o-at-its-bounty-gold-pegmatite-from-spodumene-pegmatites-grab-samples-at-victory-project |
3 https://clients3.weblink.com.au/pdf/PLN/02746913.pdf |
4 https://wcsecure.weblink.com.au/pdf/CRR/02689112.pdf |
5 https://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52F13SE00048.html |
6 https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/20000004302/20006406.pdf |
7 https://www.newswire.ca/news-releases/libra-lithium-announces-grassroots-spodumene-discovery-samples-2-86-li2o-within-a-35-metre-wide-pegmatite-828649638.html |
"Our exploration model is working, as evidenced by our recent spodumene discovery at our Flanders South project, where recent sampling returned up to 2.86% Li2O within a 35m-wide pegmatite7. We plan to apply this same model at the Docker project in 2024, with the goal of making further, low-cost, lithium discoveries. In 2023, this region had numerous high-grade spodumene discoveries within considerably wide pegmatites. These known occurrences are located within a 10km trend, of which ~3.5km is within the Docker claims, the closest occurrence being 100m from our claims" said Ben Kuzmich, VP Exploration of Libra Lithium.
Libra Lithium has been granted the option to acquire a 100% interest in the Docker project, subject to a 2% NSR royalty and various milestone payments, in consideration for staged payments to the Vendor totalling $150,000 in cash and the issuance of 1,500,000 shares, over a two-year period, in addition to incurring at least $1,200,000 in exploration expenditures by April 1, 2026. Payments and expenditures are to be staged as follows in order to earn a 100% interest:
- within five calendar days of December 11, 2023 (the "Effective Date"), the Company must pay $25,000 in cash and issue 333,333 shares (COMPLETE);
- on or before the first anniversary of the Effective Date, the Company must pay $50,000 in cash and issue 500,000 shares;
- on or before April 1, 2025, the Company must incur exploration expenditures of not less than $400,000;
- on or before the second anniversary of the Effective Date, the Company must pay $75,000 in cash and issue 666,667 shares;
- on or before April 1, 2026, the Company must incur exploration expenditures of not less than $800,000;
Ben Kuzmich, M.Sc., P.Geo. supervised the preparation of the scientific and technical information that formed the basis for the written disclosure in this news release. Ben Kuzmich is the VP of Exploration for Libra Lithium and the Qualified Person (as such term is defined by National Instrument 43-101).
Libra Lithium is focused on advancing and developing a portfolio of grassroots lithium projects in Canada. Libra Lithium's asset portfolio includes its 100%-owned Flanders North, Flanders South, Burton, Tennant, Battery Hill, Bitchu, Kivinen and Twist lithium projects, as well as an option to earn a 100% interest in the Soules Bay and Caron lithium projects. Together, these projects span approximately 80,000 ha of prospective ground near Ontario's Thunder Bay Mining District. Libra Lithium also holds a 100% interest in the Nemiscau lithium project in James Bay, Quebec, where several pegmatites, up to 100m wide, have been mapped. Libra Lithium also holds a strategic interest in Blue Ridge Lithium Corp., a private company focused on defining lithium-brine resources in the Appalachian Basin. The Libra Lithium team is comprised of seasoned executives, engineers and geoscientists, with extensive experience in mining and mineral exploration, capital markets, asset management, energy, and First Nations engagement.
Reader Advisories
No securities regulatory authority has approved or disapproved the contents of this press release.
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", and similar expressions as they relate to the Company, including, without limitation: all statements other than statements of historical fact may be forward-looking information; statements relating to the exploration results and whether such results are supportive of anticipated mineralization on the projects; prospects for further exploration; future exploration activities (including plans to follow up prospecting in 2024), and the results thereof; and other Company objectives; are intended to identify forward-looking information.. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: exploration results not being representative of mineralization on the projects, future exploration activities not being carried out, or if carried out, the results not being as anticipated, risks that the Company may not advance the projects, risks related to credit, market (including equity, commodity, foreign exchange and interest rate), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, and capital adequacy, and other risks and uncertainties related to the Company's prospects, properties and business; political and regulatory risks associated with mining and exploration activities and operations; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
SOURCE Libra Lithium
Koby Kushner, P.Eng., CFA, CEO & Director, [email protected]
Share this article