Blaze Minerals Limited (ASX: BLZ) (“Blaze” or the “Company”) is pleased to advise it has entered into a Heads of Agreement (“HOA”) with Exiro Minerals Corporation (“Exiro”) to acquire 100% of the North Spirit Lithium Project (“Project”) located in Ontario, Canada.
- 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 (TSXV: FL) 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 (2 Mt @ 1.8% Li2O Measured & Indicated3, 2.8 Mt @ 2.22% Li2O Inferred)4 and Spark Deposit (18.8 Mt @ 1.5% Li2O Indicated, 29.7 Mt @1.3% Li2O Inferred)5 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 mineralisation.
- The North Spirit Lithium Project includes 1,698 mining cells covering over 33,470 hectares in the North Spirit Greenstone Belt of the North Caribou Subprovince in northwestern Ontario. The claims were staked in 2020 on opening day of map staking in Ontario and are held 100% by Exiro with no underlying royalties or
- The North Spirit Lithium Project satisfies all of Blaze and Exiro’s regional targeting criteria for a Tier-1 discovery. It is situated along the regional-scale Bear Head Deformation Zone, a deep crustal “break” hosting multiple high-grade gold and lithium occurrences.
- There are also base metal occurrences across the property including iron, nickel, and zinc. Much of the previous work required fly-in access and was concentrated along lakeshores. Little information was collected throughout the interior where significant geologic potential is anticipated.
- The North Spirit Lithium Project borders the Ministry of Transportation Ontario (“MTO”) operated North Spirit Lake Airport and the North Spirit Lake First Nation Community. This property is also host to an updated 115 kV transmission line currently under construction as part of the Wataynikaneyap Power
- The planned field activities include float-plane supported geologic mapping, targeted prospecting, and outcrop/channel sampling across 5 identified high-priority areas. These areas are host to both lithium and gold targets focused along the Bear Head Deformation Zone within the North Spirit Lake greenstone belt.
The potential of the area is also demonstrated by the historic Berens River Gold Mine (158K Oz Au, 5.8M Oz Ag, 1.7M lbs Zn and 6.1M lbs Pb) and the recent success at Frontier Lithium’s Spark (18.8Mt, 1.52% Li2O – Indicated) and Pak (7.2Mt, 1.87% Li2O – M+I) deposits.
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