Hidden Lake Lithium Project
OVERVIEW
On 12 April 2023, Loyal Lithium announced the transformational acquisition of a controlling, majority state in the advanced Hidden Lake Lithium Project, formalising a Joint Venture arrangement between Loyal Lithium and Patriot Battery Metals (ASX:PMT, TSXV:PMET), the minority owner of 5 of the claims.
The acquisition includes a 2,500-hectare land position across six contiguous claims containing 14 mapped lithium spodumene bearing pegmatite outcrops, with 4 drill tested spanning a cumulative strike length of 2,250m.
If completed, the Acquisition will result in a formal change of nature for the Company, from a gold exploration company to a lithium exploration and development company.
PROJECT HIGHLIGHTS
Acquisition includes a 2,500-hectare land position across 6 contiguous claims containing 14 mapped lithium spodumene bearing pegmatite outcrops.
Summer field program assay results extended the cumulative pegmatite surface mineralisation by approximately 1,000m to 3,250m - a notable 44% increase.
The extensive surface mineralisation has been grouped within two major mineralised clusters (MAX & HUE), consisting of 7 spodumene bearing pegmatite dykes that will be the main target of the drilling program this Canadian Winter.
Field work, LiDAR and orthophoto airborne surveys have been completed, with 270 outcrop samples and 33 channel samples collected with assay results expected later in 2023.
Significant scope to expand the known mineralisation along strike and at depth with multiple outcropping lithium spodumene bearing pegmatites yet to be drill tested.
Drilling in 2018 targeted 4 spodumene rich pegmatites to a limited depth of 30-50m vertical with all 10 drill holes intercepting high-grade spodumene of up to 1.81% Li2O1.
Metallurgical testwork indicates consistency across spodumene rich dykes with very simple mineralogy of predominantly course grained spodumene, quartz, and feldspars, with low impurities (<0.25% FeO).
Dense Media Separation (DMS) pilot plant produced a high-grade concentrate of 6.11% Li2O from a 400kg bulk sample with minimal loss to tailings.
Loyal Lithium is fully-funded to complete the proposed acquisition and undertake exploration and feasibility workstreams into CY2025 utilising existing cash reserves.
LOCATION & INFRASTRUCTURE
The Hidden Lake Lithium Project is located in the Yellowknife Lithium Belt, in the Northwest Territories, Canada, which has a proud history of mining with a well-established workforce supporting numerous active regional mines including Rio Tinto’s (ASX:RIO) Diavik Diamond Mine and Vital Metals’ (ASX:VML) Nechalacho REE Mine.
The project is strategically located 45km east of Yellowknife, the capital of Northwest Territories, with an all-weather highway to the south and Li-FT Power’s (CSE: LIFT; FSE: WS0) properties to the North, with a heavy-rail terminal and seaport facilities within trucking distance.
From Yellowknife, the project can be accessed by travelling east on the all-weather Highway 4/Ingraham Trail for approximately 65km. From there, a pre-existing ATV trail trends northward toward the historic Hidden Lake Mine and crosses portions of the Project. Alternatively, the Property can be accessed using a helicopter or float plane based out of Yellowknife.
Notable infrastructure connects Yellowknife to the rest of Canada:
- Domestic Airport - daily connections to Calgary, Vancouver and Edmonton
- All weather roads - south into Alberta and British Colombia
- Heavy rail terminal and seaport - Hay River
- Hydroelectric power network – 2030 plans to extend to the Lithium Belt
“The exploration work conducted to-date has been very encouraging with all of the spodumene rich dykes remaining open along strike and at depth. Additionally, the metallurgical pilot plant performance to date is exceptional and is a direct product of the consistency and purity of the Hidden Lake ore. I have no doubt that Hidden Lake will provide desired feedstock to many potential downstream partners.”
