SYDNEY, AUSTRALIA: Blaze Minerals Limited (ASX: BLZ) , an exploration company focused on gold and base metals in Western Australia, has announced a new venture into the lithium space by signing a Heads of Agreement (HOA) with Exiro Minerals Corporation to acquire 100% of the North Spirit Lithium Project located in Ontario, Canada.
The North Spirit Lithium Project is strategically located in Ontario’s ‘Electric Avenue’ in the Red Lake Region, a highly prospective area for lithium pegmatites that hosts several advanced projects by Frontier Lithium (TSXV: FL), Rock Tech Lithium (TSXV: RCK), and Ardiden Limited (ASX: ADV).
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 world class PAK and Spark Lithium Project, which has reported mineral resources of over 58 million tonnes at 1.4% Li2O and recently intersected 398m @ 1.88% Li2O, including 23m @ 3.12% Li2O.
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. The Project benefits from advanced and favourable access and infrastructure, including 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.
Commenting on the acquisition Corporate Director Mathew Walker stated: “We are delighted to have acquired a substantial landholding in the highly prospective “Electric Avenue” in Ontario and look forward to the execution of our northern hemisphere summer exploration program with our partners at Exiro. This acquisition represents a significant opportunity for Blaze to diversify its portfolio and leverage the growing demand for lithium as a key component of the green energy transition.”
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