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92 Resources finds lithium-bearing pegmatite at Pontax


The company said the discovery represents a solid target for further focused exploration

pontax property

Quick facts: 92 Resources Corp

Price: 0.015 CAD

Market: TSX-V
Market Cap: $1.34 m

92 Resources Corp (CVE:NTY) announced Thursday that sampling at its Pontax property has resulted in the discovery of lithium-bearing pegmatite.

The Pontax property is wholly owned by the company and is located in the James Bay region of Quebec.

The property is also situated approximately 90 kilometres west of Nemaska Lithium's Whabouchi project, which is currently advancing through the construction phase toward production.

READ: 92 Resources hails sampling results from Corvette lithium property, which underscores potential

"The Pontax property is a grassroots lithium exploration project in which acquisition was predicated on the potential to host lithium occurrences of interest, and is based on the property's geologic setting as well as the known presence of spodumene-bearing pegmatite along trend," said president and CEO Adrian Lamoureux.

"The discovery this summer of lithium-bearing pegmatite with strong associated tantalum, situated wholly on the property, is very exciting and represents a solid target for focused exploration moving forward. We continue to be encouraged by the prospects of the Pontax property and look forward to advancing this discovery."

Field program successful

The 2018 surface exploration at the Pontax property consisted of reconnaissance-scale prospecting and rock sampling.

The program targeted areas of interest identified through historic work, satellite imagery review, and airborne geophysics with the primary objective to discover lithium-bearing pegmatite occurrences of significance.

The company said the field program was highly successful and has resulted in the discovery of a new lithium-bearing pegmatite occurrence on the property. 

Two grab samples of the pegmatite returned assays of 0.94% Li2O (lithium oxide) and 0.72% Li2O respectively.

Spodumene is indicated to be the primary lithium-bearing mineral present based on other occurrences in the area.

Surface exploration on Block C of the property was limited to a single ground traverse with the mineralized samples separated by approximately 0.6 km.

In addition to the lithium exploration, an initial reconnaissance-scale prospecting of gold targets, generated from the recently completed heliborne high-resolution magnetic survey, was also carried out during the program.

Assay results ranged from zero to 141 ppb (parts per billion) gold.

The company said several areas of the property, as well as geophysical targets, remain to be assessed.

Shares were at C$0.04 in Toronto.

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