ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) announced its drill core sample results from its 2023 winter drill campaign at its Shatford Lake and Birse Lake lithium projects in Manitoba, Canada.
The company said on Monday the samples it took uncovered four areas where pegmatites contain unusually high levels of lithium (Li), tin, or tantalum (Ta).
East of Shatford Lake, five pegmatite intersections in 3 holes returned geochemically anomalous lithium averages of 138 to 268 parts per million (ppm) Li with 74 to 248 ppm Sn, 54 to 147 ppm niobium (Nb) and 15 to 74 ppm Ta. This area is located about 3.5km south of the Tanco mine at Bernic Lake.
There is also one area with a broader anomaly in the presence of lithium, cesium (Cs), strontium (Sr) and vanadium (V), along with thin pegmatites showing high levels of tantalum.
During the drilling process, Acme found 26 individual pegmatites across 6 out of 8 drill holes. These pegmatites varied in size, ranging up to 11 meters in core length. The pegmatites are categorized as simple pegmatites, without any visible lithium-bearing minerals, but some show trace amounts of tantalite.
Read more: Acme Lithium completes drilling for lithium brine project in Nevada
Read more: Usha Resources verifies lithium-cesium-tantalum system at Gathering Lake
Drilling successfully identifies hidden deposits
Out of the six pegmatites found in four drill holes, one showed high levels of lithium, one showed high levels of cesium and two showed high levels of tantalum. None of these pegmatites have economically viable grades, but the assay results confirm the presence of pegmatite bodies with unusual geochemical characteristics within heavily deformed metasedimentary rocks.
ACME’s Shatford-Birse claim area is located just south of Sinomine’s Tanco Mine, which is a well-known producer of lithium, cesium and tantalum since 1969. The drilling process involved studying the geological features of the area and using a technique called laser-induced breakdown spectroscopy (LIBS) to determine the presence of lithium.
Additionally, magnetic interpretation was used to understand the underground structures. This drilling and interpretation successfully identified large areas with hidden pegmatite deposits and specific features that control the injection of pegmatite.
The recent findings from this initial drilling program at Shatford Lake will guide the company towards the most fertile zones for pegmatite deposits. In total, 26 pegmatites were discovered across 6 out of 8 drill holes.
ACME’s project area has several regions that are still of interest and need further evaluation and exploration. Specifically, there are two large areas in the Shatford Lake region that show promising potential and should be explored in more detail. These two areas are the east and west Shatford.
ACME shares dipped 9.5 per cent to $0.285 on Tuesday on the Canadian Securities Exchange.
Shatford-Birse Lake overland map. Image via Acme Lithium.
Read more: CDN Maverick Capital acquires lithium-bearing property in Ontario
Read more: Champion Electric Metals surveys lithium and base metal targets in Quebec
Lithium demand is a response to climate change
The rising demand for lithium is directly connected to the shift towards cleaner energy and the popularity of electric vehicles, which itself is directly tied to the rise in consciousness of environmental concerns surrounding climate change.
In 2022, the global lithium market was worth approximately USD$7.49 billion according to Grand View Research. It is projected to exhibit a compound annual growth rate (CAGR) of 12.3 per cent from 2023 to 2030.
Piedmont Lithium, (Nasdaq: PLL), (ASX: PLL) released its inaugural sustainability report, Progressing with Purpose, late last month. The report discusses the company’s aspirations and aims with its ESG strategy, which is centered on four key pillars: planet, people, communities and governance.
Standard Lithium Ltd. (TSXV: SLI) (NYSE American: SLI) (FRA: S5L) reported in late May that brine sampling at its South West Arkansas Project brought back the highest confirmed lithium grade in the state, with a grade of 581 mg/L.
In Quebec, the wildfires continue to have an impact on production for companies like Patriot Battery Metals Inc (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA), and the company has suspended all site based work activities at its Corvette Property in the Eeyou Istchee James Bay region.
Despite that, the company continues to work on its Mineral Resource Estimate scheduled for late July. The wildfires have had some effect on the work performed at the assay laboratory, but the company doesn’t expect that this should have a significant negative impact.
.
Follow Joseph Morton on Twitter
joseph@mugglehead.com
