Excercises Option to Acquire 100% of the Brisk Lithium
Perth, Oct 3, 2022 AEST (ABN Newswire) - Monger Gold Ltd (
ASX:MMG) is pleased to announce that it has exercised the option to acquire 100% of the Brisk Lithium Project, located in the prolific James Bay Lithium District in west-central Quebec, Canada (the Brisk Lithium Project or Project or Mineral Claims).
Highlights:
- Monger exercises option to acquire 100% of the Brisk Lithium Project located in the prolific James Bay Lithium District, Quebec along trend from:
o Patriot Battery Metals' (CVE:PMET) Corvette Project (80km east)
o Winsome Resources' (ASX:WR1) Cancet Project (15Km east)
- Brisk Lithium Project covers six prospects over a large project area covering 98.5km2 and is host to several known pegmatite outcrops
- Brisk Lithium Project was generated using similar methods which led to the identification of Patriot Battery Metals' potentially worldclass Corvette Project
- Inaugural exploration program has been completed with rock chip assays pending
- Numerous additional pegmatite outcrops have been identified resulting in plans to bring forward an additional field program prior to the Canadian winter season
- Acquisition complements Monger's portfolio of foundational lithium assets covering all lithium resource types within Tier 1 mining jurisdictions:
o Brines and Clay - Scotty Lithium Project (Nevada, USA)
o Hard Rock - Brisk Lithium Project (Quebec, Canada)
Commenting on the exercising of option to acquire the Brisk Lithium Project, Monger CEO, Mr Adam Ritchie, said:
"The 45-day option period has enabled us to successfully complete the inaugural exploration program and obtain a good understanding of the Brisk Lithium Project.
Brisk's geological setting has clearly spawned numerous pegmatites - many more than previously mapped and anticipated. The vast and highly prospective nature of Brisk was a major driver behind exercising the option and immediately planning further field work.
Our geological partners have gone above and beyond to support Monger and the Brisk Lithium Project."
Brisk Lithium Project
The Brisk Lithium Project comprises six prospects covering 192 mineral claims totalling 9,849 hectares (98.5 Km2 ) located in the James Bay Region of Quebec.
The Brisk Lithium Project was identified due to its prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralisation by Dahrouge's proprietary targeting method, which included the review of pegmatite occurrences across the James Bay region of Quebec with the appropriate indicator-mineralogy for hosting spodumene-bearing pegmatites, within favourable host-rocks.
Inaugural Exploration Program
Dahrouge Geological Consulting has been engaged to conduct the inaugural exploration program and ongoing geological services for the Brisk Lithium Project.
The program included extensive Helicopter supported surface exploration, prospecting and geochemical sampling. The program was conducted by a four person team including a OGQ registered field geologist.
A summary report and sample results are due November 2022. However, due to the identification of numerous additional Pegmatite outcrops, Monger is accelerating plans to conduct an additional field program prior to the Canadian winter season.
*To view the acquisition terms, please visit:
https://abnnewswire.net/lnk/M1W8U4ML
About Loyal Lithium Limited
Loyal Lithium Limited (ASX:LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in the James Bay Lithium District in Quebec, Canada and Nevada, USA. Through the systematic exploration of its projects, the Company aims to delineate JORC compliant resources, creating value for its shareholders.
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