QUEBEC CITY, QUEBEC, CANADA--(Marketwire - Nov. 5, 2012) - Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE:NMX)NMKEF has released an update following a successful exploration campaign that was completed on September 28, 2012 on its Sirmac lithium project (642.3 hectares) located in the James Bay region, Quebec, approximately 125 km south of the Whabouchi deposit.
In total, 9 sites were mechanically stripped for a surface area of approximately 13,000 m2. There were 29 channels completed over 739 metres for a total of 506 samples. In addition, the Company completed a diamond drill campaign of 72 drill holes (3,414.5 m) for 1,231 samples. A total of 1,953 samples, including quality control samples (13%), were sent to the lab for assay. The objective of this exploration campaign was to test the possible extensions of the known dyke #5 and try to find new dykes on the rest of the property. An historical resource estimate was completed in 1994 on Dyke #5 by Les Mines Wrightbar LTEE (318,324 tonnes grading 2.04% Li2O). This historical resource estimate pre-dates 43-101 regulation, and therefore is not compliant with the requirements of 43-101 regulation. A qualified person, as defined in 43-101 regulation, has not performed sufficient work to classify the historical resource estimate as mineral resources and Nemaska is not treating the historical estimate as current mineral resources.
Channels samples results are listed below. The results of the diamond drilling will be released later this month once all results are received and compiled.
A total of 7 channels spaced every 25 metres have been done directly on Dyke #5. The results of channels SIR-12-R02 to SIR-12-R08 are as follows:
---------------------------------------------------------------------------
Channel Grade % Li2O Length (metres)
---------------------------------------------------------------------------
SIR-12-R02 1.73% 16.5 m
---------------------------------------------------------------------------
SIR-12-R03 1.26% 25.5 m
---------------------------------------------------------------------------
SIR-12-R04 1.41% 30 m
---------------------------------------------------------------------------
SIR-12-R05 1.68% 27 m
---------------------------------------------------------------------------
SIR-12-R06 1.47% 24 m
---------------------------------------------------------------------------
SIR-12-R07 1.51% 19.5 m
---------------------------------------------------------------------------
SIR-12-R08 1.08% 18.5 m
---------------------------------------------------------------------------
In addition, 2 channels (SIR-12-R14 & SIR-12-R15) were completed on the newly found West extension (Laurisha extension) of Dyke #5. The results are as follows:
---------------------------------------------------------------------------
Channel Grade % Li2O Length (metres)
---------------------------------------------------------------------------
SIR-12-R14 1.87% 4.5 m
---------------------------------------------------------------------------
SIR-12-R15 1.48% 6.6 m
---------------------------------------------------------------------------
Another spodumene bearing pegmatite dyke has been found about 200m NNE of Dyke #5 (Dyke 0+00). A historical trench has been found on this dyke. A total of 3 channels were completed on DYKE 0+00 (SIR-12-R16 - SIR-12-R18). The results are as follows:
---------------------------------------------------------------------------
Channel Grade % Li2O Length (metres)
---------------------------------------------------------------------------
SIR-12-R16 1.46% 4.05 m
---------------------------------------------------------------------------
SIR-12-R17 1.69% 7.5 m
---------------------------------------------------------------------------
SIR-12-R18 1.79% 3 m
---------------------------------------------------------------------------
Finally, a new spodumene bearing pegmatite dyke was discovered about 500 m west of Dyke #5, called Dyke #1. Two channels, SIR-12-R24 & SIR-12-R29 were completed. Channel SIR-12-R24 returned 9 metres grading 0.51% Li2O.
"The discovery of new dykes which were previously unknown and the confirmation of lateral extensions of Dyke #5 are both very encouraging. The results have justified our efforts to date at Sirmac. As already mentioned, our exploration goal on this project is to prove that Sirmac is host to technical grade spodumene concentrate, and we hope to confirm our theory with the drill results from this campaign. Technical grade spodumene concentrate would open up a new market for Nemaska and the projects proximity to the proposed Whabouchi mine site will increase our infrastructure utilization and the overall project economics of Whabouchi", commented Guy Bourassa, President and CEO of Nemaska.
The technical sections of this press release were prepared by Jonathan Lalancette, eng., employee of Nemaska and qualified person as defined in National Instrument 43-101.
All rock samples were sent for preparation and analysis to the ALS Chemex laboratory in Val-d'Or, Quebec. This laboratory is accredited ISO/IEC 17025: 2005 by the Standards Council of Canada (SCC). Nemaska Lithium Inc. applies a rigorous quality control protocol over all of its operations, including the insertion of certified analytical standards, duplicates and blanks and statistical follow-up of the results.
About Nemaska
Nemaska Lithium is a lithium exploration and development company with its Whabouchi and Sirmac deposits located in the James Bay Region in the Province of Quebec. Both projects are easily accessible year round by the Route du Nord from Chibougamau. The Whabouchi lithium deposit is located near the Cree community of Nemaska and the Nemiscau airport. The Sirmac project is located about 180 km North of Chibougamau. Nemaska plans to become a lithium hydroxide/carbonate producer based in Quebec and has filed patent applications for its proprietary method to produce lithium hydroxide and lithium carbonate. The Corporation's lithium hydroxide/carbonate processing plant will be located in Valleyfield, Quebec.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Guy Bourassa
President
418 704-6038
info@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com
Victor Cantore
Investor Relations
514 831-3809
victor.cantore@nemaskalithium.com
www.nemaskalithium.com
Jeff Walker
The Howard Group/ Investor Relations
888 or 403 221-0915
jeff@howardgroupinc.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
