Beyond Lithium Exploration Permit Applications for Victory and Ear Falls Submitted with Ontario's Ministry of Mines
Winnipeg, December 22, 2023 - Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium") is pleased to announce that the exploration permit applications for both the Victory Project and the Ear Falls Project have been successfully submitted to the Ontario's Ministry of Mines. Each application is for 30 drilling sites and 20 stripping locations. Each drill site is designed to drill multiple holes. The stripping locations are focused on each project's main exploration corridors (Figure 1 and Figure 2).
The drill programs at Victory and Ear Falls are designed to:
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Define and expand the identified spodumene-bearing pegmatites zones, such as the Last Resort and the Bounty Gold Pegmatites at the Victory Project and the Wenasaga North Zone at the Ear Falls Project.
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Drill test the different prospective areas along the exploration corridors to continue to demonstrate the continuity, the size, and the potential of both projects.
The stripping program is designed to expose additional pegmatites for sampling and mapping and also identify and prioritize drill targets.
As previously announced, more than 240 drill core samples from Ear Falls, 25 channel samples from Victory and over 120 grab samples from different projects are still pending in the lab. Beyond Lithium anticipates the results of these samples to become available over the next few weeks. Once all results are received, Beyond Lithium will complete an overall technical review of all the projects and will finalize and announce a comprehensive exploration plan for 2024.
"In the last six months, we have explored 50 of our 63 projects (79.4%), advanced 18 projects to Phase 2 exploration and have ten more highly prospective projects to start exploring in 2024. We also made three significant discoveries, including two spodumene discoveries which are now moving to the drilling stage," said Allan Frame CEO of Beyond Lithium.
He added: "Most of our projects are close to excellent infrastructure with great access located across Ontario which allows us to have longer field season for exploration to provide steady news flow for our shareholders. We look forward to sharing the assay results from the more than 385 samples still in the lab as we receive and analyze them."
Victory Spodumene Project
The Victory Project is comprised of the Victory Main (7,874 ha) and the Victory West (8,808 ha) Projects totaling 16,682 hectares in an area located in the Medicine Lake area near the towns of Vermilion Bay, Dryden and the city of Kenora. The Victory Project currently includes two spodumene-bearing pegmatites, the Bounty Gold Pegmatite and the Last Resort Pegmatite. These two spodumene-bearing pegmatites are 40 to 50 m wide and over 200-300 m exposed along strike on surface (Figure 1). The Victory Project has:
- Substantial width and size for the spodumene-bearing pegmatites.
- Up to 5.11% Li2O at the Last Resort Pegmatite and up to 3.48% Li2O at the Bounty Gold Pegmatite from spodumene-bearing pegmatite grab samples.
- District scale synergy with the Ear Falls Spodumene Project and the Mavis Lake Group Projects (Satellite, Laval, Gullwing-tot, Webb East, Webb West, Temple Bay, Ogani Lake, and McKenzie Bay) as they are within 100 km of each other and three regionally significant lithium deposits (Figure 3).
- A 6-kilometer-long structural controlled exploration trend between the Bounty Gold and the Last Resort Pegmatites for exploration.
Figure 1 Victory Project Map
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Ear Falls Spodumene Project
The Ear Falls Project (20,623 ha), previously referred to as the Wenasaga Project, is located right outside the town of Ear Falls, Ontario. Ear Falls has excellent infrastructure including highway and logging road access, power lines, services, and local labor (Figure 2). In the 2023 exploration program at Ear Falls, Beyond Lithium:
- Discovered the Wenasaga North Zone, a spodumene-bearing pegmatites zone, with grab samples up to 4.54% Li2O.
- Discovered the Sandy Creek West Zone along a 100m wide ridge with grab samples from pegmatites outcrops assayed up to 0.4% Li2O.
- Reported that grab samples from the Sandy Creek West Zone are as highly fractionated as the spodumene samples collected from the Wenasaga North Zone.
- Confirmed a 13 kilometers long exploration structural controlled corridor with lithium mineralization.
- Delineated continuous higher-grade lithium zone enveloped by wider intervals through stripping and channel sampling.
- Completed an initial 7 holes drilling program that intercepted new subparallel pegmatite dyke at depth that was not exposed on surface previously.
Figure 2 Ear Falls Project Map
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Figure 3 Regional map showing location of Beyond Lithium projects relative to other significant nearby deposits.
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Alain Lambert, Co-Founder and Capital Markets Advisor commented: "Beyond Lithium has achieved much success in 2023. Starting 2024 with significant drilling programs at Victory and Ear Falls marks an important milestone for our company. I am also pleased with the progress we continue to make on the corporate front with our project generator business model. We remain committed to the same disciplined approach in our deal-making activities which has paid off on the exploration front. We will do things on our own timetable and only do deals that increase shareholder value."
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Lawrence Tsang, P.Geo., VP Exploration of the Company. Lawrence Tsang is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Beyond Lithium Inc.
Beyond Lithium Inc. is the largest greenfield lithium exploration player in Ontario with 63 high potential greenfield lithium properties totalling over 195,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Beyond Lithium currently has 33,874,482 common shares outstanding.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
For more information, please refer to the Company's website at www.beyondLithium.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: allan.frame@beyondLithium.ca
Jason Frame
Manager of Communications
Tel: 587-225-2599
Email: jason.frame@beyondLithium.ca
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