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FIN RESOURCES LIMITED — Capital/Financing Update 2023
May 17, 2023
64920_rns_2023-05-17_e5e7a8db-83f5-4425-a980-dd43a076897a.pdf
Capital/Financing Update
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ASX Release
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Outcropping Lithium Targets Identified and Additional Ground Staked at the Cancet West Lithium Project
Highlights
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High-resolution satellite imagery analysis completed over the Cancet West Lithium Project by Dr Neil Pendock has identified a significant number of possible Lithium-CaesiumTantalum (LCT) pegmatite outcrops which require priority field confirmation and follow up work.
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FIN have now staked an additional 10 claims for a total of 510 hectares , covering an area of open ground directly west of Cancet West that appears highly prospective for LCT pegmatites and was highlighted by Dr Pendock’s work.
18 May 2023 ASX: FIN
Corporate Directory
Technical Director Brian Talbot Non-Executive Director Jason Bontempo
Non-Executive Director and Company Secretary Aaron Bertolatti
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Compilation of the historical exploration data is now underway which is likely be followed by detailed field mapping, outcrop sampling and geochemical sampling which is expected to be completed during the upcoming Canadian summer field season.
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This field work will allow FIN to evaluate and rank areas of highest prospectivity and verify interpreted pegmatite outcrops with the aim of generating drill ready targets.
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Geologist Mr Tom Ridges appointed as technical advisor to FIN. Tom’s most recent roles include MD/CEO of Great Western Exploration (GTE.ASX) and Exploration Manager at Mineral Resources (MIN.ASX)
Fin Chairman, Mr Jason Bontempo stated “We are very excited by the results from our earlystage work undertaken at the Cancet West Lithium Project which represents the first step towards fully realising the value of our recently acquired Mont Tremblant Lithium Project package. Additionally, I am delighted that Tom has agreed to join us as our technical advisor. He is a welcome addition and strong appointment to our team as we push this exciting portfolio of properties forward during the upcoming field season and beyond.”
OUTCROPPING IDENTIFIED AT CANCET WEST LITHIUM PROJECT
Consultant Dr Neil Pendock (Dirt Exploration) was engaged by Fin Resources Ltd (FIN) to complete multispectral analysis across the Mount Tremblant Lithium Projects (which include the Cancet West, Gaspe and Ross projects). Results have now been received for the Cancet West Project where a significant number of exploration targets interpeted as potential LCT Pegmatites have been mapped. A spectral unmixing of a summer 2022 Sentinel-2 scene has produced two minerals, interpreted as pyrite and spodumene which are spatially correlated with nearly 300 rock chip samples within the region of interest that were assayed for lithium from the government geochemistry database (Figure 1).
Registered Office 35 Richardson Street West Perth WA 6005
[email protected] www.finresources.com.au
ABN: 25 009 121 644
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Figure 1 Spectral anomalies/Li targets Defined at Cancet West
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Figure 2 Newly staked highly prospective ground directly west of Cancet West
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The exploration targets were generated by training a multivariate statistical classifier on the location of the governments rock chip samples. The classifier is a digital fingerprint of the lithium response in the region of interest that was selected surrounding Cancet West.
Following a thorough review of Dr Pendock’s work, FIN have now staked an additional 10 claims for a total of 510 hectares, covering an area of open ground directly west of the Cancet West Project. This newly staked ground appears highly prospective for LCT pegmatites and was highlighted by Dr Pendock’s work (Figure 2). These recently defined and highly prospective Lithium targets highlighted within the newly staked ground at Cancet West, appear to be striking parallel to the Lac Guyer Greenstone Belt and will now be ground truthed during the upcoming field season.
About Cancet West
The Cancet West Project (“Cancet West” or the “Project”) is located within the prolific James Bay area of Quebec, Canada, and covers an area of 35.8 km[2] . The Project’s claims are centred on 14 km of prospective greenstone strike length of the Lac Guyer Greenstone Belt located within the La Grande Sub province of the Archean Superior Province. The Lac Guyer Greenstone Belt is an east-west trending greenstone belt which is host to multiple gold, base-metal and lithium occurrences and deposits. Lithium mineralisation is in the form of spodumene-bearing pegmatites. The Lac Guyer Greenstone Belt is host to two major lithium projects, both of which are along strike to the east of the Cancet West Project:
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Corvette Project (Patriot Battery Metals Inc – ASX:PMT) which has recently achieved exciting drilling results, including 156.9m at 2.12% Li[2] O and 159.7m at 1.65% Li[2] O[1] and confirmed strike continuity of the CV5 spodumene pegmatite of at least 3.7km. To date PMT have discovered six distinct clusters of lithium bearing pegmatite7; and
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Cancet Project (Winsome Resources – ASX:WR1) covers a strike length of some 6km within a much larger tenement package within which there are several significant spodumene pegmatites mapped and in the process of being drill tested. Better drill intersections at the main Cancet deposit include 18m at 3.15% Li[2] from 8m.[2]
The location of the Cancet West, Corvette and Cancet Projects are shown on Figure 2. The Lac Guyer Greenstone Belt is known to host numerous spodumene bearing pegmatites, several of which are interpreted to have the size, grade and metallurgical characteristics required for economic development.
1 See Patriot Battery Metals (TSX-V:PMET, ASX:PMT) ASX announcement released 19 January 2023
2 See Winsome Resources Limited (ASX:WR1) company presentation released December 2021
7 See Patriot Battery Metals (TSX-V:PMET, ASX:PMT) ASX announcement released 2 May 2023
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Figure 3: Cancet West Project location showing neighbouring lithium explorers and developers
Upcoming Works Programmes across the Mt Tremblant Lithium Projects
Near-term works programme for the three project areas to include;
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In-depth review of historical datasets and mapped outcrops across the Projects.
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High-resolution satellite imagery acquisition and interpretation.
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Remote sensing and geophysics as required, with interpretation in conjunction with the historic datasets and satellite imagery to highlight areas for ground-proofing and sampling during the upcoming summer season.
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Preparations for the upcoming field season are underway with commencement planned during Q3 2023.
Appointment of Technical Advisor
The Company is pleased it has appointed Mr Tom Ridges as technical advisor. Tom will be responsible for project management of all geological and technical programs across all of FIN’s assets.
Tom is a geologist with more than 16 years’ experience and a proven track record in gold and base metals exploration, mining, and project development. Tom’s most recent roles include MD/CEO of Great Western Exploration (GTE.ASX) and Exploration Manager at Mineral Resources (MIN.ASX) where he led the team and undertook exploration, project evaluation, mine geology, and oversaw resource modelling.
Prior to that, Tom spent more than 12 years at Regis Resources where he held several senior geology and mine management roles such as Geology Superintendent and Alternate Mine Manager.
Authorised for release by: Jason Bontempo - Non-Executive Director
For further information contact:
Jason Bontempo - [email protected]
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Cautionary Note
The interpreted presence of pegmatite, pegmatite granite or visual spodumene does not equate to lithium mineralisation. The Company is encouraged by the geology identified by the initial work programmes within Cancet West, but no quantitative or qualitative assessment of mineralisation is possible at this stage. The Company plans to undertake field work to test for potential lithium mineralisation and laboratory analysis of rock chip samples is required to determine if the remote-sensing has mapped pegmatites and pegmatite granites that have the potential to host mineralisation.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by FIN and reviewed by Mr. Thomas Ridges who is a member of the Australian Institute of Mining and Metallurgy. Mr. Thomas Ridges is an employee of Sustainable Resources Pty Ltd consulting to FIN and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Ridges consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward looking statements
This release may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on FIN’s current expectations, estimates and assumptions about the industry in which FIN operates, and beliefs and assumptions regarding FIN‘s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of FIN. Actual values, results or events may be materially different to those expressed or implied in this release. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this release speak only at the date of issue of this release. Subject to any continuing obligations under applicable law and the ASX Listing Rules, FIN does not undertake any obligation to update or revise any information or any of the forward-looking statements in this release or any changes in events, conditions or circumstances on which any such forward looking statement is based. Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement.
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Appendix 1:
Summary of Historical Exploration Across Cancet West Claims
| SAGEOM Report |
Company | Year | English -Title | Summary |
|---|---|---|---|---|
| GM60628 | Dianor Inc | 2003 | Field Report And Interpretation, Till Sampling Within Snrc 33g |
Baseline till sampling which identified geochemical anomalies targeting kimberlite bodies |
| GM34044 | Calvin Pride | 1974 | Lake Sediment Geochemistry | N/A |
| GM66018 | Virginia Mines Inc | 2011 | Technical Report And Recommendations, Summer 2010 Geological Reconnaissance Program, Poste Lemoyne Extension Property |
Gold and base metal sampling at the SE boundary of the project area highlighted several anomalous gold and base metals surface samling in the Lac Gruyere greenstone belt to the south |
| GM34040 | So iéte- de Dev eppe de la Baie Ja es |
1973 | Field Work Report, Lake Bottom, The Great River |
Regional geochemical survey |
| GM37021 | Jean-Paul Gueniot | 1979 | Report,Center Area | Regional scale mappingto the northern boundary |
| GM38176 | Denis Tremblay | 1979 | Report On The Bezier And Doureau Sectors |
Uranium focused investigation |
| GM32951 | Robert Demers | 1969 | Evaluation On The Accessibility And Development Of The North-West Quebec Region |
Summary |
| GM34114 | SES | 1976 | Report On The Photo-Interpretation Of The Southern Part Of The Permit (Unmapped) |
Regional mapping |
| GM34117 | SES | 1975 | HuntingDogProspectingReport | |
| GM34128 | GEOTERREX LIMITED | 1975 | Interpretation Report On An Airborne Geophysical Survey In The James Bay Area |
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Appendix 2:
Cancet West Mineral Claims
| Project | Title No | Status | Expiry Date | Area (Ha) |
|---|---|---|---|---|
| Cancet West (E) | 2726037 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726038 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726039 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726040 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726041 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726042 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726043 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726044 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726045 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726046 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726047 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726048 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (E) | 2726049 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (E) | 2726050 | Actve | 07/02/2026 23:59 | 51,17 |
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| Project | Title No | Status | Expiry Date | Area (Ha) |
|---|---|---|---|---|
| Cancet West (E) | 2726051 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (E) | 2726052 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (E) | 2726053 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (E) | 2726054 | Actve | 07/02/2026 23:59 | 51,16 |
| Cancet West (E) | 2726055 | Actve | 07/02/2026 23:59 | 51,16 |
| Cancet West (E) | 2726056 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726057 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726058 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726059 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726060 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726061 | Actve | 07/02/2026 23:59 | 51,21 |
| Cancet West (E) | 2726062 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726063 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726064 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726065 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726066 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726067 | Actve | 07/02/2026 23:59 | 51,2 |
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| Project | Title No | Status | Expiry Date | Area (Ha) |
|---|---|---|---|---|
| Cancet West (E) | 2726068 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726069 | Actve | 07/02/2026 23:59 | 51,2 |
| Cancet West (E) | 2726070 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726071 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726072 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726073 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726074 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726075 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726076 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726077 | Actve | 07/02/2026 23:59 | 51,19 |
| Cancet West (E) | 2726078 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726079 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726080 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726081 | Actve | 07/02/2026 23:59 | 51,18 |
| Cancet West (E) | 2726082 | Actve | 07/02/2026 23:59 | 51,17 |
| Cancet West (W) | 2727942 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727943 | Actve | 08/02/2026 23:59 | 51,21 |
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| Project | Title No | Status | Expiry Date | Area (Ha) |
|---|---|---|---|---|
| Cancet West (W) | 2727944 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727945 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727946 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727947 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727948 | Actve | 08/02/2026 23:59 | 51,21 |
| Cancet West (W) | 2727949 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727950 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727951 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727952 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727953 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727954 | Actve | 08/02/2026 23:59 | 51,2 |
| Cancet West (W) | 2727955 | Actve | 08/02/2026 23:59 | 51,19 |
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Appendix 3
JORC Code, 2012 Edition (Table 1) – Cancet West Hyperspectral Survey
Secton 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary | ||
|---|---|---|---|---|
| Sampling | • | Nature and quality of sampling (eg cut | Geophysical/Hyperspectral Survey | |
| techniques | channels, random chips, or specific specialised industry standard measurement tools |
• | The Hyperspectral programme use Sentinel-2 satellite visible/near-infrared | |
| appropriate to the minerals under investigation, | (VNIR) and shortwave infrared (SWIR) imagery for interpretation across the | |||
| such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of |
Cancet West Project. The results identified a number of Lithium exploration targets within the Region of Interest [ROI] (given to Dr Pendock by FIN) |
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| sampling. | consists of two exploration licenses north of the Trans-Taiga road in Northern | |||
| • | Include reference to measures taken to ensure | Quebec. A spectral unmixing of a summer 2022 Sentinel-2 scene produced | ||
| sample representivity and the appropriate | two minerals, interpreted as pyrite and spodumene, which are spatially | |||
| • | calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases |
• | correlated with nearly 300 rock chip samples containing Li from the Canadian government geochemistry database. The targets were generated by training a multivariate statistical classifier on |
|
| where ‘industry standard’ work has been done | the location of the rock chip samples. The classifier is a digital fingerprint of | |||
| this would be relatively simple (eg ‘reverse | the Li response in the ROI. | |||
| circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such |
• | Vegetation cover and glacial till is an issue in the ROI as it may obscure spectral signals from buried deposits. Spectral unmixing may be used to separate vegetation spectra from other signatures if vegetation cover is < |
||
| as where there is coarse gold that has inherent | 100%. | |||
| sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• | Gas estimated from Sentinel-2 VNIR can penetrate vegetation and shallow soil cover and the rock chip sample locations are reported as being anomalous in hydrogen and methane. |
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| Drilling techniques | • | Drill type (eg core, reverse circulation, open- | • | Not Applicable no drilling reported |
|---|---|---|---|---|
| hole hammer, rotary air blast, auger, Bangka, | ||||
| sonic, etc) and details (eg core diameter, triple | ||||
| or standard tube, depth of diamond tails, face- | ||||
| sampling bit or other type, whether core is | ||||
| _oriented and if so, by what method, etc). _ | ||||
| Drill sample | • | Method of recording and assessing core and | • | Not Applicable no drilling reported |
| chip sample recoveries and results assessed. | ||||
| recovery | • | Measures taken to maximise sample recovery | ||
| and ensure representative nature of the | ||||
| samples. | ||||
| • | Whether a relationship exists between sample | |||
| recovery and grade and whether sample bias | ||||
| may have occurred due to preferential loss/gain | ||||
| of fine/coarse material. | ||||
| Logging | • | Whether core and chip samples have been | • | Not applicable no drilling reported |
| geologically and geotechnically logged to a | ||||
| level of detail to support appropriate Mineral | ||||
| Resource estimation, mining studies and | ||||
| metallurgical studies. | ||||
| • | Whether logging is qualitative or quantitative in | |||
| nature. Core (or costean, channel, etc) | ||||
| photography. | ||||
| • | The total length and percentage of the relevant | |||
| intersections logged. | ||||
| Sub-sampling | • | If core, whether cut or sawn and whether | • | Not applicable no drilling reported, geophysical data only. |
| techniques and | • | quarter, half or all core taken. If non-core, whether riffled, tube sampled, |
||
| sample preparation | rotary split, etc and whether sampled wet or | |||
| dry. | ||||
| • | For all sample types, the nature, quality and | |||
| appropriateness of the sample preparation | ||||
| technique. | ||||
| • | Quality control procedures adopted for all sub- | |||
| sampling stages to maximise representativity of | ||||
| samples. |
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| • | Measures taken to ensure that the sampling is | |||
|---|---|---|---|---|
| representative of the in situ material collected, | ||||
| including for instance results for field | ||||
| duplicate/second-half sampling. | ||||
| • | Whether sample sizes are appropriate to the | |||
| grain size of the material being sampled. | ||||
| Quality of assay | • | The nature, quality and appropriateness of the | • | Not applicable no drilling reported, geophysical data only. |
| data and laboratory | assaying and laboratory procedures used and whether the technique is considered partial or |
|||
| tests | total. | |||
| • | For geophysical tools, spectrometers, handheld | |||
| XRF instruments, etc, the parameters used in | ||||
| determining the analysis including instrument | ||||
| make and model, reading times, calibrations | ||||
| factors applied and their derivation, etc. | ||||
| • | Nature of quality control procedures adopted | |||
| (eg standards, blanks, duplicates, external | ||||
| laboratory checks) and whether acceptable | ||||
| levels of accuracy (i.e. lack of bias) and | ||||
| precision have been established. | ||||
| Verification of | • | The verification of significant intersections by | • | Geophysical Survey - verification of assaying and sampling not applicable. |
| sampling and | either independent or alternative company personnel. |
|||
| assaying | • | The use of twinned holes. | ||
| • | Documentation of primary data, data entry | |||
| procedures, data verification, data storage | ||||
| (physical and electronic) protocols. | ||||
| • | Discuss any adjustment to assay data. | |||
| Location of data | • | Accuracy and quality of surveys used to locate | • | Geophysical Survey - sample locations/ drill collar locations and other |
| points | drill holes (collar and down-hole surveys), trenches, mine workings and other locations |
locations of relevance not applicable | ||
| used in Mineral Resource estimation. | • | NAD83 / UTM zone 18N | ||
| • | Specification of the grid system used. | |||
| • | Quality and adequacy of topographic control. |
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| Data spacing and | • | Data spacing for reporting of Exploration | • | The Hyperspectral program used Sentinel-2 satellite visible/near-infrared |
|---|---|---|---|---|
| distribution | • | Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the |
(VNIR), and shortwave infrared (SWIR) imagery for interpretation across the Cancet West Project. This is early-stage high level exploration data that is appropriate at this stage of the Project. |
|
| Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
• | No sample compositing was applied. | ||
| • | Whether sample compositing has been applied. | |||
| Orientation of data | • | Whether the orientation of sampling achieves | • | Not Applicable, early stage high level broad data to be used for initial |
| in relation to | unbiased sampling of possible structures and the extent to which this is known, considering |
interpretation of the Li prospectivity within the Cancet West Project. | ||
| geological structure | the deposit type. | |||
| • | If the relationship between the drilling | |||
| orientation and the orientation of key | ||||
| mineralised structures is considered to have | ||||
| introduced a sampling bias, this should be | ||||
| assessed and reported if material. | ||||
| Sample security | • | The measures taken to ensure sample security. | • | Data received directly from the geophysical contractor including raw data. |
| Audits or reviews | • | The results of any audits or reviews of sampling | • | No specific external audits or reviews have been undertaken on the data by |
| techniques and data. | the Company. | |||
| • | All data collected and reviewed validated by the independent consultant. |
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Secton 2 Reportng of Exploraton Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | |
|---|---|---|---|---|
| Mineral tenement and land tenure status | • | Type, reference name/number, location and ownership | • | See Appendix 2 for a full list of Mineral |
| including agreements or material issues with third | Claims related to Cancet West. | |||
| parties such as joint ventures, partnerships, overriding | ||||
| royalties, native title interests, historical sites, | • | The mineral claims are 100% owned by Fin | ||
| wilderness or national park and environmental settings. | Resources Ltd. | |||
| • | The security of the tenure held at the time of reporting | |||
| along with any known impediments to obtaining a | • | The minerals claims have no underlying | ||
| licence to operate in the area. | royalties. | |||
| • | No encumbrances are known. | |||
| • | The mineral claims are in good standing. | |||
| Exploration done by other parties | • | Acknowledgment and appraisal of exploration by other | • | Limited previous exploration for Lithium |
| parties. | within the region. | |||
| • | See Appendix 1 for a summary of historical | |||
| exploration across Cancet West. | ||||
| Geology | • | Deposit type, geological setting and style of | • | The Project’s claims are centred on 14 km of |
| mineralisation. | prospective greenstone strike length of the | |||
| Lac Guyer Greenstone Belt located within | ||||
| the La Grande Sub province of the Archean | ||||
| Superior Province in Quebec Canada. The Lac | ||||
| Guyer Greenstone Belt is an east-west | ||||
| trending greenstone belt which is host to | ||||
| multiple gold, base-metal and lithium | ||||
| occurrences and deposits. Lithium |
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| mineralisation is in the form of spodumene- | ||||
|---|---|---|---|---|
| bearing pegmatites. | ||||
| • | The Lac Guyer Greenstone Belt is host to two | |||
| major lithium projects, both of which are | ||||
| along strike to the east of the Cancet West | ||||
| Project; Patriot Battery Metals (ASX: PMT) | ||||
| Corvette Project and Winsome Resources | ||||
| Limited (ASX:WR1) Cancet Project | ||||
| Drill hole Information | • | A summary of all information material to the | • | Not Applicable, no drilling being reported. |
| understanding of the exploration results including a | ||||
| tabulation of the following information for all Material | ||||
| drill holes: | ||||
o easting and northing of the drill hole collar |
||||
o elevation or RL (Reduced Level – elevation above |
||||
| sea level in metres) of the drill hole collar | ||||
o dip and azimuth of the hole |
||||
o down hole length and interception depth |
||||
o hole length. |
||||
| • | If the exclusion of this information is justified on the | |||
| basis that the information is not Material and this | ||||
| exclusion does not detract from the understanding of | ||||
| the report, the Competent Person should clearly explain | ||||
| why this is the case. | ||||
| Data aggregation methods | • | In reporting Exploration Results, weighting averaging | • | Not Applicable, no drilling being reported. |
| techniques, maximum and/or minimum grade | ||||
| truncations (eg cutting of high grades) and cut-off | ||||
| grades are usually Material and should be stated. | ||||
| • | Where aggregate intercepts incorporate short lengths | |||
| of high grade results and longer lengths of low grade | ||||
| results, the procedure used for such aggregation should | ||||
| be stated and some typical examples of such | ||||
| aggregations should be shown in detail. | ||||
| • | The assumptions used for any reporting of metal | |||
| equivalent values should be clearly stated. |
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| Relationship between mineralisation | • | These relationships are particularly important in the | • | Not Applicable, no drilling being reported. |
|---|---|---|---|---|
| widths and intercept lengths | • | reporting of Exploration Results. If the geometry of the mineralisation with respect to |
||
| the drill hole angle is known, its nature should be | ||||
| reported. | ||||
| • | If it is not known and only the down hole lengths are | |||
| reported, there should be a clear statement to this | ||||
| _effect(eg ‘down hole length, true width not known’). _ | ||||
| Diagrams | • | Appropriate maps and sections (with scales) and | • | Diagrams are included in the body of the |
| tabulations of intercepts should be included for any | document. | |||
| significant discovery being reported These should | ||||
| include, but not be limited to a plan view of drill hole | ||||
| collar locations and appropriate sectional views. | ||||
| Balanced reporting | • | Where comprehensive reporting of all Exploration | • | All results reported are exploration results in |
| Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration |
nature. No representative significance was applied to the results. |
|||
| Results. | ||||
| Other substantive exploration data | • | Other exploration data, if meaningful and material, | • | Assessment of other substantive exploration |
| should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and |
data is not yet complete however considered immaterial at this stage. |
|||
| method of treatment; metallurgical test results; bulk | ||||
| density, groundwater, geotechnical and rock | ||||
| characteristics; potential deleterious or contaminating | ||||
| substances. | ||||
| Further work | • | The nature and scale of planned further work (eg tests | • | Follow up work programmes will be subject |
| • | for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible |
to interpretation of recent and historic results which is ongoing. |
||
| extensions, including the main geological | ||||
| interpretations and future drilling areas, provided this | ||||
| information is not commercially sensitive. |
17 | P a g e www.finresources.com.au