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LOYAL METALS LTD — Capital/Financing Update 2022
Dec 11, 2022
65244_rns_2022-12-11_24557da4-9a01-4008-b04e-192a0947d2f1.pdf
Capital/Financing Update
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ASX:LLI
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ASX Announcement | 12 December 2022
Lithium Operational Update - James Bay Quebec, Canada
Highlights:
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Loyal Lithium has refined targets and established work plans for 2023 at its 100% owned Trieste Lithium Project and Brisk Lithium Projects, located in the prolific James Bay Lithium District of Quebec, Canada.
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An initial review of Trieste historical data has yielded encouraging insights:
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Many pegmatite outcrop observations exist at the Trieste Lithium Project
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The pegmatite outcrop observations at the anomalous historical lithium assay (180ppm) site have the same classification as those identified at Winsome Resource’s (ASX: WR1) Adina Project
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Pegmatites were also observed in all 13 historical drill core logs and photos, (image 1, 2, and 3), with a combined total of 274m of pegmatites intercepted
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Trieste work plan has been formulated to include:
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Historical data review – obtained via acquisition
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Geochemical testing of pegmatites found in historical drill core – core trays located
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oSatellite imagery – via Geospatial Intelligence Pty Ltd -
Field mapping – Spring/Summer of 2023
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Inaugural field program at Brisk completed to yield the following highlights:
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More pegmatite outcrops than originally anticipated at Area 1
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Area 1 & Area 2 considered prospective for lithium, with further field work recommended
- Multiple samples containing highly fractionated pegmatites with indicator mineralogy (anomalous Lithium, Tantalum, Niobium, Beryllium and Bismuth).
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Area 3 southwest pegmatite body is highly continuous with rubidium detected in the geochemical signature and further field work recommended
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Loyal Lithium is embracing the opportunity within James Bay by expanding InCountry partnerships and its two large scale highly prospective Lithium Projects
Loyal Lithium Limited ( ASX:LLI ) ( Loyal Lithium , LLI or the Company ) is pleased to provide an operations update following the Company tripling its landholding in the prolific James Bay Lithium District [1] . The district has proven to be advantageous to entry compared to other lithium regions due to the areas being relatively unexplored for hard rock lithium, high prospectivity, world-class infrastructure and vast resources of lithium discovered to date. Loyal Lithium is focused on North American Lithium opportunities and believes that the James Bay Lithium District is set to play a significant role in the North American Lithium supply chain.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Loyal Lithium CEO, Mr Adam Ritchie, commented:
“The James Bay Lithium District is still very much underexplored and therefore presents an exciting and significant opportunity for lithium explorers. We are energised by the exploration success of our peers and the early work conducted on our Brisk & Trieste Lithium Projects has enabled us to further refine targets and accelerate findings.”
“During the Canadian winter, we plan to conduct an extensive historical data review of the packages acquired at Trieste. Although the Trieste area has never been explored for Lithium, all 13 historical drill core logs and photos recorded pegmatites whilst exploring for other minerals and metals. The combined total of 274m of pegmatite core has been located and is currently being prepared for assaying of lithium and other indicator mineralogy.”
“At Brisk, the 6-day inaugural field program has provided us with anomalous assay results for lithium and other indicator minerology, such as Tantalum and Niobium. Although only one day of field mapping was conducted per area, our geological partners have been able to define Areas 1 and 2 as our most prospective targets for lithium. With more pegmatite outcrops in Area 1 than first noted, we will consider multispectral and hyperspectral satellite data to assist in defining a more detailed field mapping exercise in 2023.”
Trieste Lithium Project:
The 100% owned Trieste Lithium Project is comprised of 466 mineral claims totalling 251 km[2] and covers a 39km long contact zone in the highly prospective Trieste Greenstone Belt - 14km east along strike of Winsome Resources’ (ASX: WR1) Adina Lithium Project.
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Figure 1 - Trieste Lithium Project
An initial review of historical data was conducted by Loyal Lithium’s geological team to yield some early findings. The team has initially cross referenced publicly available datasets with the newly acquired datasets[2, 3] to find the location and characteristics of 123 logged pegmatite outcrop observations, many of which are represented in the figure 2 below.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Figure 2 - Trieste West logged Pegmatite observations
An initial review of Trieste historical data has yielded the following insights:
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Many pegmatite outcrop observations exist at the Trieste Lithium Project
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The pegmatite outcrop observations at the anomalous historical lithium assay (180ppm) site have the same classification as those identified at Winsome Resource’s (ASX: WR1) Adina Project
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Pegmatites were also observed in all 13 historical drill core logs and photos, with a combined total of 274m of pegmatites intercepted
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
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Image 1 - Historical core hole OSK-TR-17-011, Trays B37-40 with pegmatite interval.
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Image 2 - Historical core hole TR-15-005 Trays B13 to B15 with pegmatite interval.
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Image 3 - Historical core hole TR-15-005 Trays B16 to B19 with pegmatite interval.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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The Trieste Package has never been explored for lithium and the 13 drill holes targeted gold/base metal sulphide conductors identified by EM and IP surveys. Young (1614 Ga) pegmatites tend to be relatively less voluminous, and therefore are frequently not mapped by companies when exploring for other minerals. However they are associated with gold/diamond/base metal mineralisation, as are commonly located within pre-existing major structures around large volumes of volcanic and volcanosedimentary rocks. Aeromagnetic survey data is not directly useful for pegmatite exploration, but can be used to find favourable structures where pegmatites may have been likely to intrude and used to identify plutons with potential magmatic process type sources of lithium.
Based on early findings and in consultation with in-country geological partners, Loyal Lithium has formulated the following work plan:
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Historical data review – Significant amounts of exploration data was obtained with the acquisition of the Trieste Project, including data from an aeromagnetic survey, EM survey and IP survey. In addition, extensive field work undertaken whilst targeting other minerals and metals, data from 767 in-situ outcrop samples, 316 transported glacial till boulder samples and 13 drill holes (2,195m) are available for reinterpretation.
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Geochemical testing of pegmatites found in historical drill core – Core trays have been located and will be prepared for geochemical sampling.
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Satellite imagery – The Company plans to engage Geospatial Intelligence Pty Ltd to utilise high resolution historical satellite data multi/hyper-spectrally to characterise/identify outcrops and correlate with historical logging data.
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–
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Field mapping As an output of the data review, drill core assays and satellite imagery a Spring/Summer 2023 field mapping program will be formulated. Targets and transit routes will be ranked and mapped in order of prospectivity. In-country geological partners, Dahrouge Geological Consulting, will be engaged to perform the field work programs, sampling and interpretation.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Brisk Lithium Project:
The 100% owned Brisk Lithium Project located in the prolific James Bay Lithium District of Québec, Canada. The project covers six prospects over a large project area consisting of 192 mineral claims totalling 9,849 hectares (98.5km2) and sits along trend from Patriot Battery Metals’ (TSXV:PMET) Corvette Project (80km east) and Winsome Resources’ (ASX:WR1) Cancet Project (15km east).
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Figure 3 - Brisk Lithium Project
During the 45-day option period, LLI elected to conduct a 6-day inaugural field mapping program with the support of our in-country Geological partners. One day was assigned to each of the 6 areas with the objective to traverse the initially identified targets on foot, collect rock chips (every ~1km) and conduct a high-level geological assessment. Rock Chips have since undergone geochemical assaying for Lithium, and indicator mineralogy elements including caesium, rubidium, tantalum, niobium, beryllium, gallium and tin.
The first highlight to note is that there are many more pegmatite outcrops than originally anticipated at Area 1. The inaugural field program targeted the outcrops originally identified in aerial photography and historical regional scale mapping by government agencies. Area 1 assay results from these original targets have confirmed the presence of several indicator minerals with trace elements associated with lithium rich pegmatites.
In the northern portion of Area 1 a granite was mapped in the field program and was categorised as part of The Vieux Comptoir Granitic Suite which consists of three types of subdivisions (nAvcr1, nAvcr2 and nAvcr3). This suite includes spodumene rich intrusives nAvcr3. A large nAvcr2 type intrusion occurs in an anticline in the northern portion of the claims, 2.2 km west of greenstones. Additionally, within the granite and paragneiss, north-south striking tourmaline rich pegmatites were sampled.
With large areas of Area 1’s prospective ground still untraversed, LLI is considering multispectral and hyperspectral satellite data to assist in defining a more detailed field mapping exercise in Spring/Summer 2023.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Figure 4 - Brisk Area 1 anomalous lithium samples with indicator elements
Area 1 is the most prospective for lithium bearing pegmatites at Brisk, with geochemical results from Area 1 supporting higher degrees of crystal fractionation in the pegmatites of this Area, which can potentially lead to spodumene crystallization (figure 5).
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Figure 5 - Left: Niobium by tantalum versus zircon by hafnium ratio graph. Right: Potassium (K) to rubidium ratio where smaller values are more prospective for lithium.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Area 2 has two types of pegmatites with one displaying a clear pegmatitic texture, favourable mineralogy (muscovite bearing) and litho-geochemistry. This suggests that further work on Area 2 is required and may be prospective for lithium.
Although the pegmatites in Area 3 do not display prospective mineralogy for lithium, the pegmatite sampled in the northeast portion are derived from the partial fusion of host rocks. The southwest pegmatite body is highly continuous and has a geochemical signature with a rubidium background and therefore further field work is recommended.
Pegmatites in Areas 4, 5 and 6 of Brisk appear to be derived from the partial melting of the host paragneiss, however the geochemical results did not show any notable mineralogical potential for lithium.
Based on the findings of the inaugural field program, LLI has formulated the following work plan:
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Complete field mapping in Areas 1, 2 & 3: Conduct field mapping programs on the southeast of Area 1 and prospective portions of Areas 2 and Area 3 that were not covered in the 6-day inaugural field program.
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Area 1 additional detailed field traverses – With the support of the inaugural field program geochemical results additional traverses will be planned for the most prospective pegmatites.
Why James Bay, Quebec:
Canada has free trade agreements with the USA and EU and is included as a domestic source under the U.S Defence Production Act for investment and opportunities on critical minerals. Over CAD$11.5 billion of EV/battery investments have been recently announced in Canada. The James Bay Lithium District lays strategically above the USA battery corridor with access to these critical minerals including low transport and delivery costs.
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Figure 6 – Quebec well positioned to supply the USA battery corridor
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Advanced current and planned infrastructure including access to abundant hydroelectric power will further boost the competitiveness of the emerging Canadian lithium industry.
Extract from: Initiation of Coverage - EV Materials (17 October 2022) Canaccord Genuity:
“In addition to the potential sustainability benefits associated with producing and sourcing lithium from Canada, we also note that potential Canadian lithium supply may benefit from an economic moat (lower transport distances) as other key producing nations will preferentially supply proximal markets to lower shipping costs.”
Although there are historical known lithium finds in Canada, the country appears to have missed the last lithium boom and subsequently remains underexplored. The Quebec government has since strengthened industry support via grants, funding (flow through funding) and access to regional historical data.
Extract from: Initiation of Coverage - EV Materials (17 October 2022) Canaccord Genuity:
“Canada’s spend on lithium exploration is surprisingly low when compared to countries like Australia; we believe this highlights the relatively underexplored nature of the region and the potential for new discoveries.”
The Quebec government commissions regular regional mapping exercises and has built a strong online data access and delivery website readily available to exploration and mining companies. Although a strong source of regional data, valuable local information is still buried within historical reports creating a competitive advantage of Loyal Lithium having strong in-country partnerships with experience in sourcing, extracting and interrogating these historical reports.
The lithium baring pegmatites found in Canada to date tend to skew towards more often containing the spodumene mineral, whereas many other pegmatite regions of the world have lithium within other minerals, not ideal for lithium extraction. Furthermore, the coarse grain spodumene evident in the James Bay Lithium District is proving to have low impurities and therefore has processing advantages when compared worldwide.
Corporate Update:
Future Acquisitions: The Company has recently announced the acquisition of the Scotty, Brisk and Trieste Projects. The Company’s focus going forwards will be on these projects however the Company will also consider the acquisition of further projects should it consider it to be in the interests of the Company and its shareholders. Consistent with this, the Company is in the process of evaluating opportunities for the Company and subject to the reaching of acceptable commercial terms and the regulatory implications of any such acquisition being considered to be acceptable to the Company, the Company may seek to acquire further projects. The Company has not entered into any agreement, binding or otherwise, to acquire any further projects at the moment and subject to such agreement being entered into, it will disclose the terms of any such agreement in accordance with its continuous disclosure obligations.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490 E: [email protected]
ACN : 644 564 241 www.loyallithium.com
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Board Update: The Board of Loyal Lithium is pleased to announce that is has elevated Loyal Lithium’s Chairman Mr Peretz Schapiro to the role of Executive Chairman. At the forefront of the Company’s recent corporate activities, Peretz has demonstrated his professionalism and business acumen in executing numerous value accretive deals for the Company. The elevation of Peretz will further strengthen the Company’s management team as it looks to continue to increase its corporate activities, including the consideration of potential acquisitions.
Peretz’s updated Executive contract does not have a fixed term and is effective immediately. The contract increases his salary to $15,000 per month and includes a three (3) month notice period where the contract can be terminated without cause by either Peretz or the Company. The Company can make payment in lieu of the notice period. All other clauses in the contract are standard terms and conditions for agreements of this nature, including provisions relating to confidential information and intellectual property.
This announcement has been authorised for release by Loyal Lithium’s Board of Directors
For more information:
Adam Ritchie
Jane Morgan
Chief Executive Officer Investor & Media Relations [email protected] [email protected] +61 (0) 403 462 383 + 61 (0) 405 555 618
About Loyal Lithium
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.
Future Performance
This announcement may contain certain forward-looking statements and opinion Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. 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. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Loyal Lithium Limited.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]
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Qualified and Competent Person
The information in this announcement that relates to exploration results, is based, and fairly reflects, information compiled by Mr Darren Allingham, who is the Company’s geologist. Mr Allingham is a Fellow of the Australian Institute of Geoscientists. Mr Allingham has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results and Mineral Resources (JORC Code). Mr Allingham consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.
References
1 ASX Announcement LLI: 20th October 2022. Monger triples land position with the acquisition of the Trieste Lithium Project in the James Bay Lithium District, Quebec
2 Report and Recommendations 2015 Exploration program Exploration Osisko James Bay July 2016. Simon Hébert. Exploration Osisko James Bay. Énergie et Ressources naturelles Direction de l’information géologique 28 novembre 2017 GM 69682 https://gq.mines.gouv.qc.ca/documents/examine/GM69682/
3 Technical Report and Recommendations Summer 2017 Trieste Project, Québec Osisko Mining December 2017. Antoine Fecteau. Énergie et Ressources naturelles Direction de l’information géologique 28 novembre 2017 GM 70437 https://gq.mines.gouv.qc.ca/documents/examine/GM70437
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
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JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data
(Criteria in this table apply to all preceding sections.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| • Nature and quality of sampling (e.g., | |||
| cut channels, random chips, or | |||
| specific specialised industry standard | |||
| measurement tools appropriate to | |||
| the minerals under investigation, | |||
| such as down hole gamma sondes, | |||
| or handheld XRF instruments, etc). | |||
| These examples should not be taken | |||
| as limiting the broad meaning of | • | Rock-chip grab samples were | |
| sampling. • Include reference to measures taken |
selectively taken of approximately 2 kilograms each (samples were |
||
| to ensure sample representivity and | weighed) in numbered sample bags. | ||
| the appropriate calibration of any | • | Rock sample positions were located | |
| measurement tools or systems used. | by handheld GPS, Digital application | ||
| Sampling techniques |
• Aspects of the determination of mineralisation that are Material to the Public Report. |
mapping software and plan photo maps containing features such as topography, landmarks including |
|
| • In cases where ‘industry standard’ | roads. Each sample was geologically | ||
| work has been done this would be | described. | ||
| relatively simple (e.g., ‘reverse | • | The samples were placed into larger | |
| circulation drilling was used to obtain | bags labelled with sample numbers | ||
| 1 m samples from which 3 kg was | and zip tied prior to despatch to the | ||
| pulverised to produce a 30 g charge | laboratory | ||
| for fire assay’). In other cases, more | |||
| explanation may be required, such as | |||
| where there is coarse gold that has | |||
| inherent sampling problems. Unusual | |||
| commodities or mineralisation types | |||
| (e.g., submarine nodules) may | |||
| warrant disclosure of detailed | |||
| information. | |||
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
• |
Detailed geological logging of all samples and sample sites are potential indications only of mineralisation for further exploration targeting and programs |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| • Whether logging is qualitative or | • | Digital photographs were taken of | |
| quantitative in nature. Core (or | each sample and each sample site | ||
| costean, channel, etc) photography. | |||
| • The total length and percentage of | |||
| the relevant intersections logged. | |||
| • If core, whether cut or sawn and | |||
| whether quarter, half or all cores | |||
| taken. | |||
| • If non-core, whether riffled, tube | • | Between 0.29-3.99 kg of sample was | |
| sampled, rotary split, etc and whether | taken for each sample and the | ||
| sampled wet or dry. | samples were bagged and labelled | ||
| • For all sample types, the nature, | with the entire sample dispatched to | ||
| Sub- sampling techniques and sample preparation |
quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the |
• | the laboratory at the end of the day of field collection Full QA/QC and chain of custody procedures were undertaken by SGS and all results were recorded and dispatched to DGC via the same |
| sampling is representative of the in- | QA/QC and chain of custody | ||
| situ material collected, including for | procedures. | ||
| instance results for field duplicate/second-half sampling. |
• | Sample sizes were considered to be appropriate for the analytical process |
|
| • Whether sample sizes are | being used. | ||
| appropriate to the grain size of the | |||
| material being sampled. | |||
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or 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 (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) |
• • • • |
A total of 145 outcrop rock chip samples (plus 3 blanks) were sent for analysis in two separate batches to SGS Laboratory in Burnaby, British- Columbia. Samples were analysed using 50g dissolution in sodium peroxide coupled with ICP-AES+MS 57 (57 elements), SGS internal code GE_ICM91A50. All QA/QC and chain of custody information was provided by SGS including a description of the sample preparation methodologies. All sample runs were accompanied by three Sample Blanks. Blanks all assayed less than 5ppm |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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| Criteria JORC Code explanation |
Commentary | Commentary | Commentary | Commentary |
|---|---|---|---|---|
| and precision have been established. | Lithium. | |||
| Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • 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. |
• Geological mapping and sampling was managed in the field by a _Competent Person_as defined in JORC(2012) for the activity being undertaken. Data were recorded both digitally and on hardcopy log books. |
|||
| Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• All coordinate information was logged in three ways; Trilobite application software, handheld GPS and air photo maps. The grid system used was UTM NAD83 Zone 18. • Topographic control was provided via GPS observations. This was considered satisfactory for early-stage geological sampling type of work. Sample_ID Easting Northing Area C00281051 487462 5917758 5 C00281052 487885 5918073 5 C00281053 487237 5918133 5 C00281054 466604 5924262 4 C00281055 466840 5924169 4 C00281056 467228 5924365 4 C00281057 467533 5924651 4 C00281058 468931 5925081 4 C00281059 453904 5919922 3 C00281060 Blank C00281151 488070 5917430 5 C00281152 488120 5917450 5 C00281153 488027 5917180 5 C00281154 470508 5926267 4 C00281155 470757 5926415 4 C00281156 471246 5926635 4 C00281157 471503 5926616 4 C00281158 471628 5925721 4 |
|||
| Sample_ID | Easting | Northing | Area | |
| C00281051 | 487462 | 5917758 | 5 | |
| C00281052 | 487885 | 5918073 | 5 | |
| C00281053 | 487237 | 5918133 | 5 | |
| C00281054 | 466604 | 5924262 | 4 | |
| C00281055 | 466840 | 5924169 | 4 | |
| C00281056 | 467228 | 5924365 | 4 | |
| C00281057 | 467533 | 5924651 | 4 | |
| C00281058 | 468931 | 5925081 | 4 | |
| C00281059 | 453904 | 5919922 | 3 | |
| C00281060 | Blank | |||
| C00281151 | 488070 | 5917430 | 5 | |
| C00281152 | 488120 | 5917450 | 5 | |
| C00281153 | 488027 | 5917180 | 5 | |
| C00281154 | 470508 | 5926267 | 4 | |
| C00281155 | 470757 | 5926415 | 4 | |
| C00281156 | 471246 | 5926635 | 4 | |
| C00281157 | 471503 | 5926616 | 4 | |
| C00281158 | 471628 | 5925721 | 4 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490 E: [email protected]
ACN : 644 564 241 www.loyallithium.com
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| Criteria JORC Code explanation |
Commentary | Commentary | |||
|---|---|---|---|---|---|
| C00281159 | 471527 | 5925571 | 4 | ||
| C00281160 | 434755 | 5919511 | 2 | ||
| C00281161 | 434850 | 5919496 | 2 | ||
| C00281162 | 434982 | 5919507 | 2 | ||
| C00281163 | 435067 | 5919533 | 2 | ||
| C00281164 | 435152 | 5919591 | 2 | ||
| C00281165 | 433843 | 5919826 | 2 | ||
| C00281166 | 433740 | 5919879 | 2 | ||
| C00281167 | 433287 | 5919975 | 2 | ||
| C00281168 | 418970 | 5928522 | 1 | ||
| C00281169 | 419154 | 5928632 | 1 | ||
| C00281170 | 419425 | 5928316 | 1 | ||
| C00281171 | 419633 | 5928646 | 1 | ||
| C00281172 | 420009 | 5928861 | 1 | ||
| C00281173 | 420492 | 5928966 | 1 | ||
| C00281174 | 421157 | 5929493 | 1 | ||
| C00281175 | 422046 | 5928889 | 1 | ||
| C00281176 | 422299 | 5928891 | 1 | ||
| C00281177 | 457224 | 5920459 | 3 | ||
| C00281178 | 457716 | 5919884 | 3 | ||
| C00281179 | 457361 | 5919888 | 3 | ||
| C00281180 | 456302 | 5920445 | 3 | ||
| C00281181 | 455573 | 5919982 | 3 | ||
| C00281182 | 455045 | 5919919 | 3 | ||
| C00281183 | 454179 | 5919458 | 3 | ||
| C00281184 | 453889 | 5919877 | 3 | ||
| C00281185 | 453346 | 5919751 | 3 | ||
| C00281186 | Blank | ||||
| C00281201 | 487304 | 5917722 | 5 | ||
| C00281202 | 487395 | 5917956 | 5 | ||
| C00281203 | 487564 | 5917748 | 5 | ||
| C00281204 | 487871 | 5917823 | 5 | ||
| C00281205 | 487920 | 5917922 | 5 | ||
| C00281206 | 487953 | 5917965 | 5 | ||
| C00281207 | 488028 | 5918090 | 5 | ||
| C00281208 | 466320 | 5924340 | 4 | ||
| C00281209 | 466494 | 5924323 | 4 | ||
| C00281210 | 466723 | 5924387 | 4 | ||
| C00281211 | 466918 | 5924436 | 4 | ||
| C00281212 | 467181 | 5924587 | 4 | ||
| C00281213 | 467680 | 5924681 | 4 | ||
| C00281214 | 468411 | 5925250 | 4 | ||
| C00281215 | 468786 | 5924708 | 4 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490 E: [email protected]
ACN : 644 564 241 www.loyallithium.com
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ASX:LLI
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Criteria JORC Code explanation
Commentary
| C00281216 | 468611 | 5924620 | 4 | ||
|---|---|---|---|---|---|
| C00281217 | 433406 | 5920466 | 2 | ||
| C00281218 | 433155 | 5920453 | 2 | ||
| C00281219 | 432741 | 5920555 | 2 | ||
| C00281220 | 432301 | 5920753 | 2 | ||
| C00281221 | 432254 | 5920521 | 2 | ||
| C00281222 | 432014 | 5920455 | 2 | ||
| C00281223 | 431985 | 5920256 | 2 | ||
| C00281224 | 423999 | 5932212 | 1 | ||
| C00281225 | 423970 | 5932207 | 1 | ||
| C00281226 | 423915 | 5931991 | 1 | ||
| C00281227 | 423968 | 5931630 | 1 | ||
| C00281228 | 423732 | 5931428 | 1 | ||
| C00281229 | 423541 | 5931219 | 1 | ||
| C00281230 | 423537 | 5931055 | 1 | ||
| C00281231 | 423702 | 5930863 | 1 | ||
| C00281232 | 423927 | 5930658 | 1 | ||
| C00281233 | 424111 | 5930274 | 1 | ||
| C00281234 | 423952 | 5930295 | 1 | ||
| C00281235 | 422604 | 5930052 | 1 | ||
| C00281236 | 422563 | 5929648 | 1 | ||
| C00281237 | 447159 | 5918032 | 3 | ||
| C00281238 | 447296 | 5918034 | 3 | ||
| C00281239 | 447815 | 5918033 | 3 | ||
| C00281240 | 448194 | 5918115 | 3 | ||
| C00281241 | 448351 | 5918052 | 3 | ||
| C00281242 | 448512 | 5918246 | 3 | ||
| C00281243 | 448998 | 5918195 | 3 | ||
| C00281244 | 449539 | 5918483 | 3 | ||
| C00281245 | 449633 | 5918637 | 3 | ||
| C00281246 | 449895 | 5918643 | 3 | ||
| C00281247 | 450126 | 5918676 | 3 | ||
| C00281248 | 450644 | 5918869 | 3 | ||
| C00281249 | 451610 | 5919158 | 3 | ||
| C00281250 | Blank | ||||
| C00281362 | 417660 | 5924293 | 1 | ||
| C00281363 | 417348 | 5924291 | 1 | ||
| C00281364 | 417235 | 5924468 | 1 | ||
| C00281365 | 416861 | 5924782 | 1 | ||
| C00281366 | 416539 | 5924756 | 1 | ||
| C00281367 | 416480 | 5924607 | 1 | ||
| C00281368 | 416348 | 5924457 | 1 | ||
| C00281369 | 416420 | 5924119 | 1 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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ASX:LLI
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| Criteria JORC Code explanation |
Commentary | Commentary | |||
|---|---|---|---|---|---|
| C00281370 | 417528 | 5923545 | 1 | ||
| C00281371 | 438494 | 5912360 | 6 | ||
| C00281372 | 438385 | 5912333 | 6 | ||
| C00281373 | 422984 | 5929018 | 1 | ||
| C00281374 | 423493 | 5929126 | 1 | ||
| C00281375 | 423014 | 5928897 | 1 | ||
| C00281376 | 422893 | 5928884 | 1 | ||
| C00281377 | 422776 | 5928746 | 1 | ||
| C00281378 | 422705 | 5928641 | 1 | ||
| C00281379 | 422763 | 5928473 | 1 | ||
| C00281380 | 422744 | 5928312 | 1 | ||
| C00281381 | 422720 | 5927849 | 1 | ||
| C00281382 | 422367 | 5927674 | 1 | ||
| C00281383 | 422219 | 5927536 | 1 | ||
| C00281384 | 422099 | 5927429 | 1 | ||
| C00281385 | 422156 | 5927327 | 1 | ||
| C00281386 | 422158 | 5927075 | 1 | ||
| C00281387 | 422170 | 5926804 | 1 | ||
| C00281388 | 422570 | 5926312 | 1 | ||
| C00281416 | 419109 | 5926012 | 1 | ||
| C00281417 | 419359 | 5925926 | 1 | ||
| C00281418 | 419338 | 5925768 | 1 | ||
| C00281419 | 419195 | 5925580 | 1 | ||
| C00281420 | 418972 | 5925438 | 1 | ||
| C00281421 | 419022 | 5924894 | 1 | ||
| C00281422 | 419590 | 5924450 | 1 | ||
| C00281423 | 419742 | 5924206 | 1 | ||
| C00281424 | 419766 | 5924042 | 1 | ||
| C00281425 | 419896 | 5924002 | 1 | ||
| C00281426 | 420077 | 5923677 | 1 | ||
| C00281427 | 438926 | 5911994 | 6 | ||
| C00281428 | 438413 | 5911911 | 6 | ||
| C00281429 | 438520 | 5912046 | 6 | ||
| C00281430 | 419885 | 5928447 | 1 | ||
| C00281431 | 420196 | 5928084 | 1 | ||
| C00281432 | 420337 | 5927860 | 1 | ||
| C00281433 | 420242 | 5927652 | 1 | ||
| C00281434 | 420339 | 5927285 | 1 | ||
| C00281435 | 420448 | 5927071 | 1 | ||
| C00281436 | 420329 | 5926806 | 1 | ||
| C00281437 | 420540 | 5926181 | 1 | ||
| C00281438 | 420631 | 5926052 | 1 | ||
| C00281439 | 419988 | 5926195 | 1 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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ASX:LLI
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| Criteria JORC Code explanation |
Commentary | Commentary | |||
|---|---|---|---|---|---|
| C00281440 | 419866 | 5926226 | 1 | ||
| Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• Data spacing was selective, being dependant on the experience and skill of the mapping Geologists to record qualitative geological logging of surface geological sub-crop and traverses were walked along the length of discovered pegmatites. |
||||
| Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering 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. |
• Appropriate for this reconnaissance style of geological mapping program targeted along strike of pegmatites discovered in the field. Program sampling sites were designed by the Geological Field Manager |
||||
| Sample security • The measures taken to ensure sample security. |
• Samples were individually extracted by geological hammer, bagged, tagged, described and recorded. Individual unique numbered calico bags containing the sample were flown by helicopter and locked in a DGC field office shed prior to laboratory submission. |
||||
| Audits or reviews • The results of any audits or reviews of sampling techniques and data. |
• The field program found the same indicator minerals in pegmatites locations as the Geological Survey of Quebec observations but new samples were assayed by LLI contractor DGC for a suite of multi- elements which had not occurred previously. |
Section 2 Reporting of Exploration Results
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
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(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type, reference name/number, | ||
| tenement and land tenure |
location and ownership including agreements or material issues with |
The Brisk Lithium Project claims are 100% LLI owned and were announced |
|
| status | third parties such as joint ventures, partnerships, overriding royalties, |
in the ASX Quarterly Activities Report 31stOctober 2022. |
|
| native title interests, historical sites, | |||
| wilderness or national park and | |||
| environmental settings. | |||
| • The security of the tenure held at the | |||
| time of reporting along with any | |||
| known impediments to obtaining a | |||
| licence to operate in the area. | |||
| Exploration | • Acknowledgment and appraisal of | • | Historical work has not been |
| done by other | exploration by other parties. | assessed or appraised in this | |
| parties | announcement as this is a newly | ||
| identified prospect with no known | |||
| data collected previously. | |||
| • | Regional exploration geological | ||
| mapping 1:100,000 scale has been | |||
| conducted historically only by the | |||
| government agency The Quebec | |||
| Geological Survey. | |||
| Geology | • Deposit type, geological setting and | • | Archean aged Opinacia sub- |
| style of mineralisation. | Provence – fractionated pegmatites | ||
| LCT types late in orogenic history | |||
| Data | • In reporting Exploration Results, | • | No data aggregation methods were |
| aggregation | weighting averaging techniques, | used with individual outcrop surface | |
| methods | maximum and/or minimum grade | sample results announced | |
| truncations (e.g., 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 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
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ASX:LLI
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| shown in detail. | ||
| The assumptions used for any | ||
| reporting of metal equivalent values | ||
| should be clearly stated. | ||
| Relationship | • These relationships are particularly | • Geological surface samples from |
| between | important in the reporting of | sub-crop are unreliable for any |
| mineralisation | Exploration Results. | calculation of metal accumulations, |
| widths and | • If the geometry of the mineralisation | as are prone to selection bias. So, no |
| intercept | with respect to the drill hole angle is | inference is made to the size nor |
| lengths | known, its nature should be reported. | tenor of resources from individual or |
| • If it is not known and only the down | composited sample assay results. | |
| hole lengths are reported, there | Anomalous samples represent an | |
| should be a clear statement to this | indication only that lithium and | |
| effect (e.g., ‘down hole length, true | associated trace elements are | |
| width not known’). | present. | |
| Diagrams | • Appropriate maps and sections | • Appropriate plan and location maps |
| (with scales) and tabulations of | on regional and prospect scales are | |
| intercepts should be included for | included in this ASX announcement. | |
| any 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 | • Where comprehensive reporting of | • All exploration results are reported. |
| reporting | all Exploration Results is not | |
| practicable, representative reporting | ||
| of both low and high grades and/or | ||
| widths should be practiced avoiding | ||
| misleading reporting of Exploration | ||
| Results. | ||
| Other | • Other exploration data, if meaningful | • Geological descriptions are included |
| substantive | and material, should be reported | in this announcement |
| exploration | including (but not limited to): | |
| data | geological observations; | |
| geophysical survey results; | ||
| geochemical survey results; bulk | ||
| samples – size and method of | ||
| treatment; metallurgical test results; | ||
| bulk density, groundwater, | ||
| geotechnical and rock | ||
| characteristics;potential deleterious |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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ASX:LLI
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| or contaminating substances. | ||
| Further work | • The nature and scale of planned | • Given the encouraging results from |
| further work (e.g., tests for lateral | this sampling program, more | |
| extensions or depth extensions or | geological mapping of the Area 1 | |
| large-scale step-out drilling). | and rock-chip samples are planned | |
| • Diagrams clearly highlighting the | to understand this highly significant | |
| areas of possible extensions, | surface outcrop lithium and trace | |
| including the main geological | element anomaly unique to the | |
| interpretations and future drilling | claims area | |
| areas, provided this information is | ||
| not commercially sensitive. |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490 E: [email protected]