AI assistant
LOYAL METALS LTD — Capital/Financing Update 2023
Aug 15, 2023
65244_rns_2023-08-15_00d1a971-0e63-4fcf-b350-15734fe8912a.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
ASX Announcement | 16 August 2023
Multiple Spodumene Bearing Pegmatite Dykes Discovered at the Trieste Lithium Project, James Bay, Canada
Highlights:
-
Loyal Lithium is excited to announce a significant development in the ongoing field program at the Trieste Lithium Project, with the discovery of five spodumene bearing pegmatite dykes.
-
The five spodumene bearing pegmatite dykes, with aligned implied continuous outcrops, have been identified within a 6 km[2] area to the south of the Trieste Greenstone Belt, situated in a metasediment host – leaving several high value greenstone targets yet to be explored.
-
Preparation for drilling activities will now commence with the existing in-field team from Dahrouge Geological Consulting (DGC) increasing to 19 field crew.
-
The field program will also be enhanced to include additional tasks such as channel sampling, LiDAR surveys and high-resolution geophysics.
-
Loyal Lithium’s discovery of multiple spodumene bearing dykes marks the first occurrence along the Trieste Greenstone Belt outside of the known spodumene bearing pegmatites of Winsome Resources’ (WR1) Adina-Jamar discovery, located only 14km to the west.
-
Loyal Lithium attributes its early exploration success to the comprehensive winter program that informed the design of the ongoing field operations.
-
Loyal Lithium remains the single largest landholder within the highly prospective Trieste Greenstone Belt, with a land position of 251 km[2] .
-
Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Loyal Lithium Limited (ASX:LLI) ( Loyal Lithium , LLI , or the Company ) is pleased to announce a significant breakthrough in ongoing fieldwork at the Trieste Lithium Project, with the discovery of five spodumene bearing pegmatite dykes, each consisting of a series of outcrops (Figure 1) with samples taken for assay and geological observations recorded (Appendix 1). The discoveries are situated in a metasediment hosted area south of the Trieste Greenstone Belt, with many high-value pegmatite targets within the greenstone yet to be explored. Preparation for drilling activities will now commence and the field program will now be enhanced to include channel sampling, LiDAR and geophysics. Loyal Lithium’s discovery of multiple spodumene bearing dykes marks the first occurrence along the Trieste Greenstone Belt outside of the known spodumene rich pegmatites of Winsome Resources’ (WR1) AdinaJamar discovery, located only 14km to the west[1] .
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
Loyal Lithium’s Managing Director, Mr. Adam Ritchie, commented:
"These discoveries are a true credit to the Loyal Lithium team and partners. We are passionate about Lithium and on a mission to play a part in the North American Lithium supply chain.”
“Although still very early, we are excited by the potential of this fertile area south of the Trieste greenstone. The discovery of five spodumene rich dykes gives us great confidence as we accelerate our exploration activities and prepare for drilling.”
==> picture [539 x 393] intentionally omitted <==
Figure 1: Trieste Lithium Project Spodumene bearing Pegmatite cluster south of the Trieste Greenstone Belt (green overlay) on a true colour 2015 Pleiades satellite plan image (© CNES 2015, Distribution AIRBUS DS)
The five spodumene bearing pegmatite dykes discovered are within a 6 km[2] area to the south of the Trieste Greenstone Belt. The resistive spodumene bearing pegmatite dykes are prominent in the landscape with the most western discovery (Dyke #01) being described as a hill (see Photo 1).
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
==> picture [481 x 316] intentionally omitted <==
Photo 1: Dyke #01, outcrop TR23AS-15. An in-situ dyke hill mapped as a spodumene-quartz-feldsparmuscovite pegmatite. Photo view to the northwest, with an A-Star helicopter shown in the very west.
==> picture [483 x 272] intentionally omitted <==
Photo 2: Dyke #01, outcrop TR23AS-15. An in-situ dyke hill mapped as a spodumene-quartz-feldsparmuscovite pegmatite. Photo view to the northeast. DGC geological field crew inspecting the discovery.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
The Spodumene has been identified by two Field Crew Team Leaders, who are all members of the Ordre des Géoilogues du Québec, and confirmed by the JORC CP, with the largest twined crystal of spodumene found in Dyke #5 at an exceptional 1.4m in length along the C axis (Photo 3), however many large Spodumene sized crystals have been noted across the five discovery sites (see Photos 1 to 12b).
==> picture [486 x 300] intentionally omitted <==
Photo 3: Dyke #05, outcrop TR23JW-009. A 1.4m long twin spodumene mineral crystal in outcrop with a DGC Geological Field Crew member ( verbal approval received from DGC Team Leader and the Crew Member )
==> picture [306 x 237] intentionally omitted <==
==> picture [161 x 235] intentionally omitted <==
Photos 4 and 5: Dyke #04, outcrop TR23PS-009. Large spodumene crystals in outcrop.
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
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
==> picture [448 x 635] intentionally omitted <==
Photo 6: Dyke #04, outcrop TR23PS-009. A 1.0m spodumene crystal in outcrop.
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]
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
==> picture [460 x 320] intentionally omitted <==
Photo 7: Geological Field Crew investigating the spodumene bearing outcrop, Dyke #04 and sample site
TR23PS-012.
==> picture [241 x 291] intentionally omitted <==
==> picture [214 x 290] intentionally omitted <==
Photo 8 and 9: Identification of spodumene at Dyke #04, outcrop TR23PS-012.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
==> picture [465 x 621] intentionally omitted <==
Photo 10: Dyke #03, outcrop TR23LV-009. DGC Geologist standing on an in-situ dyke mapped as a spodumene-quartz-feldspar-muscovite pegmatite.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
==> picture [496 x 323] intentionally omitted <==
Photo 11: Dyke #02, outcrop TR23PS-029. DGC Geologist standing on an in-situ dyke mapped as a spodumenequartz-feldspar-muscovite pegmatite.
==> picture [206 x 274] intentionally omitted <==
==> picture [204 x 273] intentionally omitted <==
Photos 12a & 12b: Dyke #02, outcrops TR23PS-029 (left) and TR23PS-028 (right) with spodumene crystals.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
NEXT STEPS – DRILLING & ENHANCED FIELD PROGRAM
Preparations will now commence for an upcoming drilling campaign, marking a pivotal phase in the project's advancement. The field program will also be enhanced to incorporate channel sampling, LiDAR surveys, and high-resolution geophysics to advance Loyal Lithium’s understanding of the geological landscape. The experienced Dahrouge Geological Consulting team will expand to 19 field crew members, supported by a minimum of 2 helicopters. Collected samples have been meticulously catalogued, transported to the field camp, and are en route to SGS Laboratory for total digestion sodium peroxide assay analysis, with results anticipated in approximately 6 weeks.
Loyal Lithium’s summer field program is a prioritised and comprehensive prospecting, outcrop rock chip and glacial till sampling initiative. The program’s prospecting focus is high value targets that were identified through the inputs collected and assessed during the Canadian winter of 2022/2023. The abundance of historical and new data collected by Loyal Lithium has directed the Company’s efforts towards the highly prospective northwest zone, which encompasses a volcanic mafic “greenstone” belt and a large pegmatite-de-tilly intrusive to the south of the greenstone belt. Additionally, a smaller zone in the southeast features comparable geological occurrences. These zones are shown categorised in Figure 2 below as first order of priority.
==> picture [541 x 317] intentionally omitted <==
Figure 2 – Trieste Lithium Project –Summer Field Program Areas Prioritised
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]
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
The extensive prospecting program aims to collect rock chip samples from the prioritised areas. The first priority is to complete systematic and closely spaced traverses in the NW zone, focusing on the high-value targets. Soil and glacial till will also be sampled on traverses across the Tilly intrusive, situated south of the greenstone belt, and in the areas with limited historical mapping, located east of the greenstone, where extensions of the structure are interpreted to occur. Furthermore, the first priority southeast zone will also have systematic and closely spaced traverses conducted due to the historical observation of crystal structures within a pegmatite among the greenstone.
The objective of the comprehensive till sampling program is to collect samples of the high priority targets, utilizing a tight sample grid due to the potential for the occurrence of Lithium-bearing pegmatites. Wider-spaced lines will be used to detect signals across the rest of the property. A tight sample spacing will be deployed along the sampling grid lines to better locate any anomalous source(s). If any anomalies are detected across the regional (wider-spaced) sample lines, they will be considered for a subsequent sampling program.
Loyal Lithium's extensive Canadian winter of 2022/2023 program has informed the design of this comprehensive summer program. Inputs such as a regional/local geological assessments, historical data review (outcrop, geochemical, till, and lake samples), high-resolution aeromagnetic analysis, and multispectral analysis have all been essential inputs and have enable focused and efficient exploration techniques are utilized at the highly prospective Trieste Lithium Project.
THE TRIESTE LITHIUM PROJECT
The 100% owned Trieste Lithium Project[2,3,4,5] (Figure 3) is a large-scale lithium Project located 14km east of Winsome Resources’ (ASX: WR1) Adina Lithium Project drill hole that recently recorded a significant Lithium mineralised intercept of 1.34% over 107.6m[(1)] . Importantly, Loyal Lithium acquired the Trieste Lithium Project in October 2022 prior to the recent drill campaign results at the Adina Lithium Project.
==> picture [534 x 164] intentionally omitted <==
Figure 3 - Trieste Lithium Project – GSQ Region Interpretation (1:100k)
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
Loyal Lithium is the largest land holder within the highly prospective Trieste Greenstone Belt. The Trieste Lithium Project covers 251 km[2] , which is 8.6 times larger than Winsome Resources’ (ASX: WR1) Adina Lithium Project. The project area includes a 39 km long contact zone in the Trieste Greenstone Belt with a significant amount of historical data. Although the Project hasn’t ever previously been explored for lithium, it does contain an anomalous historical lithium assay site and high values of newly identified pegmatite lithium indicator elements including caesium, rubidium, gallium, tin, beryllium and boron.
This announcement has been authorised for release by Loyal Lithium’s Board of Directors
For more information:
Adam Ritchie
Managing Director [email protected] +61 (0) 403 462 383
Jane Morgan
Investor & Media Relations [email protected] + 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 Northwest Territories, Canada, 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]
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
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 WR1: 6th January 2023. Strong lithium mineralisation recorded from first Adina drill hole assays
2 ASX Announcement LLI: 27 February 2023. High Resolution Aeromagnetic Survey completed at Trieste Lithium Project to support Pre-emptive Drilling Permit Application
3 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
4 ASX Announcement LLI: 27 March 2023 Identification of Multiple High Value Targets at Trieste Lithium Project, James Bay, Canada
5 ASX Announcement LLI: 07 August 2023 Inaugural Field Program Commenced at Trieste Lithium Project
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
APPENDIX 1 : Samples, outcrop and group details
| Sample | Outcrop/Group | Easting | Northing | Rock | Sample | **Spodumene(%) range ** |
|---|---|---|---|---|---|---|
| number | Name | UTM NAD83 Zone18 |
**Type ** | **Type ** | visual estimate surrounding sample |
|
| C00428051 | TR23AS-01 | 689814 | 5909445 | pegmatite | Outcrop | 0 |
| C00428052 | TR23AS-02 | 696306 | 5857245 | pegmatite | Outcrop | 0 |
| C00428053 | TR23AS-03 | 689772 | 5909548 | pegmatite | Outcrop | 0 |
| C00428054 | TR23AS-03 | 689772 | 5909548 | pegmatite | Outcrop | 0 |
| C00428055 | TR23AS-04 | 689824 | 5909498 | pegmatite | Outcrop | 0 |
| C00428056 | TR23AS-07 | 689929 | 5909470 | pegmatite | Outcrop | 0 |
| C00428057 | TR23AS-08 | 690059 | 5909589 | pegmatite | Outcrop | 0 |
| C00428058 | TR23AS-09 | 687084 | 5904596 | pegmatite | Outcrop | 0 |
| C00428059 | TR23AS-10 | 687266 | 5905087 | pegmatite | Outcrop | 0 |
| C00428061 | TR23AS-10 | 687266 | 5905087 | pegmatite | Outcrop | 0 |
| C00428063 | TR23AS-12 | 687223 | 5905174 | pegmatite | Outcrop | 0 |
| C00428065 | TR23AS-15 | 683096 | 5906098 | pegmatite | Outcrop | 10-20 |
| C00428066 | TR23AS-15 | 683095 | 5906086 | pegmatite | Outcrop | 10-20 |
| C00428067 | TR23AS-15 | 683097 | 5906087 | pegmatite | Outcrop | 10-20 |
| C00428068 | TR23AS-15 | 683189 | 5906096 | pegmatite | Outcrop | 10-20 |
| C00428069 | TR23AS-17 | 684050 | 5906034 | pegmatite | Outcrop | 10-20 |
| C00428070 | TR23AS-18 | 684114 | 5905679 | pegmatite | Outcrop | 0 |
| C00428071 | TR23AS-20 | 684968 | 5899699 | pegmatite | Outcrop | 0 |
| C00428072 | TR23AS-21 | 684058 | 5905413 | pegmatite | Outcrop | 0 |
| C00428073 | TR23AS-22 | 684082 | 5905344 | pegmatite | Outcrop | 0 |
| C00428074 | TR23AS-25 | 684205 | 5905342 | pegmatite | Boulder | 0 |
| C00428075 | TR23AS-26 | 684730 | 5905447 | pegmatite | Outcrop | 0 |
| C00428076 | TR23AS-26 | 684750 | 5905464 | pegmatite | Outcrop | 0 |
| C00428077 | TR23AS-29 | 685026 | 5905643 | pegmatite | Outcrop | 0 |
| C00428078 | TR23AS-31 | 682996 | 5906257 | pegmatite | Boulder | 0 |
| C00428079 | TR23AS-30 | 683209 | 5906092 | pegmatite | Boulder | 10 |
| C00428081 | TR23AS-33 | 682931 | 5906357 | pegmatite | Boulder | 0 |
| C00428082 | TR23AS-34 | 683060 | 5906340 | pegmatite | Boulder | 5-10 |
| C00428083 | TR23AS-34 | 683057 | 5906334 | pegmatite | Boulder | 5-10 |
| C00428084 | TR23AS-53 | 685667 | 5906916 | pegmatite | Outcrop | 0 |
| C00428085 | TR23AS-46 | 684117 | 5907364 | pegmatite | Outcrop | 0 |
| C00428086 | TR23AS-53 | 685669 | 5906914 | pegmatite | Outcrop | 0 |
| C00428087 | TR23AS-54 | 685567 | 5906669 | pegmatite | Boulder | 0 |
| C00428088 | TR23AS-53 | 685604 | 5906907 | pegmatite | Outcrop | 0 |
| C00428090 | TR23AS-35 | 683167 | 5906449 | pegmatite | Boulder | 10-20 |
| C00428091 | TR23AS-40 | 683204 | 5906359 | pegmatite | Boulder | 10-20 |
| C00428092 | TR23AS-40 | 683215 | 5906375 | pegmatite | Boulder | 10-20 |
| C00428093 | TR23AS-39 | 683218 | 5906727 | pegmatite | Outcrop | 0 |
| C00428094 | TR23AS-41 | 683395 | 5906668 | pegmatite | Boulder | >20 |
| C00428095 | TR23AS-41 | 683393 | 5906678 | pegmatite | Boulder | >20 |
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
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
| Sample | Outcrop/Group | Easting | Northing | Rock | Sample | **Spodumene(%) range ** |
|---|---|---|---|---|---|---|
| C00428096 | TR23AS-42 | 683431 | 5906722 | pegmatite | Boulder | 10-20 |
| C00428097 | TR23AS-43 | 683534 | 5906634 | pegmatite | Boulder | >20 |
| C00428098 | TR23AS-44 | 683456 | 5906540 | pegmatite | Boulder | 10-20 |
| C00428607 | TR23PS-001 | 689812 | 5909187 | pegmatite | Outcrop | 0 |
| C00428608 | TR23PS-002 | 689639 | 5909078 | pegmatite | Boulder | 0 |
| C00428609 | TR23PS-003 | 689212 | 5909755 | pegmatite | Outcrop | 0 |
| C00428610 | TR23PS-004 | 689443 | 5909667 | pegmatite | Boulder | 0 |
| C00428611 | TR23PS-005 | 684276 | 5906031 | pegmatite | Boulder | 0 |
| C00428612 | TR23PS-006 | 684357 | 5906204 | pegmatite | Boulder | 10-20 |
| C00428613 | TR23PS-007 | 684383 | 5906305 | pegmatite | Boulder | 1-5 |
| C00428614 | TR23PS-009 | 684553 | 5906367 | pegmatite | Outcrop | 10-20 |
| C00428615 | TR23PS-010 | 684507 | 5906381 | pegmatite | Outcrop | 0 |
| C00428616 | TR23PS-011 | 684513 | 5906371 | pegmatite | Outcrop | 0 |
| C00428617 | TR23PS-012 | 684480 | 5906343 | pegmatite | Outcrop | 10-20 |
| C00428618 | TR23PS-014 | 682773 | 5905754 | pegmatite | Boulder | 5-10 |
| C00428619 | TR23PS-015 | 682858 | 5905655 | pegmatite | Boulder | 1-5 |
| C00428621 | TR23PS-017 | 683335 | 5905479 | pegmatite | Boulder | 1-5 |
| C00428622 | TR23PS-018 | 683581 | 5905236 | pegmatite | Boulder | 1-5 |
| C00428623 | TR23PS-018 | 683579 | 5905235 | pegmatite | Outcrop | 1-5 |
| C00428625 | TR23PS-021 | 653530 | 5905512 | pegmatite | Outcrop | 0 |
| C00428627 | TR23PS-022 | 683480 | 5905588 | pegmatite | Outcrop | 0 |
| C00428628 | TR23PS-025 | 682979 | 5905778 | pegmatite | Boulder | 5-10 |
| C00428629 | TR23PS-026 | 683016 | 5908015 | pegmatite | Outcrop | 0 |
| C00428630 | TR23PS-028 | 684139 | 5906803 | pegmatite | Outcrop | 10-20 |
| C00428631 | TR23PS-028 | 684092 | 5906791 | pegmatite | Outcrop | 10-20 |
| C00428632 | TR23PS-029 | 683950 | 5906780 | pegmatite | Outcrop | 10-20 |
| C00428633 | TR23PS-030 | 683817 | 5906780 | pegmatite | Outcrop | 10-20 |
| C00428634 | TR23PS-031 | 687084 | 5906665 | pegmatite | Boulder | 1 |
| C00428635 | TR23PS-032 | 687259 | 5906722 | pegmatite | Boulder | 0 |
| C00428636 | TR23PS-033 | 687498 | 5906918 | pegmatite | Boulder | 0 |
| C00428637 | TR23PS-034 | 687476 | 5907131 | pegmatite | Boulder | 0 |
| C00428638 | TR23PS-035 | 687607 | 5907148 | pegmatite | Outcrop | 0 |
| C00428639 | TR23PS-035 | 687585 | 5907159 | pegmatite | Boulder | 0 |
| C00428641 | TR23PS-035 | 687602 | 5907148 | pegmatite | Outcrop | 0 |
| C00428652 | TR23AV-001 | 690080 | 5909389 | pegmatite | Outcrop | 0 |
| C00428653 | TR23AV-002 | 690247 | 5909438 | pegmatite | Outcrop | 0 |
| C00428654 | TR23AV-003 | 690184 | 5909378 | pegmatite | Outcrop | 0 |
| C00428655 | TR23AV-004 | 690322 | 5909424 | pegmatite | Outcrop | 0 |
| C00428656 | TR23AV-005 | 690301 | 5909570 | pegmatite | Boulder | 0 |
| C00428657 | TR23AV-006 | 690381 | 5909648 | pegmatite | Outcrop | 0 |
| C00428658 | TR23AV-007 | 689998 | 5909357 | pegmatite | Outcrop | 0 |
| C00428661 | TR23AV-009 | 687573 | 5905504 | pegmatite | Outcrop | 0 |
| C00428662 | TR23LV-002 | 683373 | 5906316 | pegmatite | Outcrop | 0 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
| Sample | Outcrop/Group | Easting | Northing | Rock | Sample | **Spodumene(%) range ** |
|---|---|---|---|---|---|---|
| C00428663 | TR23LV-003 | 683660 | 5906497 | pegmatite | Boulder | 0 |
| C00428664 | TR23LV-004 | 683698 | 5906773 | pegmatite | Outcrop | 0 |
| C00428665 | TR23LV-005 | 684159 | 5906628 | pegmatite | Outcrop | 0 |
| C00428666 | TR23LV-007 | 684414 | 5906544 | pegmatite | Boulder | 0 |
| C00428667 | TR23LV-008 | 684356 | 5906656 | pegmatite | Outcrop | 0 |
| C00428668 | TR23LV-009 | 684444 | 5906672 | pegmatite | Outcrop | 0 |
| C00428669 | TR23LV-010 | 684522 | 5906677 | pegmatite | Outcrop | 0 |
| C00428670 | TR23LV-012 | 683921 | 5905905 | pegmatite | Boulder | <1 |
| C00428671 | TR23LV-013 | 683005 | 5905959 | pegmatite | Boulder | 5-10 |
| C00428672 | TR23LV-014 | 682625 | 5905576 | pegmatite | Boulder | 5-10 |
| C00428673 | TR23LV-015 | 682370 | 5905186 | pegmatite | Boulder | 10-20 |
| C00428674 | TR23LV-017 | 682497 | 5905569 | pegmatite | Boulder | 0 |
| C00428675 | TR23LV-018 | 682554 | 5905962 | pegmatite | Boulder | 0 |
| C00428676 | TR23LV-021 | 685669 | 5905237 | pegmatite | Outcrop | 0 |
| C00428677 | TR23LV-022 | 686024 | 5904692 | pegmatite | Outcrop | 0 |
| C00428679 | TR23LV-024 | 686345 | 5904685 | pegmatite | Boulder | 0 |
| C00428681 | TR23LV-027 | 686577 | 5904834 | pegmatite | Outcrop | 0 |
| C00428682 | TR23LV-029 | 684356 | 5906656 | pegmatite | Outcrop | 5-10 |
| C00428683 | TR23LV-033 | 686507 | 5906945 | pegmatite | Outcrop | 0 |
| C00428684 | TR23LGM-001 | 686328 | 5905639 | pegmatite | Outcrop | 0 |
| C00428685 | TR23LGM-003 | 686242 | 5906173 | pegmatite | Outcrop | 0 |
| C00428701 | TR23JW-001 | 689715 | 5909334 | pegmatite | Outcrop | 0 |
| C00428702 | TR23JW-003 | 689700 | 5909525 | pegmatite | Outcrop | 0 |
| C00428703 | TR23JW-004 | 689819 | 5909800 | pegmatite | Outcrop | 0 |
| C00428704 | TR23JW-005 | 689891 | 5909708 | pegmatite | Outcrop | 0 |
| C00428705 | TR23JW-006 | 689720 | 5909551 | pegmatite | Outcrop | 0 |
| C00428706 | TR23W-008 | 685365 | 5906153 | pegmatite | Outcrop | 0 |
| C00428707 | TR23JW-009 | 685381 | 5906075 | pegmatite | Outcrop | 10-20 |
| C00428708 | TR23JW-009 | 685321 | 5906071 | pegmatite | Outcrop | 10-20 |
| C00428709 | TR23JW-009 | 685292 | 5906060 | pegmatite | Outcrop | 10-20 |
| C00428710 | TR23JW-012 | 685607 | 5905657 | pegmatite | Outcrop | 0 |
| C00428711 | TR23JW-013 | 685605 | 5905655 | pegmatite | Outcrop | 0 |
| C00428712 | TR23JW-013 | 685606 | 5905653 | pegmatite | Outcrop | 0 |
| C00428713 | TR23JW-013 | 685606 | 5905652 | pegmatite | Outcrop | 0 |
| C00428714 | TR23JW-014 | 685575 | 5905708 | pegmatite | Outcrop | 0 |
| C00428715 | TR23JW-015 | 685457 | 5905794 | pegmatite | Outcrop | 0 |
| C00428716 | TR23JW-016 | 681407 | 5908555 | pegmatite | Boulder | 0 |
| C00428717 | TR23JW-018 | 681834 | 5908551 | pegmatite | Boulder | 0 |
| C00428718 | TR23JW-019 | 681993 | 5907263 | pegmatite | Outcrop | 0 |
| C00428719 | TR23JW-022 | 682315 | 5907439 | pegmatite | Outcrop | 0 |
| C00428721 | TR23JW-025 | 685816 | 5905454 | pegmatite | Outcrop | 0 |
| C00428722 | TR23JW-028 | 685967 | 5905583 | pegmatite | Outcrop | 0 |
| C00428723 | TR23JW-028 | 685969 | 5905599 | pegmatite | Outcrop | 0 |
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI
P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
==> picture [596 x 102] intentionally omitted <==
----- Start of picture text -----
ASX:LLI
----- End of picture text -----
| Sample | Outcrop/Group | Easting | Northing | Rock | Sample | **Spodumene(%) range ** |
|---|---|---|---|---|---|---|
| C00428724 | TR23JW-028 | 685957 | 5905606 | pegmatite | Outcrop | 0 |
| C00428725 | TR23JW-030 | 686035 | 5905611 | pegmatite | Outcrop | 0 |
| C00428726 | TR23JW-031 | 686158 | 5905803 | pegmatite | Outcrop | 0 |
| C00428727 | TR23JW-033 | 686154 | 5905568 | pegmatite | Outcrop | 0 |
| C00428728 | TR23JW-033 | 686133 | 5905564 | pegmatite | Outcrop | 0 |
| C00428729 | TR23JW-035 | 686255 | 5905417 | pegmatite | Outcrop | 0 |
| C00428730 | TR23JW-036 | 685471 | 5905197 | pegmatite | Outcrop | 0 |
| C00428731 | TR23JW-037 | 684596 | 5906671 | pegmatite | Outcrop | 0 |
| C00428732 | TR23JW-037 | 684605 | 5906676 | pegmatite | Outcrop | 0 |
| C00428733 | TR23JW-037 | 684588 | 5906671 | pegmatite | Outcrop | 0 |
| C00428734 | TR23JW-047 | 685434 | 5907165 | pegmatite | Outcrop | 0 |
| C00428735 | TR23JW-049 | 685580 | 5907357 | pegmatite | Outcrop | 0 |
| C00428736 | TR23JW-056 | 683072 | 5906055 | pegmatite | Boulder | 0 |
| C00428737 | TR23JW-057 | 682864 | 5905811 | pegmatite | Boulder | 0 |
| C00428751 | TR23TD-002 | 685153 | 5906069 | pegmatite | Boulder | 0 |
| C00428752 | TR23TD-003 | 685024 | 5905921 | pegmatite | Boulder | 0 |
| C00428753 | TR23TD-010 | 687064 | 5906669 | pegmatite | Boulder | 0 |
| C00428754 | TR23TD-17 | 681950 | 5906247 | pegmatite | Boulder | 0 |
| C00428755 | TR23TD-19 | 682261 | 5906758 | pegmatite | Outcrop | 0 |
| C00482062 | TR23AS-11 | 687256 | 5905126 | pegmatite | Outcrop | 0 |
| C00482064 | TR23AS-13 | 687159 | 5905081 | pegmatite | Outcrop | 0 |
Note 1: Outcrop samples are pegmatite determined to be in-situ. Bouler samples are glacial till surface rock Note 2: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
A: 5/10 Johnston St, Peppermint Grove WA, 6011
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
P: (08) 6245 2490
JORC Code, 2012 Edition – Table 1 report template Section 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 channels, random chips, or | • Since acquiring the Trieste Lithium Project, Loyal Lithium has started |
| techniques | specific specialised industry standard measurement tools appropriate | new exploration work in the form of field mapping and sampling on the |
| to the minerals under investigation, such as down hole gamma sondes, | Project, that is in progress, so this is an interim announcement of | |
| or handheld XRF instruments, etc). These examples should not be | qualitative results. This program currently in progress consists of field | |
| taken as limiting the broad meaning of sampling. | mapping outcrops identified in desktop studies, before the field visit, | |
| • Include reference to measures taken to ensure sample representivity | from satellite visible, infrared and lithium combination ratio imagery. | |
| and the appropriate calibration of any measurement tools or systems | Also, historical outcrop sample assays and geological interpretations | |
| used. | were used to prioritise sampling areas. No sample assays are provided | |
| • Aspects of the determination of mineralisation that are Material to the | in this announcement with outcrop and glacial till boulder float grab | |
| Public Report. | samples to be shipped to SGS Quebec for multielement analysis and | |
| • In cases where ‘industry standard’ work has been done this would be | sodium peroxide digest lithium analysis. | |
| relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m | • In early 2023, Loyal Lithium carried out a core re-logging and re- | |
| samples from which 3 kg was pulverised to produce a 30 g charge for | sampling program on drill holes completed on the Project by Osisko | |
| fire assay’). In other cases more explanation may be required, such as | Mining Inc. in 2015 and 2017. | |
| where there is coarse gold that has inherent sampling problems. | • The historical drill holes comprised ten holes of NQ-sized core totalling | |
| Unusual commodities or mineralisation types (eg submarine nodules) | 1,559 m in 2015 and three holes of NQ-sized core totalling 636 m in 2017. | |
| may warrant disclosure of detailed information. | • Re-logging and re-sampling focused on historical pegmatite intervals | |
| logged by Osisko; eleven out of the thirteen holes were re-evaluated, | ||
| made up of eight holes from 2015 and three holes from 2017. | ||
| • Pegmatite intervals within the drill holes was reoriented, re-marked | ||
| with m intervals, re-photographed, and new sample numbers were | ||
| assigned to the pegmatite intervals chosen to be sent for assay. | ||
| • The core was cut in half, or in quarters if previously sampled by Osisko, | ||
| on site by an electric core saw. | ||
| • Core was sampled at 1 m intervals or shorter if sampling near contacts. | ||
| The minimum size sampled was 0.5 m and the longest was 1 m. | ||
| • Quartz blanks were inserted roughly once in every ten samples across | ||
| the sample stream as part of the QA-QC program. | ||
| • A total of 321 samples that comprise 281 half-core samples, 9 quarter- | ||
| core samples, and 31 quartz blanks were submitted to SGS Laboratories | ||
| in Lakefield, Ontario for processing. |
17
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Drilling | • Drill type (eg core, reverse circulation, open-hole hammer, rotary air | • | Loyal Lithium re-analysed the diamond drilling completed by Osisko in |
| techniques | blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or | 2015 and 2017. | |
| standard tube, depth of diamond tails, face-sampling bit or other type, | • | Ten NQ sized diamond drill holes totalling 1,559 m were completed in | |
| whether core is oriented and if so, by what method, etc). | 2015 and three NQ sized diamond drill holes totalling 636 m were | ||
| completed in 2017. | |||
| • | The core was not oriented. | ||
| Drill sample | • Method of recording and assessing core and chip sample recoveries | • | It is assumed Osisko abided by industry standard protocols to ensure |
| recovery | and results assessed. | reliable sample recovery and that no sample biases may have | |
| • Measures taken to maximise sample recovery and ensure | occurred. | ||
| representative nature of the samples. | • | Loyal Lithium utilized maximum and minimum core sample intervals | |
| • Whether a relationship exists between sample recovery and grade and | and did not sample across lithological boundaries to ensure no sample | ||
| whether sample bias may have occurred due to preferential loss/gain | bias occurred. | ||
| of fine/coarsematerial. | |||
| Logging | • Whether core and chip samples have been geologically and | • | 2023 field mapping and sampling. Historical data and interpretations |
| geotechnically logged to a level of detail to support appropriate Mineral | and targets identified in satellite imagery identified as pegmatite were | ||
| Resource estimation, mining studies and metallurgical studies. | planned for the 2023 field visit. Outcrop and glacial till samples were | ||
| • Whether logging is qualitative or quantitative in nature. Core (or | described geologically qualitatively. A sample was collected for | ||
| costean, channel, etc) photography. | laboratory analysis. All data is stored digitally on tablets and backed up | ||
| • The total length and percentage of the relevant intersections logged. | daily. | ||
| • | The core was previously logged by Osisko Mining and was stored at | ||
| Mirage Adventure Outfitter following completion of the 2015 and 2017 | |||
| programs. The logs were evaluated prior to mobilization of the | |||
| geological crew and historically logged pegmatite intervals were | |||
| selected for core evaluation and resampling. | |||
| • | Core was reoriented, pieced, and marks placed every meter utilizing | ||
| drilling blocks to identify downhole depths. | |||
| • | Geologists qualitatively relogged pegmatite intervals with a focus on | ||
| mineralogy. | |||
| • | Pegmatite intervals were rephotographed. | ||
| • | In total, 47 pegmatite intervals, totalling 246.50 m, from 11 holes were | ||
| relogged and 290 core samples sent for assay. | |||
| Sub-sampling | • If core, whether cut or sawn and whether quarter, half or all core taken. | • | Dry, crush, pulverise (no samples assays are provided for the 2023 field |
| techniques | • If non-core, whether riffled, tube sampled, rotary split, etc and whether | work | |
| and sample | sampled wet or dry. | • | Core was sampled at 1 m intervals or shorter if sampling near contacts. |
| preparation | • For all sample types, the nature, quality and appropriateness of the | The minimum size sampled was 0.5 m and the longest was 1 m. | |
| sample preparationtechnique. | • | Quartzblankswereinsertedroughly onceinevery tensamples across |
18
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Quality control procedures adopted for all sub-sampling stages to | the sample stream as part of the QA-QC program. | |
| maximise representivity of samples. | • The core was cut in half, or in quarters if previously sampled by Osisko, | |
| • Measures taken to ensure that the sampling is representative of the in | on site by an electric core saw. | |
| situ material collected, including for instance results for field | • All samples collected were shipped to SGS Canada’s laboratory in | |
| duplicate/second-half sampling. | Lakefield, ON, for standard sample preparation (code PRP89) which | |
| • Whether sample sizes are appropriate to the grain size of the material | includes drying at 105°C, crushed to 75% passing 2 mm, riffle split 250g, | |
| being sampled. | and pulverized 85% passing 75 microns. | |
| • The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, | ||
| BC, where the samples were homogenized and subsequently analyzed | ||
| for multi-element (including Li and Ta) using sodium peroxide fusion | ||
| with ICP-AES/MS finish. | ||
| Quality of | • The nature, quality and appropriateness of the assaying and laboratory | • Samples collected by Loyal Lithium in 2023 were analysed using 50g |
| assay data | procedures used and whether the technique is considered partial or | dissolution in sodium peroxide (total Lithium digestion) coupled with |
| and | total. | ICP-AES+MS 57 (57 elements), SGS internal code GE_ICM91A50 which |
| laboratory | • For geophysical tools, spectrometers, handheld XRF instruments, etc, | is appropriate for lithium exploration |
| tests | the parameters used in determining the analysis including instrument | • Quartz blanks were inserted roughly once in every ten samples across |
| make and model, reading times, calibrations factors applied and their | the sample stream as part of the internal quality control procedures. | |
| derivation, etc. | • Analytical procedures are considered adequate for the early-stage | |
| • Nature of quality control procedures adopted (eg standards, blanks, | nature of the programs. | |
| duplicates, external laboratory checks) and whether acceptable levels | • SGS Canada are ISO 17025 certified and implement routine Quality | |
| of accuracy (ie lack of bias) and precision have been established. | Assurance and Quality Control (QA/QC) protocols during the analytical | |
| process. The procedures include using pulp duplicates and internally | ||
| certified reference materials. | ||
| • The Competent Person consider the sample and analytical procedures | ||
| acceptable for an early-stage project. | ||
| Verification of | • The verification of significant intersections by either independent or | • No additional verification or testing was completed during this |
| sampling and | alternative company personnel. | evaluation. |
| assaying | • The use of twinned holes. | • All original assay data is stored in a database in an as-received basis |
| • Documentation of primary data, data entry procedures, data | with no adjustment to the returned data. | |
| verification, data storage (physical and electronic) protocols. | ||
| • Discuss any adjustment to assay data. | ||
| Location of | • Accuracy and quality of surveys used to locate drill holes (collar and | • 2023 sample locations picked up using a GPS Max 64SX and 66S. |
| data points | down-hole surveys), trenches, mine workings and other locations | • Historical collar locations were obtained from the SIGEOM database |
| used in Mineral Resource estimation. | and are georeferenced. | |
| • Specification of the grid system used. | • Data is stored in UTM NAD 83 Zone 18N projection format. | |
| • Quality and adequacy oftopographic control. |
19
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacing | • Data spacing for reporting of Exploration Results. | • Loyal Lithium focused on and resampled pegmatite intervals from |
| and | • Whether the data spacing and distribution is sufficient to establish the | Osisko’s 2015 and 2017 drilling campaigns. |
| distribution | degree of geological and grade continuity appropriate for the Mineral | |
| Resource and Ore Reserve estimation procedure(s) and classifications | ||
| applied. | ||
| • Whether sample compositinghas been applied. | ||
| Orientation of | • Whether the orientation of sampling achieves unbiased sampling of | • The 2015 and 2017 Osisko drilling campaigns were not conducted for |
| data in | possible structures and the extent to which this is known, considering | lithium exploration and were not targeting the pegmatite dykes that |
| relation to | the deposit type. | they intercepted. |
| geological | • If the relationship between the drilling orientation and the orientation | |
| structure | of key mineralised structures is considered to have introduced a | |
| sampling bias, this should be assessed andreportedif material. | ||
| Sample | • The measures taken to ensure sample security. | • The area is remote and only DGC field staff are at a base camp. Samples |
| security | are transported after cataloguing by helicopter daily back to the base | |
| camp and then transferred to a locked in a room and then transferred to | ||
| a truck driven by DGC field crew and dropped off directly to the | ||
| laboratory. | ||
| • For historical drill samples. Site employees were the only personnel | ||
| with access to samples once they were obtained from the Mirage Lodge | ||
| core storage area. | ||
| • New samples were given a unique sample number that was provided for | ||
| analysis. Each sample tag listed the project name and sample number. | ||
| • Laboratory services were in secure compounds. | ||
| Audits or | • The results of any audits or reviews of sampling techniques and data. | • No audits or reviews of sampling techniques or data were completed |
| reviews | on 2023 field mapping and sampling or core relogging and sampling. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type, reference name/number, location and ownership including | • | The Trieste Lithium Project is located in the James Bay Region, Quebec, |
| tenement and | agreements or material issues with third parties such as joint | Canada and is centred on 53°18’00”N, 72°02’00”W, within NTS sheets | |
| land tenure | ventures, partnerships, overriding royalties, native title interests, | 33H08, 33H01, 23E05 and 23E04. | |
| status | historical sites, wilderness or national park and environmental | • | The Project comprises 466 mining claims totalling 24,033.94 ha and is |
| settings. | divided into three (3) discontinuous claim blocks extending over 38 km | ||
| • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the |
in an east-west direction (Figure 2 2). The Trieste Lithium Project was originallyacquired byLoyal Lithium Ltd. (previouslyMonger Gold) in |
20
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| area. | October 2022 through both online map staking and agreements: | ||
o228 claims were entered into an option agreement with Osisko |
|||
| Development Corporation. | |||
o12 claims were acquired from Noranda Royalties |
|||
o226 claims were acquired through online map staking by |
|||
| Monger Gold in October 2022 (with 126 of these claims entered | |||
| into an 1% NSR agreement with Jody Dahrouge and Loyal | |||
| Lithium Ltd.) | |||
| • | The claims are currently registered under two different company | ||
| names: 228 claims under Osisko Baie-James SENC, and 238 under | |||
| Projet Trieste Lithium Inc. (a subsidiary of Loyal Lithium Ltd.). | |||
| • | All 466 claims that comprise the Project are in good standing as of the | ||
| Effective Date of this report. | |||
| • | The work expenditure required to satisfy the current term for all 466 | ||
| claims that comprise the Project is $602,130, $2500 per claim for 228 | |||
| claims and $135 per claim for 238 claims. The combined excess | |||
| expenditure currently attributed to the Project is $343,406.00. | |||
| • | The combined renewal fee for the Project required to satisfy the | ||
| current term for all 467 claims, due prior to claim expiry (i.e., the | |||
| Anniversary Date), is $79,220 ($170 per claim). As of the Effective Date | |||
| of this report, the Anniversary Dates for the Project vary between | |||
| March 13, 2023, and October 19, 2025. | |||
| Exploration | • Acknowledgment and appraisal of exploration by other parties. | • | The first known acquisition of mineral claims within the area of the |
| done by other | current Trieste Lithium Project, was in 1998 with a joint venture | ||
| parties | between Virginia Gold Mines and Cambior called the Caniapiscau | ||
| Property. The Caniapiscau Property consisted of three different areas; | |||
| the Bloc Est and Bloc Ouest areas fall within the current Project | |||
| boundary and the Noella area is north of the current Project. | |||
| Numerous field programs were executed from 1998 to 2001 including | |||
| prospecting, mapping, geophysical surveys and channel sampling | |||
| targeting precious metals (GM 57170, GM 58442, GM 59201). No drilling | |||
| on the Project area was recorded during that time. | |||
| • | Virginia Mines Inc. increased their land holding in the area in 2007 and | ||
| signed ajoint venture agreement with Breakwater Resources on the |
21
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Trieste Property, which encompassed the historical Caniapiscau | |||
| Property and makes up the western portion of the current Trieste | |||
| Lithium Project. An intensive prospecting and mapping program was | |||
| executed in the summer of 2007 resulting in the discovery of several | |||
| Au mineralized outcrops and boulders. A total of 326 outcrops were | |||
| described from which 94 outcrop samples and 95 boulder samples | |||
| were collected from within the current Trieste Lithium Project | |||
| boundary (GM63378). | |||
| • | In 2009, Virginia Mines followed up anomalous values the 2007 | ||
| exploration work with prospecting and till sampling that resulted in the | |||
| collection of 235 rock samples and 155 till samples from the Trieste | |||
| Property (GM65024). In 2011, additional prospecting and mapping took | |||
| place on the Trieste Property with 169 outcrops and 114 boulders | |||
| described and 203 rock samples collected (GM 66254). Another | |||
| significant ground exploration program was completed in 2012, with | |||
| 155 outcrops and 52 boulders described with 104 rock samples | |||
| collected. An additional 25 trenches were excavated using a heli- | |||
| portable excavator to test various geophysical and geochemical | |||
| anomalies (GM67952). All samples collected from 2009 to 2012 fall | |||
| within the current Trieste Project area. | |||
| • | Numerous geophysical surveys were completed by Virginia Mines | ||
| from 2008 to 2012 including a 2009 IP survey (40 line-km) (GM64304), | |||
| 2009 EMH Survey (49.5 line-km) (GM64304), 2011 Heliborne HD | |||
| magnetic survey (3,320 line-km) (GM65712), and a 2012 IP survey and | |||
| line cutting (108.25 line-km) (GM66977). | |||
| • | In 2015, Virginia Mines changed its name to Exploration Osisko Baie | ||
| James Inc. and continued to advance the historical Trieste Property | |||
| with minimal prospecting work (5 outcrop and 3 boulder samples) and | |||
| a ninety-one (91) sample till survey. Additionally, 10 NQ diamond | |||
| drillholes totalling 1,559 m were completed on the southern portion of | |||
| historical Trieste Property. The drillholes were designed to test Au-As | |||
| anomalies in till and corresponding IP anomalies and resulted in 231 | |||
| samples sent for analysis (GM 69682). All 2015 drillholes fall within the |
22
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| current Trieste Lithium Project boundary. | |||
| • In 2017, Abitibi Geophysics on behalf of Osisko Mining Inc. (formerly |
|||
| Osisko Baie James), executed an 11.25 km OreVisionTM survey along | |||
| 200 m spaced lines which resulted in several anomalies (GM70438). | |||
| Osisko Mining followed up the geophysical survey with three (3) NQ | |||
| diamond drillholes, totalling 636 m, to test out the identified anomalies | |||
| (GM70437). A total of 226 drill core samples were sent for analysis. | |||
| • In 2018 the Government of Quebec continued with regional mapping in |
|||
| the Lac Dalmas region (33H08, 33H09, 23E05 and 23E12) at scale of | |||
| 1:85,000 (RG-2018-02). This area convers the northern portion of the | |||
| Property. Another mapping project, covering the southern portion of | |||
| the claims, was completed in the Lac Joubert area (33H08, 33H09, | |||
| 23E05 and 23E12) at a scale of 1:130,000 (RG-2018-04). | |||
| Geology | • Deposit type, geological setting and style of mineralisation. | • | The Trieste Project is situated in the Archean Superior Province of the |
| Canadian Shield in the James Bay area of northern Quebec. The James Bay | |||
| region consists of alternating east-west trending metavolcanic-rich and | |||
| metasediment-rich domains. These domains comprise the La Grande | |||
| volcano-plutonic subprovince and the Opatica, Nemiscau River, and | |||
| Opinaca metasedimentary subprovinces (Card & Ciesielski, 1986). The | |||
| Trieste claims are located within the La Grande Subprovince just north of | |||
| the contact with the Opinaca Subprovince. | |||
| • | The La Grande Subprovince in the Project area is characterized by Archean | ||
| domes and basins with the remains of volcanic sequences and | |||
| sedimentary basins wrapping around large syntectonic to post-tectonic | |||
| felsic to intermediate intrusions. Volcanic sequences consist of altered | |||
| mafic-dominant rocks and silicate- and oxide-facies iron formation. The | |||
| abundance of strongly altered volcanic rocks sets this region of the La | |||
| Grande Subprovince apart from other sectors of the Subprovince | |||
| (Burniaux, Guemache, & Goutier, 2018 - RG 2018-02; Hammouche & | |||
| Burniaux, 2018 - RG 2018-04). | |||
| • | The Tilly Pegmatite is post tectonic and post-metamorphic and cuts the | ||
| regional fabric in the area. This unit is characterized by small intrusions in | |||
| the scale of hundreds of meters to kms in length and decametric | |||
| thicknesses that form whiteish “whaleback” ridges. The unit consists of |
23
| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| pegmatitic granite with medium-grained biotite, coarse to very coarse muscovite and accessory tourmaline, garnet, beryl, magnetite, and/or apatite. Titanite and epidote have also been observed locally. Micrographic and perthitic textures are common. It often contains mafic enclaves of deformed metasediments (Burniaux, Guemache, & Goutier, 2018 - RG 2018-02; Hammouche & Burniaux, 2018 - RG 2018-04). • There have been several recorded occurrences of both I1A and I1G rock types available from online data sources from SIGEOM that likely relate to the Tilly Pegmatite unit and are potential hosts for spodumene. In total, 37 occurrences of rock-type I1A and 86 occurrences of I1G are reported in the Project area. • The La Grande Subprovince is prospective for various commodities including gold, silver, base metals, platinum group elements, and lithium over several different deposit styles including orogenic gold (Au), volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and lithium pegmatite (Li, Ta). The focus of the Company is on the potential for lithium pegmatite occurrences in the Project area (Burniaux, Guemache, & Goutier, 2018 - RG 2018-02; Hammouche & Burniaux, 2018 - RG 2018-04). |
||
| Drill hole Information • A summary of all information material to the 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 collaro elevation or RL (Reduced Level – elevation above sea level inmetres) of the drill hole collar o dip and azimuth of the holeo down hole length and interception deptho 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. • The drill hole information for the Osisko 2015 and 2017 drill programs is summarized in the table below: Hole ID UTM NAD 83 - Zone 18 Azimuth Dip (°) Depth (m) Easting (m) Northing (m) TR-15-001 685894 5900719 042 -50 120 TR-15-002 685808 5900364 088 -50 132 TR-15-003 685227 5901052 022 -50 120 TR-15-004 685717 5902592 131 -50 150 TR-15-005 688012 5898750 002 -50 201 TR-15-006 688379 5898594 180 -50 175 TR-15-007 689834 5898244 358 -50 180 TR-15-008 688809 5899320 320 -50 207 TR-15-009 689202 5899835 357 -50 158 |
• The drill hole information for the Osisko 2015 and 2017 drill programs is summarized in the table below: |
|
| Hole ID UTM NAD 83 - Zone 18 Azimuth Dip (°) Depth (m) Easting (m) Northing (m) |
||
24
| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| TR-15-010 686858 5897974 360 -50 135 OSK-TR-17-011 688343 5906127 145 -55 379 OSK-TR-17-012 688205 5906340 145 -51 389 OSK-TR-17-013 687972 5906353 145 -45 388 |
||
| Data aggregation methods • In reporting Exploration Results, weighting averaging 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. • No aggregation methods have been utilized. |
||
| Relationship between mineralisatio n widths and intercept lengths • These relationships are particularly important in the 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, truewidth notknown’). • All thicknesses reported are apparent thickness |
||
| Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collarlocations and appropriate sectionalviews. • Plan and photos are included in this announcement |
||
| Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All exploration results to date are included |
||
| Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): 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 or contaminatingsubstances. • In January 2023, Loyal Lithium purchased archived high resolution satellite imagery of priority target areas of the Trieste Project. The object was to utilize the imagery as a trial to correlate mapped pegmatites to the imagery. Loyal Lithium engaged Geospatial Intelligence Ltd. to conduct more complex derivations of the satellite imagery (multispectral) to help in refiningtargets for the inaugural exploration campaign(LLI News Release |
25
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| dated January 10, 2023). Based on initial results the spectral imagery | |||
| appears to correlate with mapped pegmatite dykes. All other known | |||
| exploration data have been described in the relevant section of this JORC | |||
| Table 1. | |||
| Further work | • The nature and scale of planned further work (eg tests for lateral | • | Based on favourable geologic setting for lithium pegmatite occurrences, |
| extensions or depth extensions or large-scale step-out drilling). | the Trieste Project is considered to have sufficient geological merit to | ||
| • Diagrams clearly highlighting the areas of possible extensions, | warrant additional exploration. The Project measures approximately 38 | ||
| including the main geological interpretations and future drilling | km in the east-west direction and has never been subject to systematic | ||
| areas, provided this information is not commercially sensitive. | exploration for lithium-bearing pegmatites. | ||
| • | Initial work (Phase I) focused on detailed data compilation to ensure that all | ||
| historical work completed on the Property was digitized and incorporated | |||
| into the current database. Airborne geophysical and LIDAR surveys will be | |||
| flown to aid in target delineation across the Project area. An aggressive 16- | |||
| day prospecting and mapping program has been initiated following target | |||
| development from multiple sources. | |||
| • | With pegmatite outcrops identified with lithium-bearing minerals in this | ||
| first phase of work, a drilling program is recommended for the second | |||
| phase. The recommended drill program includes 5,000 to 10,000 m of | |||
| coring and a focus on delineating lithium-bearing pegmatites at depth and | |||
| along strike. A systematic drill hole approach should be adopted to | |||
| understand the orientation and extent of the mineralized body(s). Active | |||
| geological modelling is recommended over drill areas due to the nature of | |||
| pegmatite emplacement, which may commonly form irregular bodies | |||
| and/or develop sharp changes in orientation along trend. |
26