Green Technology Metals Ltd (ASX:GT1) is trading higher on uncovering a new spodumene-bearing pegmatite during diamond drilling at the flagship Seymour Lithium Project in Ontario, Canada, the project's first discovery in more than 50 years.
The new discovery Blue Bear, located on the Pye West Limb, shares a similar size, geometry and orientation to the North Aubry deposit about 500 metres to the northwest.
GT1 believes there is potential for the two deposits to be associated, including potentially connected at depth to form a larger mineralisation system.
All 14 diamond holes drilled to date have intersected pegmatite and 12 have intersected significant pegmatite intercepts.
Assays from six holes have been returned to date including:
- GTDD-22-0350: 13.9 metres at 1.53% lithium oxide from 13.8 metres, including 8.8 metres at 2.27%; and
- GTDD-22-0360: 14.4 metres at 1.30% lithium oxide from 21.1 metres, including 10.8 metres at 1.72%.
Investors have responded positively, sending shares as much as 11% higher in early ASX trade to A$1.11 and GT1 has climbed from $A0.50 at the market close on July 7, 2022.
Step-out drilling is ongoing to rapidly delineate the lateral extent of the pegmatite down dip and along strike.
New discovery located under thin cover of glacial till
Driving hard
“This is the first discovery at Seymour in over 50 years. To find a spodumene-bearing pegmatite under cover utilising classic geological and modern geophysical and geochemical techniques is testament to the abilities of the GT1 technical team and our exploration modelling,” GT1 chief executive officer Luke Cox said.
“We will now drive hard to rapidly delineate the scale of this new discovery, as well as testing further new targets in this area of North Seymour.
"This is expected to culminate in an updated mineral resource estimate for the Seymour Project in coming months.
"We also continue to rapidly progress preliminary economic assessment work on a development of Seymour, with scheduled completion in Q1 2023.”
New discovery interpreted pegmatite drill target area (dashed red) and drill collars (blue)
Substantial target pipeline
Blue Bear provides strong confirmation of the exploration model GT1 has adopted at Seymour for target generation, which is based on the compilation of multiple data sets collected and commissioned by the company since last year.
The refined target set now offers numerous similar targets in the broader northern Seymour Project area and validates GT1’s conceptual exploration target of 22-26 million tonnes at 0.8-1.5% lithium oxide.
Further drilling programs are planned to progressively test the new targets over the next 12 months.
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