During the March quarter, the primary focus of Leeuwin Metals Ltd (ASX:LM1) was advancing the Cross Lake Lithium Project in Manitoba Canada towards drilling.
Cross Lake, which hosts mapped pegmatite swarms over more than 6 kilometres of strike. presents an opportunity for Leeuwin to define a large-scale lithium system.
During the quarter the company received C$150,000 from the Manitoba Mineral Development Fund (MMDF). It also applied for further funding of C$300,000 from the MMDF to support the drilling at the Cross Lake Lithium Project with the outcome expected to be known in the current quarter.
The MMDF is aimed at supporting mineral exploration in the province of Manitoba by making available funding to applicable projects in the province.
Leeuwin Metals had a cash position of $2.1 million, at March 31, 2024, plus a cash receivable of $197,000 from the 2023 annual GST return that should be received in the June quarter of 2024.
Cross Lake Lithium Project
Drilling is expected to commence in the coming months to test multiple spodumene pegmatites at Cross Lake.
The objective is to expand the project from the shallow high-grade lithium historical drill holes which returned assays last year including 24.96 metres at 1.09% lithium oxide from 6 metres deep, 9.79 metres at 1.18% from 75.55 metres and 7.21 metres at 1.94% from 19 metres.
During the quarter Leeuwin was actively preparing to take the next step in exploring Cross Lake with plans to launch a 2,500-metre Phase 1 drill program to test the spodumene-bearing pegmatites.
Drill contractors have been engaged and identified, and design of the drill program has been completed. Drilling will test the shallow mineralisation and down dip extents of the system with hole depths planned between 50 metres to 200 metres.
Leeuwin will also carry out mapping and geochemical testing over the 4.7-kilometre trend and will carry out summer fieldwork to advance regional targets over more than 70 kilometres of strike of the greenstone belt within the project tenure.
This work will include field mapping, sampling and spectral analysis from the middle of this year.
William Lake Nickel Project
In addition to Cross Lake, the company also focused on completing low-cost value-added activities at the William Lake Nickel Sulphide Project where recent results identified high-grade nickel zones and extended known mineralisation over a 2-kilometre trend.
During the period, Leeuwin focused on compiling and interpreting results from its 2023 drilling, which returned results such as 21.9 metres at 1.02% nickel from 206.65 metres and 6.5 metres at 2.56% from 439.2 metres.
Leeuwin is now carrying out a technical review with Glencore (LON:GLEN) of its high-grade nickel and platinum group elements (PGE).
Leeuwin managing director Christopher Piggott said: “During the quarter, our primary focus has been on advancing the drill permit at the Cross Lake lithium project where there is significant potential for the company to define a large-scale lithium system.
“Additionally, I've had the opportunity to spend time in Manitoba, engaging with local community members and further solidifying our relationship as we move forward with the project.
"Leeuwin is well placed to advance exploration activities with a strong cash balance and a focused team executing the exploration programs in Canada and Western Australia.”