Lithium Universe Ltd will hit the ground running at its suite of critical minerals projects in Canada and Australia after completing an oversubscribed public offer of A$4.5 million and listing on the ASX last week.
The company, which is driven by a management and executive group dubbed as the ‘Lithium Dream Team’ with chairman Iggy Tan at the helm, has lithium and rare earths projects in Tier-1 mining jurisdictions in both countries.
READ: Lithium Universe to hit the boards this morning led by ‘Lithium Dream Team’
Exploration plans
It is ready to execute exploration plans on all projects with initial emphasis on the 80%-owned Apollo Lithium Project in the highly prospective James Bay.
Apollo and the other Canadian lithium properties - the Adina South and Adina West projects and the Margot Lake Project – are all in close proximity to a number of impressive recent lithium discoveries.
The Australian properties – the Lefroy Lithium Project and the Voyager Rare Earth Project – are also near operating projects and new mineral discoveries.
LU7’s aim is to provide raw materials to feed the world’s increasing desire for future-facing critical minerals needed to drive the global push for a cleaner, greener future supported by electric vehicles and cleantech energy.
READ: Lithium Universe to integrate AI into exploration strategy for accuracy and efficiency
Since listing on the ASX on August 14, the company has traded in the range of $0.047 to $0.069.
Apollo project
The Apollo Lithium Project is about 29 kilometres southeast of Patriot Battery Metals Inc.’s Corvette property with a resource of 109.2 million tonnes at 1.42% Li2O and 28 kilometres west of Winsome Resource Ltd’s Adina property.
It consists of 466 claims covering about 240 square kilometres in the Eeyou Istchee Baie-James Municipality (James Bay), in northwest Québec. The tenements are larger in size than the Patriot Corvette project by 26 square kilometres.
Patriot's most successful drill result was 156 metres at 2.12% Li2O at CV5. Similarly, Winsome Resources returned a high-grade mineralised intersection of 107 metres at 1.34% Li2O from 2.3 metres at the Adina Project.
Apollo Lithium Project and nearby discoveries.
Apollo has 17 pegmatite outcrops reported on the tenement package and given the strong results from the neighbouring projects in addition to a similar geological host, the project has the potential to be equally successful.
LU7's initial focus is this project where an accelerated exploration program will kick off with systematic mapping, geochemical soil sampling and geophysical surveys of 17 pegmatite outcrops and the NE-SW trending topographic highs previously identified by the Québec government.
An airborne geophysical and remote survey will also be conducted to concentrate fieldwork and provide high-priority drill targets for the maiden drilling campaign.
Adina South and Adina West
The 80%-held Adina projects consist of 89 claims covering around 45 square kilometres in the James Bay district about 350 kilometres east of Radisson in the northwest of Québec.
These properties are in close proximity to Winsome Resources’ Adina Project, hosting the Adina and Jamar prospects. Aerial satellite images reveal similar pegmatite occurrences at the surface.
Adina lithium projects.
The regional magnetics show that the Cancet, Corvette, Adina and Apollo lithium projects all sit within the greenstone belt of the La Grande sub-province.
LU7 intends to conduct an exploration program at Adina South and Adina West incorporating preliminary field mapping and geochemical soil sampling focused on pegmatitic granite occurrences to assist in drill program planning.
Margot Lake
Margot Lake Project, which is also 80% held, consists of 32 claims covering around 19.8 square kilometres and is 170 kilometres north of Red Lake, within the Red Lake Mining District in northwest Ontario.
LU7 intends to conduct an exploration program starting with preliminary field mapping and geochemical soil sampling focused on pegmatitic granite occurrences to assist in drill program planning.
The highly competitive district in which the project is situated is labelled 'Electric Avenue' due to recent major discoveries by Frontier Lithium Inc. with a market capitalisation of more than A$500 million.
Margot Lake Lithium Project is in proximity to Frontier Lithium’s flagship project.
Margot Lake is 16 kilometres southeast of Frontier Lithium’s PAK Deposit which contains 9.9 million tonnes at 2.0% Li2O and 18 kilometres from Frontier’s Spark Deposit, which contains an indicated 18.8 million tonnes at 1.52% Li2O and an inferred resource of 29.7 million tonnes at 1.34% Li2O.
The project contains nine confirmed pegmatites and displays similar regional geology to major resources within the immediate area.
Lefroy Project
The 100%-owned Lefroy Lithium Project is in the Eastern Goldfields of Western Australia, which is home to some of the largest operating mines and exploration discoveries over the past 100 years.
Lefroy consists of about 42 square kilometres and is proximal to the Bald Hill Lithium Mine, which has a top-quality spodumene concentrate with low levels of mica and iron, as well as significant tantalum by-product production.
Bald Hill has a resource of 26.5 million tonnes at 1.00% Li2O and an annual nameplate capacity of 1.2 million tonnes.
LU7’s Lefroy Lithium Project.
Lefroy is also 60 kilometres from the Mt Marion Lithium Mine hosting 71.3 million tonnes at 1.37% Li2O and which is owned by Mineral Resources Ltd, with a market capitalisation of ~A$17 billion.
Mt Marion produces 900,000 tonnes of mixed-grade spodumene concentrate annually.
LU7 is planning a systematic exploration program at Lefroy including surface mapping, geochemical soil sampling and geophysical surveys to identify drill targets.
Voyager Project
The 80%-owned Voyager Rare Earths Project consists of two exploration licence applications in northern and eastern Tasmania respectively.
ELA32/2022 covers about 187 square kilometres towards the southeast of Launceston, which has become home to the first ionic clay rare earth discovery in Tasmania.
E40/2022 covers around 198 square kilometres about 30 kilometres inland from the town of Swansea on the east coast of Tasmania.
Lithium Universe’s REE project is proximal to ABx Resources' mineral resources.
The discovery of ionic absorption clay-type (IAC) rare earth element (REE) mineralisation by ABx Group highlights the significant potential of hosting economic deposits in the region. ABx upgraded the mineral resource to 27 million tonnes at 803ppm TREO.
Regional work done to date indicates an exciting potential for further discoveries of REE in ionic clays.
Voyager Project currently consists of exploration licence applications which remain subject to grant.