Canadian minerals exploration company Rock Edge Resources has signed an option agreement with Medaro Mining to acquire a 70% interest in the Superb Lake lithium project, located in the Thunder Bay mining district of northwestern Ontario.
The property comprises about 2 378 ha of land in the O’ Sullivan Lake/Maun Lake area of the Thunder Bay mining district. Geologically, the property is situated in the eastern part of the Wabigoon subprovince of the Superior Geological province.
Exploration work has been carried out by various companies in the Superb Lake area since the 1950s, with lithium discovered along the shores of Superb Lake.
The Superb Lake pegmatite has a minimum outcrop exposure of a strike length of 16 m, and its width varies from 2.5 m at the shoreline to a maximum of 3.7 m where an old blast pit was excavated. The results of four samples taken in 2020 from spodumene-rich areas indicate lithium oxide values in the range of 1.77% to 4.03%.
“We are delighted to be able to earn-in on this exciting lithium hard rock property in Ontario at a time when so much attention is on lithium projects in North America,” says CEO Charles Desjardins.
The company has started a programme of trenching and shallow drilling with a Winkie drill. The field crew has established access trails to the Superb Lake pegmatite and the Phase 1 soil anomalies locations.
The trenching and shallow drilling is in progress.
ACQUISITION TERMS
To earn an undivided 70% interest in the property, Rock Edge will make cumulative cash payments of $200 000, issue 1.7-million shares and invest $700 000 in the project over a two-year period.
If and when Rock Edge earns its 70% interest, Rock Edge and Medaro will enter into a joint venture with the goal of advancing the exploration and potential development of the property.