Fertile Pegmatites at Cyclone Lithium Project
Yesterday, our North American critical minerals investment, Megado Minerals (ASX: MEG), identified a significant number of pegmatites of the LCT-type at its Cyclone Project in the James Bay region.
MEG holds ~130km2 of ground on a similar greenstone belt to that of $1.21B CAD capped Patriot Battery Metals.
Yesterday, Megado revealed that it completed ~30% of the Phase 1 fieldwork that it had planned. Due to the fires near the company’s project, fieldwork personnel and resources were limited - causing the delay in MEG’s ability to complete pre-exploration tasks prior to drilling.
The Phase 1 fieldwork program primarily focused on those areas which had the highest probability of remote-sensing pegmatites.
The results of the fieldwork completed were encouraging, warranting further fieldwork on the project and drilling to confirm lithium mineralisation.
The priority areas on the Cyclone project represent where the field sampling found highly probable presence of lithium-bearing pegmatites.
In yesterday’s announcement, MEG put out the results with ratios of fertility in pegmatites.
Fertility ratios can be complicated to understand.
Essentially, these fertility ratios are a geochemistry method to assess the presence of lithium mineralisation using other chemicals present in the rocks.
The chemical ratios in the sampling showed presence of chemicals and minerals that are typical of being adjacent to fertile lithium systems.
Potential for Nickel + PGEs at Cyclone
In addition to potential lithium bearing mineralisation, there was presence of EM anomalies which suggest strong probability for there being Nickel and PGEs in the host rock.
Whilst these EM anomalies are not the primary focus of the Phase 1 fieldwork, one of the collected samples returned an assay of 0.19% Ni and 0.40% Cr.
What’s next for MEG?
Although MEG did not confirm spodumene-presence in the pegmatites sampled, the results were encouraging.
More field work + target generation to drill 🔄
We want to see more field work completed on the remaining area of the Cyclone project (ca. 70% remaining).
MEG also reported that drilling permits were fast tracked, and the next step will be to generate targets for a drill campaign.
The company is aiming to begin drilling at the end of 2023/early 2024.
