MEG: Field Work Recommenced at James Bay Lithium Project
Our North American critical minerals Investment, Megado Minerals (ASX:MEG) announced today that the company has recommenced field work at its lithium project in James Bay, Canada.
Activity in the James Bay area continues to heat up, with US lithium major Albemarle taking a 6.4 per cent stake in the $1.7BN capped Patriot Battery Metals.
Previously, wildfires had postponed these activities so we’re pleased that MEG can now get back to work at the project ahead of drilling towards the end of this year.
MEG has already identified priority target areas (red circles) to find pegmatite outcroppings using remote sensing:
(Source)
MEG is currently at this stage of the lithium discovery playbook:
- Company maps outcropping pegmatite structures which are likely to host lithium mineralisation - MEG will be doing this with its field program. 🔄
- Company samples these outcrops to confirm if there is lithium mineralisation - MEG will be looking to do this with its field program 🔄
- Company confirms spodumene hosted mineralisation - spodumene is the source rock for the majority of the world’s lithium supply. 🔲
- Company drills into the outcropping pegmatites to prove out a large lithium bearing structure. 🔲
Ideally, these pegmatites deliver early rock chip assays with high grade lithium in them.
Dahrouge Geological Consulting (the company that did $1.7BN capped Patriot’s exploration work) is a related party of the vendors who are from Dahrouge Resource Management.
Dahrouge Geological Consulting will be retained as consultants at MEG’s lithium project and have MEG shares which means they have skin in the game to deliver success for MEG.
What’s next for MEG?
Results from field work 🔄
We want to see what the field work turns up rock chip assays with high grade lithium in them.
This should help with target generation prior to drilling.
