MEG finding pegmatites at its James Bay lithium project
Our North American critical minerals Investment Megado Minerals (ASX:MEG) has started mapping its lithium project in the James Bay region in Canada.
MEG holds ~130km^2 of ground on a similar greenstone belt to $1.7BN capped Patriot Battery Metals.
And up until now MEG’s ground has never been explored for lithium.
Today, MEG showed that its project holds potential lithium bearing pegmatites over its project with mapping confirming “a significant number of pegmatites” varying in size and length.
Here are some pictures of the outcropping pegmatites:
After today’s announcement, MEG has only managed to map ~30% of its project area and hasnt got any assay results from the rock chip samples taken during this latest round of field work.
Ultimately, MEG’s plan is to map the project, define as many pegmatites as potential and then drill to see if any of them are hosting a potential lithium deposit.
MEG is currently at this stage of the lithium discovery playbook:
- Company maps outcropping pegmatite structures which are likely to host lithium mineralisation - MEG is currently doing this. 🔄
- Company samples these outcrops to confirm if there is lithium mineralisation - MEG is currently doing this 🔄
- 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. 🔲 (MEG expects to be drilling in late 2023/early 2024)
What’s next for MEG?
More field work + assay results from rock chip samples 🔄
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.
MEG’s drill program is expected to be in late 2023/early 2024.
