MEG in the field in James Bay, Canada in mid-June
Our North American critical minerals Investment, Megado Minerals (ASX:MEG) is ready to get on the ground at its James Bay lithium project in Canada.
MEG to date has completed structural and hyperspectral analysis.
At a very high level MEG took satellite imagery data, ran some complex algorithms over it to try and locate where, on MEG’s ground, the highest probability of hosting lithium bearing pegmatites exist.
The field program will ultimately look to see whether or not all of the work to date was on the right track - MEG expects to be on the ground Mid-June.
The map below shows where MEG will be targeting.
Meg will be on the ground with four different field crews all provided by the company’s exploration consultants Dahrouge Geological Consulting (DGC).
For some context, DGC were the same crew behind MEG’s $2.2Bn neighbours Patriot Battery Metals Corvette discovery.
See more on the Dahrouge influence at MEG here: More on the the Dahrouge/Patriot connection
MEG will be following the same tried and tested playbook that has led to the discoveries of some of the world's biggest lithium deposits.
The lithium exploration process playbook is fairly simple:
- Company maps outcropping pegmatite structures which are likely to host lithium mineralisation - MEG expects to be on the ground in mid-June 2023. 🔄
- Company samples these outcrops to confirm if there is lithium mineralisation. 🔲
- 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. 🔲
What’s next for MEG?
Fieldwork at James Bay lithium project 🔲
Fieldwork is now set to start in mid-June.
Ultimately all of the work done to date will help define where the company focuses when it gets on the ground and starts looking for lithium bearing pegmatites.
Fieldwork at US rare earths project 🔲
Similar to its Canadian project, MEG is waiting for the US winter months to end so that on ground exploration can start.
We expect MEG to be active over the next ~6-9 months, noting that the US/Canadian winters tend to start towards the end of every year.
MEG also noted in its most recent announcement that it is currently working toward permitting for a maiden drill program - hopefully this means MEG will get out and drill the project this year.
MEG has previously guided that a drill program on its rare earths project would begin in mid to late 2023.
