92 Resources is an emerging junior exploration company focused on acquiring and advancing strategic & prospective assets to the benefit of its shareholder.
92 Resources Corp (NTY.V) has entered into a Property Purchase Agreement to acquire a 100% interest in the Hidden Lake Lithium Property. The company intends to advance the project with the focus to the emerging lithium battery market that is largely driven by electric vehicles, cell phones, tablets and other consumer products. The Corporation is developing within the Yellowknife area known for spodumene-bearing lithium pegmatites.
In Lithium Resources in the Yellowknife Area, Northwest Territories Canada, (Lasmanis, 1977) provides the following summary:
“Detailed mapping and surface sampling of fourteen properties within the district has demonstrated the presence of 49,000,000 tons of rock to a depth of 152m (500ft) having an average grade of 1.40% Li2O. These resources could be developed if and when the market conditions place a strain on available supplies.”*
Spodumene within the Yellowknife district is also described as “generally light in colour and of good quality”.
* The foregoing district-scale resource estimate includes fourteen separate properties in the Yellowknife area, and does not include the LU#12 dyke of the Hidden Lake Property. The estimates are not considered reliable; however, are relevant given that they suggested the potential for significant tonnages of spodumene-bearing lithium pegmatite(s) within the vicinity of the Hidden Lake Property. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the company is not treating the historical estimate as current.
About Hard-Rock (Spodumene Pegmatites) Deposits
Spodumene-bearing pegmatites continue to be an important supply of lithium despite the advent of low-cost production from lithium brine deposits in South America in the mid-1990’s. As the demand for lithium is increasing, other pegmatite deposits around the world are gaining attention. In many lithium pegmatite districts, including the Yellowknife district, other rare and specialty-metals have been recovered. Tin, beryllium, tantalum and niobium are often associated with spodumene pegmatite deposits.
The world’s largest active lithium mine is the Greenbushes Lithium Project in Australia with reported reserves (as of Sept 30, 2012) of 61.5Mt at 2.8% Li20. The mine has been in operation since 1985, and produces approximately 740,000 tpa of lithium (spodumene) concentrates.
92 Resources Corp. anticipates conducting fieldwork as soon as weather conditions permit. Initial fieldwork will consist of mapping and sampling all known pegmatites at the property to assess grade and mineralogy, and approximate surface dimensions of the pegmatites.