Energy metals focused firm 92 Resources Corp (CVE:NTY) updated on developments at its Pontax property in the James Bay region of Quebec, where numerous targets have been identified after an airborne magnetic survey.
The group said a 1,094-line-km airborne survey has now been completed over the whole property, which comprises four claim blocks totalling 5,536 hectares.
Pontax also hosts favourable geologic setting for gold
Several large-scale structures were identified by the survey within the greenstone belt, which are thought to be highly prospective for gold mineralization.
As an immediate follow-up, the firm consolidated its land position in the emerging district with the acquisition (pending) of an additional 42 claims (about 2,236 hectares) contiguous to the main claim block and covering prospective gold targets.
Upon confirmation of the pending claims, Pontax will consist of 146 claims for around 7,772 hectares.
Also on the lithium front, within weeks, the firm will be mobilising field crews to the Pontax area to evaluate the spodumene content of historically mapped pegmatite outcrops, as well as potential pegmatites identified from satellite imagery.
Pontax remains underexplored for its lithium pegmatite potential and only limited exploration was completed historically.
The property lies between five and 30km southwest of, and on geologic trend from, Stria Lithium's Pontax lithium project.
Here, intersections have been found of 0.97% lithium oxide (Li2O) over 21 m (meters), including 1.43% Li2O over 13m.
As well as lithium, Pontax property also hosts a favourable geologic setting for gold, while the area has seen limited exploration on that front, noted 92 Resources.
Regional work completed last year by the Ministere des ressource naturelles identified numerous gold occurrences consisting of pristine gold grains in till samples, which were collected proximal to the western parts of the property.
92 Resources shares surged 11.11% to C$0.05 on the day.