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92 Resources poised to start exploration at Corvette and Pontax lithium projects in Quebec

The firm is planning an airborne survey and a drill programme
An airborne survey is being planned for Pontax

92 Resources Corp (CVE:NTY) revealed it was set for drilling and an airborne survey at its lithium pegmatite projects in the James Bay Region of Quebec.

The properties in question are the Corvette and Pontax lithium projects.

READ: 92 Resources brings in partner Far Resources, which could earn up to 90% of Hidden Lake

At Pontax, the firm said it was in the process of organising an airborne magnetic and electromagnetic (MAG-EM) survey for the property, which is considered to be part of the Eastmain River Volcanic Belt.

At Corvette, the firm has kicked off the permitting and notification process for an around 1,000 metre (m) - of four to six holes -  winter drill program.

Exploration there last autumn returned high-grade spodumene mineralisation from surface grab samples at what's called the CV1 pematite of up to 3.48 and 7.32% lithium oxide, the company said.

The CV1 pegmatite appears to measure up to around 30m across and 150m in length.

READ: 92 Resources' latest discovery highlights the potential for additional pegmatites at Hidden Lake

A second subparallel pegmatite, CV2, was also discovered during the program and returned 1.22% Li2O (lithium oxide) and 90 ppm (parts per million) tantalum oxide from a surface grab sample, further highlighting the prospective nature of the property.

Corvette is also considered prospective for gold, and although, not the focus of exploration, the potential for gold occurrences will also be assessed during the regional prospecting.

Last week, 92 Resources inked a deal, which gives Far Resources Ltd (CNSX:FAT) the right to earn-in up to 90% of its Hidden Lake lithium project in Canada.

Far Resources will become the operator, leaving 92 free to become more active with its other projects, said the latter.

"The company (92 Resources) will benefit from bringing in a financially and technically strong partner to further develop the project, and in the process will become a substantial shareholder of Far Resources with the ability to share in the project’s success," said 92.

 "We have shown that the Hidden Lake project has lots of great potential. Bringing in a partner like Far Resources gives us the ability to develop the project further at no out of pocket cost to us," said Adrian Lamoureux, the chief executive of 92 Resources.

READ: 92 Resources brings in C$1.14mln from placing

"If the project proves up as well as we hope, and Far Resources exercises its options, we will be a big part of that success through our remaining interest in the project and our share position in Far Resources."

On closing the deal, Far will pay $50,000 cash and issue $500,000 worth of its shares.

Shares zipped up over 13% in Toronto to C$0.12

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Sue Corrigan is a geologist and geoscientist with 40 years' industry experience in both exploration and development geology

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