First Lithium Acquires LCL Lithium Project In Northwestern Ontario

FULL DISCLOSURE: This is sponsored content for First Lithium Minerals.

First Lithium Minerals (CSE: FLM) has expanded its landholdings in Canada with the acquisition of mining claims in northwestern Ontario.

The new project, referred to as the LSL Project, consists of 93 mining claims that cover 1,900 hectares within the Patricia Mining Division, 160 kilometres northeast of Sioux Lookout, Ontario. The project is said to be underlain by northeastern extensions of greenstones and within Archean rocks on strike of the primary control structures of English River Subprovince of the Superior Province.

“We are very excited to expand our exploration portfolio with a new lithium exploration project in northwestern Ontario. The LSL project has multiple areas of interest and suggests historical work overlooked a significant opportunity within the prospect,” commented First Lithium CEO Rob Saltsman.

Historical work is said to have identified multiple occurrences of pegmatites on the property, with drilling in the late 1960’s intersecting 98.4 feet of granite-pegmatite among other significant intervals. Magnetic data for the property meanwhile is said to demonstrate potential scale and prospectivity for near surface mineralization.

Sediments in the region are said to contain anomalous lithium clusters and pathfinder elements such as cesium and tantalum are said to be present within geochemistry results. Such indicators are said to suggest the potential for Li-Cs-Ta, or LCT, pegmatite mineralization.

Planned exploration for the property is said to include rock and soil sampling, geologic mapping, and reconnaissance exploration within the current field season.

“While our focus remains on advancing our cornerstone OCA brine project and commencing our inaugural drilling program in Chile this fall, the opportunity to add a highly prospective pegmatite exploration project in northwestern Ontario, a place of a recent exploration success, was very compelling to us. Our team is excited to test its potential for lithium and rare earth metals,” continued Saltsman.

The property was acquired via a combination of direct staking, and the acquisition of 49 mining claims from Hudson Humic. The transaction with Hudson saw the company issue 4.3 million common shares and make a cash payment of $50,000 in exchange for the claims.

First Lithium last traded at $0.08 on the CSE.


FULL DISCLOSURE: First Lithium Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Lithium Minerals. The author has been compensated to cover First Lithium Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

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