Beyond Minerals (BY.CN) engages in the acquisition, development, and exploration of mineral property assets in Canada. The company primarily has a focus on Lithium, a commodity with great fundamentals given the increasing demand for Electric Vehicles.

Recently, Beyond Minerals announced it has become the largest greenfield lithium exploration player in Ontario with a total lithium property in Ontario totaling 66 properties covering 147,975 hectares. Beyond Minerals is looking to change its name to Beyond Lithium to more accurately reflect the Company’s focus on lithium assets. The name change will be a topic at the annual general and special meeting of shareholders called for May 15th 2023.

Today, Beyond Minerals announced it has expanded the McKenzie Bay, Wapesi Lake and Wapesi North properties by low-cost staking. A summary of the highlights is provided:

• The new claims cover 227 provincial grid cells and add 5,169 additional hectares

• The McKenzie Bay (6,186 hectares), Wapesi Lake (944 hectares) and Wapesi North (1,864 hectares) properties are now connected to form one contiguous property covering 14,163 hectares

• The expansion covers important interpreted geological trends (granite and pegmatite fractionation trends) and possible structural controls on these interpreted trends (Wapesi Lake Fault)

“With a 14,163-hectare land position, Beyond is now the largest player in the Wapesi Lake area. This area has recently seen increased interest by resource exploration companies, including Collective Metals Inc. and Cashbox Ventures making significant acquisitions to the west of our property,” said Allan Frame, President and CEO of Beyond. “This type of activity, which we are seeing in other parts of Ontario as well, seem to support our decision to focus on Ontario. This province is quickly emerging as a reliable global supplier of responsibly sourced critical minerals.”

“It is also important to note that this expansion of our footprint in the Wapesi Lake area is consistent with our corporate strategy of acquiring properties for which significant amount of geological information is available, as demonstrated by the information contained in this press release.”

A local resident geologist found pegmatites in samples within the Wapesi Batholith back in 2007. He concluded:

“that pegmatites with elevated rare metal content and displaying some of the features of potential rare metal mineralized pegmatites do occur in the Wapesi Lake area, but more intense exploration and sampling is required to determine if potentially economic rare metal pegmatites are present.”

In 2022, Bounty Gold Corp and Last Resort Resources conducted grassroots prospecting to follow up on the sampling and recommendations for more intense exploration and sampling. During this program, 20 grab samples were collected from different areas of the McKenzie Bay Property. The results of this sampling continued to demonstrate the potential of the area to host rare-element pegmatites, with K/Rb ratios as low as 50.56 and Mg/Li ratios as low as 1.51 encountered, indicating a moderate-high level of fractionation of the pegmatites.

More importantly, together with the OGS sampling conducted in 2009 and 2019, geochemical data is now available for 39 grab samples collected from this region. Analysis and interpretation of this data now shows an interpreted fractionation “trend” along which the lowest K/Rb ratios are found. This trend appears to pass SW-NE through the McKenzie Bay Property for ~12 km as illustrated below.

The new staking announced today is intended to cover an additional ~4.5 km of the interpreted fractionation trend, and now connects the McKenzie Bay, Wapesi Lake and Wapesi North Properties into one contiguous land package along the interpreted Wapesi Lake Fault, enhancing Beyond Minerals’ ability to explore this entire prospective trend unimpeded.

Beyond Minerals intends to conduct extensive grassroots prospecting and regional reconnaissance sampling during the 2023 field season and intends to follow the geochemical data to vector into areas having higher potential to host rare-element (LCT) pegmatites.

The stock is up 5% at time of writing and the company is sitting at a market cap of just over $9.8 million.

The price action is pretty significant given my recent technical analysis article. In that article, I highlighted that the uptrend is intact and the best play would be to buy the correction. I also mentioned an intraday reversal pattern would trigger with a close below $0.385 leading to a deeper correction.

Buyers did indeed step in and are now taking the price back above the $0.425 resistance zone. A confirmed close would lead to previous record highs being tested and very likely, taken out.

The daily chart shows the overall trend, so even though the intraday chart showed a potential pullback, traders and investors should understand that this would just be a corrective move in the current uptrend. Since it is best to not go against the trend (the trend is your friend!), corrections should be seen as a buying opportunity.