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, the Company entered into agreements to option 57 high potential greenfield lithium properties totalling 125,751 hectares and has acquired through staking three properties totalling 9,104 hectares. This brings Beyond’s total lithium property in Ontario to 64 properties covering over 150,000 hectares, making Beyond the largest greenfield lithium exploration player in the Province.
Last week, Beyond Lithium provided an update on its ongoing Phase 1 exploration program that has now prospected a total of 25 properties encompassing a combined 78,061 hectares. Today, the Company provided a project update following management and technical team field visit. Management and technical teams visited Beyond’s properties in the Dryden-Mavis Lake, where Beyond has six properties located next to Critical Resources’ Mavis Lake Lithium deposit, and the McKenzie Bay District, where Beyond has twelve properties located near Green Technology Metals’ McCombe Lithium deposit. Participants of the visit included Graeme Evans, Technical Advisor, and Paul Baxter, Senior Geologist whose combined exploration experience spans over 70 years.
The technical team recognized zoned pegmatites where beryl generally mineralized around larger quartz crystal in several sites. These field observations could help field crews identify and distinguish the more prospective pegmatites from the other pegmatites.
Lawrence Tsang, VP Exploration of Beyond Lithium, commented: “I would like to applaud the field crews hard work to continue with the Phase 1 exploration program on time and on budget and have located beryl-bearing pegmatites in several properties. These beryl-bearing pegmatites indicate these pegmatites are fractionated from a fertile and peraluminous granitic source and show that our exploration method has been productive so far. We will follow up these beryl-bearing pegmatites with more field work and aim to locate the Lithium-bearing core zone.”
400 grab samples have been collected from multiple properties and have been submitted to the lab for analysis. The first batch of assays is estimated to be available by the end of June. Field crews also collected samples of muscovite from different pegmatites from compiling a LIBS analyzer database, which is a handheld device used to measure elemental concentrations in a material. The LIBS analyzer database will provide an additional layer of information by relative values of Lithium (Li), Cesium (Cs), Tantalum (Ta), Potassium/Rubidium (K/Rb) from muscovite along with mapping and assays for establishing and vectoring Li trends and targets.
A LiDAR survey has been conducted on the Wisa Lake Property. The property is located next to Green Technology Metals’ Wisa Property. The LiDAR survey will provide a detailed digital elevation model (DEM) of the area which is a useful exploration tool for identifying potential outcrop and structure on the property. Data showing a change of elevation may indicate pegmatite outcrops or features worthwhile to prospect. The final report of the LiDAR survey of the Wisa Lake property is expected to be finished in the next 3-4 weeks.
In summary, the Phase 1 exploration program is still on schedule and remains within the budget allocated. Phase 1 is expected to be completed by early August. Upon receipt of the assays, properties will then be evaluated in advance of the Phase 2 program of more detailed mapping and sampling commences on prioritized properties.
Beyond Lithium stock is up over 5% at time of writing on the news, and sits at a market cap of just over $6.8 million.
The stock has retraced after printing all time record highs this year. In past articles, I highlighted the support zones at $0.39 and $0.30. The former zone saw a retest around the end of May 2023, which saw sellers jump in and bring the price all the way down to the next support level, the latter $0.30 zone. This support zone was not held by bulls and saw a breakdown. The retest on June 9th 2023 saw more sellers pile in.
The stock recently tested critical support at the $0.225 zone, a level I highlighted for readers last week. Buyers indeed stepped in as evident by the engulfing candle printed on June 21st 2023. We have now bounced from support and have approached the first resistance zone. The $0.30 level is the next price area Beyond Lithium stock will need to break. You can see that profits are being taken here as evident by today’s large wick candle.
Going forward, investors should watch for a daily close above $0.30 for more upside, or the stock will retrace. A close below $0225 resumes the current downtrend.
