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. With 64 lithium properties in Ontario covering over 150,000 hectares, Beyond Lithium is the largest greenfield lithium exploration player in the Province.

Today, Beyond Lithium provided an update on the Phase 1 exploration program and plans to initiate the phase 2 exploration program in early August. The Phase 1 exploration program has been completed on 39 properties covering an area of 107,000 hectares. Over 700 grab samples have been collected for lab analysis. 10 properties are moving to Phase 2 exploration in early August.

“In two short months, we were able to complete Phase 1 exploration on a total of 39 properties covering an area of more than 107,000 hectares,” said Allan Frame, President and CEO of Beyond Lithium. “Our four field teams supervised by Beyond Lithium’s Senior Geologist, Paul Baxter, collected more than 700 grab and channel samples and over 160 mineral samples of muscovite or feldspar from different properties for lab and LIBS analysis. Results warrant moving to Phase 2 exploration on ten of the 39 properties explored to date.”

“More properties will be included in the Phase 2 exploration program as assays from the lab become available. This next phase will include detailed mapping to determine the length and the density of pegmatites identified on our properties and systematic trenching and channel sampling of pegmatites in tightened exploration target area delineated by analytical assays and LIBS analysis.”

Lawrence Tsang, VP Exploration of Beyond Lithium, also commented: “A limited number of assays have been received and more results are expected to be available in about a week. The rest of the assays will become available roughly every one to two weeks. Samples submitted to the lab in Ontario usually have a four-to-six-week turnaround time, although we are seeing some assays results taking longer given the current level of exploration being conducted throughout Ontario. We will publish the complete assay results from a particular property when all the results for that property are received from the lab.”

The Phase 2 exploration program is expected to begin in early August as planned and will include more detailed mapping, trenching and sampling on selected properties with tightened exploration target areas delineated from analytical results and LIBS vectoring.

Based on an initial evaluation, Phase 2 properties will include:

• Cosgrave Lake (7,388 ha) which has two identified beryl bearing pegmatites with similar footprint to nearby Swanson’s beryl and Mnw spodumene mineral occurrences.

• Ogani Lake (1,427 ha) properties with identified beryl bearing pegmatites.

• Webb (3,580 ha) (West and East) and Gullwing-Tot (645 ha) properties that are along trend of Green Technology Metals’ Gullwing-Tot Lake Property (ASX: GT1) with 8 km of LCT pegmatites clusters.

• McKenzie Bay (6,186 ha) and Gathering Lake (6,948 ha) properties (South, West and East) with relatively higher LIBS analyzed of Li.

• MacDowell Lake (4,137 ha) property that is along trend of and has similar airborne geophysical magnetic anomalies by Ontario Geological Survey⁵ to Frontier Lithium’s (TSXV: FL) Pak & Spark deposits.

More properties can be expected to be included in the Phase 2 list as more assay results come in from the lab. The program for 2023 remains on schedule and within the budget.

The exploration team has used a LIBS analyzer taking thousands of onsite readings which are being compiled in a comprehensive database. A LIBS analyzer is a handheld sample analyzing device used to measure elemental concentrations in material within minutes. The analysis of the over 160 mineral samples of muscovite or feldspar will help develop relativity plots of different elements and ratios like lithium (Li), caesium (Cs), tantalum (Ta), and potassium/rubidium (K/RB) to vector and prioritize exploration targets for the Phase 2 program.

Cosgrove Lake Property

The Cosgrove Lake Property is adjacent to the Jackpot lithium project of Imagine Lithium (TSXV: ILI) that has a historical resource of 2 million tonnes at 1.09% Li2O₂.

The Phase 1 program has led to the discovery of two beryl pegmatite dykes with beryl crystal noted up to 25cm wide in diameter which have been mapped and sampled on the western side of the property. The presence of pegmatites striking in different orientations shows the abundance of pegmatite potential in the area and geologically shows a good structural zone for pegmatite formation.

Based on Rennick’s Exploration Work 2009’s report, the Swanson mineral occurrence with a mapped beryl pegmatite dyke is located just 1.8 km north of the Cosgrave Lake property. On Beyond Lithium’s Cosgrave Lake property, two beryl pegmatites were discovered and sampled and analyzed by LIBS analyzer. The LIBS results of the two beryl pegmatites at the Cosgrave Lake property showed an elevated Li, Cs, and Rb footprint that resembles the Swanson pegmatite.

Lawrence Tsang, VP Exploration of Beyond Lithium, commented: “It is exciting to see the Cosgrave Lake property having a similar footprint as the Swanson and Mnw mineral occurrences where a Li spodumene bearing pegmatite is located just less than 2 km NW of the beryl occurrence. We have identified two beryl bearing pegmatites on our Cosgrave Lake property which are both to the north and to the south of the beryl pegmatites and are still open for over 3km in strike length to prospect for the potential Li bearing zone. Our crews are looking forward to getting back to Cosgrave Lake property in early to mid August to follow up on these beryl pegmatites.” Mr. Tsang continues, “Based on the similar footprint between the Cosgrave Lake’s beryl pegmatites and the Swanson beryl pegmatite, a Phase 2 program is planned on the Cosgrave Lake property in August. The purpose of this program is to follow up on the beryl pegmatites to explore for the potential Li bearing core zone to the north and south of the beryl pegmatites.”

Wisa Lake LiDAR Survey

The Wisa Lake property is located next to the Green Technology Metals’ (ASX: GT1) Wisa Property. The LiDAR survey on the Wisa Lake property was completed by Eagle Mapping last month. As the topography of the area is generally flat, a subtle change to elevation high may indicate pegmatite outcrops or features worthwhile to prospect. A preliminary result form the LiDAR survey has been provided by Eagle Mapping. A preliminary assessment has been started to assess any indication of prospective outcrops for the Phase 2 program.

At time of writing, the stock is down 13% and sits at a market cap of $11.8 million.

The price action is substantial today but it is worth discussing what has recently happened on the technicals. The stock has bounced from a major support zone at $0.225, which we notified readers about, and hit new all time record highs just a few days ago on July 17th 2023. This is a 113% plus move in less than a month!

Profits are being taken and as expected from a move like this especially when new record highs are made. The move lower is currently still a corrective phase or a pullback in this uptrend. The stock is retesting a major support zone at $0.42. Buyers can be expected to enter here. If so, then the move continues.

If Beyond Lithium confirms a close below this support level, then the corrective phase is set to move lower down to the $0.37 zone.