Beyond Lithium (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 announced the discovery of a new spodumene-bearing pegmatite zone at its 206 sq. km Ear Falls Project in Northwest Ontario. Grab samples have assayed up to 4.54% Li2O and a minimum 3-km-long prospective trend has been identified. Upon making this new discovery, Beyond Lithium strategically expanded the Ear Falls Project from 3,375 ha to 20,623 ha (~600% expansion) in area.

The Ear Falls Project, previously referred to as the Wenasaga Property, is located right outside the town of Ear Falls, 70 km south of Red Lake and 145 km north of Dryden in Northwest Ontario. The project checks the boxes with highway and logging road access, power lines, services, and local labour.

Mr. Lawrence Tsang, VP Exploration for Beyond Lithium commented: “This spodumene discovery is significant as it occurs within a 13-km-long metasedimentary-granite structural corridor where there’s opportunity for more discoveries as we ramp up exploration. We are targeting subparallel spodumene pegmatite dykes along the main metasedimentary-batholith structure and the major regional fault. Exploration on the eastern expansion of the project also provides an opportunity to search for a potentially identical geological system.”

Mr. Tsang added that “Exploration at the Ear Falls Project is ongoing, and we have already submitted an exploration plan with Ontario’s Ministry of Mines to carry out a stripping and a drilling program to further delineate the spodumene pegmatites zone. The stripping and drilling program is targeted to commence in October.”

 

Allan Frame, President & CEO, commented that “This exciting news supports that new discoveries are possible outside of the remote regions of northern Quebec and Ontario. With just three months into our 2023 exploration program trying to cover all 64 projects with over 150,000 ha in area, Beyond Lithium has made two major discoveries in Ontario: the Allen Graeme pluton at Cosgrave and this new high grade spodumene bearing pegmatites zone at the Ear Falls Project. This early success shows the effectiveness of our exploration program. Many assay results remain to be received and announced and we are confident in delivering additional positive results before the end of the year.”

Mr. Frame added: “In a recent news release I mentioned that it is important for our shareholders to keep in mind that while we are as anxious as they are to share all assay results as they come in, it is sometimes a better course of action to first consolidate our land position either through staking, optioning or both in certain districts. I am proud to report that this approach has allowed us to acquire 17,233 additional hectares around the discovery announced today at an average cash cost of $7.98 per hectare and the issuance of only 300,000 shares.”

The finding of the spodumene pegmatites zone by Beyond Lithium at the Ear Falls project is a brand-new discovery in this region. The expansion has delineated two high priority areas for exploration associated with the labels in the image below:

1- Explore along the main metasedimentary-batholith structure and the major regional fault and look for subparallel spodumene pegmatite dykes.

2- Explore for additional prospective structure along the newly mapped metasedimentary-batholith in the northwest and look for additional spodumene pegmatite dykes.

Be sure to check out Chris Parry’s recent tale of the tape for the rundown on Beyond Lithium and where he sees the Company going.

At time of writing, the stock is down -9.75% on the day. However, this may be a technical reaction. On Friday, Beyond Lithium did close above the important resistance zone at $0.40. A break which would set us up for a test of the $0.45 zone if the momentum continued. Instead, sellers have jumped in and profits have been taken.

Beyond Lithium remains in this recent range. Technically, the uptrend is still in play and this move lower was just a correction in the current uptrend. We can say this because the higher low comes in at $0.275, just a bit below the $0.30 support zone. According to market structure analysis, as long as the recent higher low is held, the uptrend remains intact.

There are plenty of future catalysts with exploration update news which could see the stock making a stronger close above $0.40.