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, the Company announced that its stripping and drilling program at the Ear Falls spodumene Project will start this week. The main objective of the stripping and drill program is to gather additional geological data at the Ear Falls spodumene project to delineate and prioritize targets for the next drilling program, a more extensive drilling program that will drill test the larger footprint of the Ear Fall’s spodumene system.

Beyond Lithium will be submitting a further and expanded drilling permit application for the next drill program to Ontario’s Ministry of Mines immediately after the completion of the current stripping and drilling program along the spodumene-bearing pegmatites zone.

Lawrence Tsang, VP Exploration of Beyond Lithium, commented “Crews have been active at our Ear Falls spodumene project since the initial discovery in September when we announced grab samples having assayed up to 4.54% Li₂O, with a minimum three-kilometre-long prospective trend being identified. We are awaiting assay results from 60 samples which are currently at the lab in Red Lake, Ontario.”

In preparation for the stripping and drilling program a high-quality drone imaging survey was completed along a 1 km long spodumene pegmatite zone to assist with detailed mapping and sampling. The spodumene-bearing pegmatite zone was discovered along a contact zone between the metasedimentary and the granite host rocks that continues for over 13 km and so far, only 1 km of this contact has been explored.

Mr. Tsang also outlined the other areas of interest on the Ear Falls Project: “In addition, there are numerous untested exploration targets across the Project that we will continue to explore for more spodumene bearing pegmatites along:

• The 13 km structural corridor with elevated lithium in metasediment and granite, The regional subparallel fault zone along metasediment and another granitic to mylonitic host rock, and
• The eastern expansion of the Ear Fall Project with samples collected by Ontario Geological Survey >1.1% A/CNK ratio suggesting the presence of a different fertile pluton on the Project.”

Allan Frame, President and CEO of Beyond Lithium, provided an update on the Victory spodumene Project:

 “Immediately following our brand-new discovery of two large spodumene-bearing pegmatites along a 6-kilometer structural zone at the Victory Project in the Dryden-Ear Falls District, we sent our experienced technical team to carry out a comprehensive exploration program including detailed mapping and sampling program which is currently ongoing. The primary goal of this program is to collect supplementary field data for the planning of a more advanced exploration and drilling program at Victory. Concurrently with current activities, we will submit a trenching and drilling permit application to Ontario’s Ministry of Mines as we anticipate launching our drilling campaign at Victory once we receive the permit approval.”

The ongoing exploration work at the Victory Project includes:

• Detailed mapping and sampling the two brand-new spodumene-bearing pegmatites.
• Further to our detailed mapping, more than 30 samples have been collected from the two spodumene-bearing pegmatites.
• Completion of a high-quality drone imaging survey on the two newly discovered spodumene-bearing pegmatites with ranging over 20-30 m in width and striking over 200-300 m in length.
  • To map out the zonation of the spodumene-bearing pegmatites
  • To follow and to extend the spodumene-bearing pegmatites along strike.
• The systematic exploration along the 6 km long structural zone that runs subparallel to the regional subprovince boundary to potentially uncover new spodumene zone.
• The inspection of over 100 mapped pegmatites and beryl and tantalum mineral occurrences identified by Ontario Geological Survey.
• Prospect the regional trend and prospective corridor across both the Victory Main and the Victory West Projects.

In mid September, 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 jumped in and profits were taken.

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. According to market structure analysis, as long as the recent higher low is held, the uptrend remains intact.

And look what happened. The stock did indeed see buyers step in pretty much at that higher low zone. The stock tested interim resistance at $0.33 but failed to breakout.  A close above would have set us up to retest the $0.40 zone. $0.27 and $0.33 are the two zones to keep on watch on this stock currently.