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.
Recently, Beyond Lithium announced the results of a comprehensive exploration program at its Ear Falls spodumene project which confirm the potential of this recent discovery.
Today, the Company announced that the exploration permit applications for both the Victory Project and the Ear Falls Project have been successfully submitted to the Ontario’s Ministry of Mines. Each application is for 30 drilling sites and 20 stripping locations. Each drill site is designed to drill multiple holes.
The drill programs at Victory and Ear Falls are designed to:
- Define and expand the identified spodumene-bearing pegmatites zones, such as the Last Resort and the Bounty Gold Pegmatites at the Victory Project and the Wenasaga North Zone at the Ear Falls Project.
- Drill test the different prospective areas along the exploration corridors to continue to demonstrate the continuity, the size, and the potential of both projects.
The stripping program is designed to expose additional pegmatites for sampling and mapping and also identify and prioritize drill targets.
More than 240 drill core samples from Ear Falls, 25 channel samples from Victory and over 120 grab samples from different projects are still pending in the lab. Beyond Lithium anticipates the results of these samples to become available over the next few weeks. Once all results are received, Beyond Lithium will complete an overall technical review of all the projects and will finalize and announce a comprehensive exploration plan for 2024.
“In the last six months, we have explored 50 of our 63 projects (79.4%), advanced 18 projects to Phase 2 exploration and have ten more highly prospective projects to start exploring in 2024. We also made three significant discoveries, including two spodumene discoveries which are now moving to the drilling stage,” said Allan Frame CEO of Beyond Lithium.
“Most of our projects are close to excellent infrastructure with great access located across Ontario which allows us to have longer field season for exploration to provide steady news flow for our shareholders. We look forward to sharing the assay results from the more than 385 samples still in the lab as we receive and analyze them.”
The stock is up 8.77% on today’s news at time of writing.
In terms of technical analysis, the stock failed to hold above the $0.42 support zone. What was once support has now become resistance. The stock retested $0.42 as resistance and saw the sellers jump in, leading to a drop. Naturally, the target would be support. This has played out with the stock falling to the major support zone at $0.27.
Support is where one would expect buyers to jump in. Watch price action here as we close out the year. Investors ideally want to see a range develop here, or large wick and large bodied green candles indicating that the buyers are stepping in strongly.
