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 drill results of its 2023 drilling program at the Ear Falls Project (20,623 ha) with core logging facility located in the town of Ear Falls, Ontario, that is just 10 minutes away from the site. The 2023 drilling program completed seven AQ-sized drill holes totaling 329.59m. The seven drill holes drilled tested 200m strike length of the initial spodumene-bearing pegmatites discovery at Ear Falls, the Wenasaga North Zone, with grab samples up to 4.54% Li₂O.

Highlights

• Drilling intercepts encountered high grade spodumene-bearing pegmatites in wider pegmatites zone:
  • 2.30% Li₂O and 178ppm Cs over 3.84m in wider pegmatites zone of 0.46% Li₂O and 250ppm Cs over 36.25m (EF23-04).
  • 0.58% Li₂O and 387ppm Cs over 3.2m and 0.51% Li₂O and 960ppm Cs over 2.63m in wider pegmatites zone of 0.30% Li₂O and 348ppm Cs over 24.9m (EF23-02).
  • 0.97% Li₂O and 236ppm Cs over 1.58m in wider pegmatites zone of 0.29% Li₂O over 15.36m (EF23-03).
• Holes #1-4 are mineralized with lithium from top to bottom (hole lengths vary between 30 to 60m).
• Six out of the seven holes (EF23-01 to 05 & 07) ended in mineralization signifying the system remains open at depth and along strike of the 13km long exploration corridor.
• Six out of the seven holes have pervasive and strong lithium and cesium mineralization in the alteration halo around the pegmatites indicating the potential of a larger system with wider pegmatites at depth and along strike.
• Drilling results show a doubling of the width of the Wenasaga North Zone from 35 to 70m.
• Drilling results confirm new pegmatites zone at depth that was not exposed previously on surface.
• The Sandy Creek West Zone has the same geochemical signatures with highly anomalous lithium and cesium as the drilling results from the Wenasaga North Zone implying the Sandy Creek West Zone is proximal to spodumene mineralization.

Allan Frame, President & CEO of Beyond Lithium, stated: “Our technical team could not be more pleased with the results from our initial drilling campaign at Ear Falls. The results released today meet and exceed our objectives for this early-stage project. To advance the project this quickly is remarkable. Firstly, the strong and pervasive lithium and cesium mineralization near surface at the Wenasaga North Zone indicates the potential of a larger system with wider pegmatites at depth and along strike North Zone. Secondly, the Sandy Creek West Zone has the same geochemical signatures with highly anomalous lithium and cesium as the drilling results from the Wenasaga North Zone implying the Sandy Creek West Zone is proximal to spodumene mineralization confirming the 13-kilometer prospective corridor.”

“From a strategic perspective, it is important to keep in mind that the positive results announced today are from only one of many promising projects we have in the district. In that district, Beyond Lithium has the Victory Project, the Ear Falls Project, and the Mavis Lake Group Projects (Satellite, Laval, Gullwing-tot, Webb East, Webb West, Temple Bay, Ogani Lake, and McKenzie Bay) which are located within 100 km of each other. The district also hosts three regionally significant lithium deposits:

• The Mavis Lake Lithium deposit owned by Critical Resources Ltd. with 8 Mt at 1.07% Li2O at a cut-off grade of 0.3% Li₂O.
• The Separation Rapids Lithium deposit owned by Avalon Advanced Materials with a PEA of the pre-tax NPV (8% discount rate) calculated at C$156 million and the IRR at 27.1%.
• The Root and McComb Lithium deposit owned by Green Technologies Metals with 12.6 Mt at 1.21% Li2O at a cut-off grade of 0.2% Li₂O.

For further details on the drilling results including assay summaries and drill holes, check out the latest press release.

Be sure to check out Chris Parry’s recent breakdown on Beyond Lithium and why things are just getting started!

n 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. However, with today’s news, the stock is breaking below this key support level. The sellers are beating the buyers after the buyers have been keeping a good job in holding this zone.

If today’s daily candle closes below the $0.27 support zone, we would have a breakdown which means the stock would likely fall to the next support level at $0.20 unless bulls can force a strong close back above $0.27.