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.
Recently, the Company entered into agreements to option 57 high potential greenfield lithium properties totalling 125,751 hectares and has acquired through staking three properties totalling 9,104 hectares. This brings Beyond’s total lithium property in Ontario to 64 properties covering over 150,000 hectares, making Beyond the largest greenfield lithium exploration player in the Province.
Beyond Lithium first reported its 2023 phase 1 exploration program progress on May 26th 2023, where the Company submitted a significant volume of samples to a laboratory in Red Lake, Ontario, for in-depth analysis, with 73 samples already in and an additional 66 collected samples to follow shortly.
Today, Beyond Lithium provided an update on the ongoing Phase 1 exploration program that has now prospected a total of 25 properties encompassing a combined 78,061 hectares.
“Our fully funded Phase 1 exploration program continues to proceed on schedule and on budget,” shared Beyond Lithium’s President and CEO, Allan Frame. “Having already covered so much ground is a testament to the leadership of our VP of Exploration Lawrence Tsang and the dedication of our field crew. We have a large number of samples at the lab, and we have started the process of relogging and sampling historical drill cores. I expect we will be announcing assay results by the beginning of July.”
Over 350 grab and channel samples have been collected from the different properties thus far and 290 of them have been submitted to the lab for analysis. An initial compilation of field data and outcrop mapping show possible mineral zonation with tourmaline, garnet, and beryl locally in a several properties including the Temple Bay (5,110 hectares), the Cosgrave Lake (6,269 hectares), and the Laval (1,041 hectares) properties. The first batch of assays is expected to be received and announced by the beginning of July.
The relogging program of historical drill cores led by Senior Geologist Paul Baxter, has completed relogging the Sollas Lake property, and will finish relogging and sampling four more historical drill cores from the Oneman Lake property by June 17th. Additional historical cores are expected to be relogged and assayed in the second half of June.
A total of 454 historical drill holes have been drilled on fifteen of Beyond Lithium’s projects according to the Ontario Drill Hole Database.
The Phase 1 exploration program is designed to sample, map and assess over 500 mapped pegmatites across all 64 Beyond Lithium properties (pictured above) totalling over 150,000 hectares with the possibility of an initial drill program to follow up on any high priority targets
One of the main objectives of the Phase 1 program is to collect sufficient samples to build up a geochemical database for classifying the different properties. The Phase 2 program will involve more detailed mappings and samplings intended for delineating potential drill targets.
Four field crews which include a senior geologist for a total of 11 people are working in the field for the Phase 1 program. To date, the field crews have visited 25 properties covering the Dryden Mavis, the Escape Lake, the Hearst, and the Mountainry districts. One crew is currently prospecting in the Eastern English District and the other three crews will focus on the McKenzie Bay and the Western English River districts when they return from their breaks.
At time of writing the stock is flat for the day on the news and sits at a market cap of $5.57 million.
The stock has retraced after printing all time record highs this year. In past articles, I highlighted the support zones at $0.39 and $0.30. The former zone saw a retest around the end of May 2023, which saw sellers jump in and bring the price all the way down to the next support level, the latter $0.30 zone. This support zone was not held by bulls and saw a breakdown. The retest on June 9th 2023 saw more sellers pile in.
Now, after breaking the psychologically important $0.25 zone, the stock is now testing a crucial support zone around the $0.22 zone. The sellers are still in control as evident by today’s long wick sell off candle which occurred after a rally. But as long as we remain above this zone on a daily close, there is still the chance of buyers stepping in and holding this zone. Watch price action and volume in the next few days.
Going forward, the phase 1 assay results could be the catalyst the stock will need to raise some buying interest.
