Pioneer Lithium expands Canadian portfolio with Benham challenge acquisition

Pioneer Lithium expands Canadian portfolio with Benham challenge acquisition

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Newly listed battery-metals explorer Pioneer Lithium (ASX: PLN) has moved shortly so as to add to its already spectacular portfolio with the signing of an settlement to buy a 100% curiosity within the extremely potential Benham challenge positioned in north-west Ontario, Canada.

Comprised of 30 claims totalling roughly 1,245hectares, the Benham challenge is positioned roughly 70km west of Essential Assets’ (ASX: CRR) Mavis Lake lithium challenge, the place greater than 20 lithium-caesium-tantalum (LCT) pegmatites have been recognized.

Managing director, Clinton Sales space, mentioned the corporate’s speedy focus at Benham will probably be to conduct early exploration fieldwork actions together with prospecting, mapping and the gathering of rock chip samples.

He mentioned Pioneer will reap the benefits of the challenge’s proximity to current infrastructure and proximate location to townships, to maneuver shortly to analyze the brand new acquisition.

Future exploration plans

Future exploration plans will probably be developed following completion of research of the outcomes of its preliminary fieldwork program.

“We’re more than happy so as to add this extremely potential property to our current portfolio, and to have been in a position to obtain this with an acquisition construction which permits Pioneer Lithium to cheaply develop our asset base in a tier-1 jurisdiction,” Mr Sales space mentioned.

“This acquisition positions Pioneer Lithium extraordinarily properly for future development as we progress our improvement technique.”

Proposed acquisition particulars

The corporate and its 100% owned subsidiary Root Lake Assets have entered into an unique choice settlement with the proprietor of the claims, Wayne Benham.

It’ll purchase an undivided 100% curiosity within the challenge upon the fee of an preliminary train payment of roughly $56,000 to Mr Benham.

If the sale proceeds, the corporate has agreed to make milestone funds totalling roughly $365,000 over a 48-month interval.

Upon declaration of a mineral useful resource estimate of no less than 10 million tons at 1% lithium oxide or equal, Pioneer will probably be required to pay an additional roughly $280,000.

Extremely lively program

Pioneer listed on the ASX in late September after the profitable completion of an oversubscribed $5 million preliminary public supply.

Upon itemizing, the corporate’s intensive portfolio included the strategically positioned lithium property at Root Lake (90% owned) and Lauri Lake (100% owned) in Ontario and the LaGrande (100% owned) lithium challenge in Quebec’s world-class James Bay area.

The corporate has already proven it won’t be sitting on its heels because it strikes to reap the benefits of its property and a extremely skilled administration and exploration group.

Inside a month of itemizing, Pioneer had commenced maiden fieldwork campaigns at Root Lake and LaGrande challenge in James Bay.

Maiden drilling marketing campaign imminent

It’s now getting ready to begin a maiden drilling marketing campaign at Root Lake after contracting Cyr Drilling Worldwide and Haverman Brothers Forestry Companies to offer drilling providers and on-site camp lodging.

The 4,000-metre drill program is predicted to begin this month.

It’ll comply with up constructive outcomes noticed within the fieldwork program which recognized a complete of 89 new pegmatite outcrops throughout prospecting actions inside two extremely potential corridors along-strike from the identified lithium deposits held by Inexperienced Know-how Metals (ASX: GT1).

Over the course of the fieldwork marketing campaign, a complete of 536 rock chip samples and focused litho-geochemical channel samples have been systematically collected for assaying.

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