79North Inc. (79North or the Company) has acquired full ownership of two claim blocks, encompassing a combined area of 980 hectares, known as the “Caribou Project.” These claims are situated in the vicinity of the Seymour and Crescent Lake pegmatite groups in northern Ontario.
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Specifically, the claims are located approximately 25 km northeast of the town of Armstrong, which lies 250 km north of Thunder Bay. Access to this area is facilitated by paved Highway 527 and the Canadian National Railway.
It is noteworthy that these claims were initially staked on behalf of the Company by its President and Chief Executive Officer, Jon North, and have subsequently been transferred to 79North Inc. Importantly, the Caribou Project is unburdened by any property payments, work commitments, apart from those mandated by the Mining Act (Ontario) to maintain the claims in good standing, or royalties.
The surrounding area is known to host lithium occurrences and deposits within pegmatite formations. For instance, Green Technology Metals' Seymour Project, situated 20 km east of the Caribou Project, has reported a favorable inferred and indicated mineral resource contained within spodumene-type pegmatite.
Similarly, Midex Resources' Crescent Lake Project, located 30 km east of the Caribou Project, has revealed the presence of multiple lithium-bearing, spodumene-type pegmatites, supported by intriguing surface area samples.
Furthermore, FE Battery Metals' Falcon Lake Project, positioned 40 km east of the Caribou Project, has documented several lithium-bearing, spodumene-type pegmatites, backed by channel samples and drilling intersections displaying promising Li2O (lithium oxide) content.
The decision to stake these claim blocks was rooted in mapped pegmatites and noteworthy lake sediment anomalies, particularly in lithium and cesium, as documented in publications by the Ontario Geological Survey. Currently, the Company is in the process of consolidating data available in the public domain and formulating exploration targets within these claim blocks.
The upcoming activities include an initial phase of prospecting and rock sampling, which is slated to commence in the coming weeks. This will be succeeded by geophysical surveys and more comprehensive prospecting efforts, with the ultimate goal of identifying suitable drilling targets. Additionally, the Company is actively working on the development of additional exploration targets and anticipates the staking of further claims in due course.
Surprisingly, in spite of the fact there are many lithium-bearing pegmatites in the area, there is still a lot of open ground with mapped pegmatites and lake sediment geochemical anomalies of lithium and associated metals and we look forward to completing initial sampling of the pegmatites on the Caribou Project and expanding the project through additional claim staking.
Jon North, President and CEO, 79North Inc.
Source: https://www.79north.ca/