Canadian Orebodies Inc. (TSX VENTURE:CO) has announced assay results from grab samples taken from the Tebishogeshik showing on its Zigzag Lithium/Rare Metals property under option from Ultra Lithium Inc.
The Property is subject to an Option Agreement with Ultra and the underlying property owners to acquire an 80% legal and beneficial interest (subject to a 2% NSR retained by the Owners, 50% of which can be purchased by Orebodies for $1,000,000).
Highlights
- Grab samples from the Tebishogeshik showing on the Zigzag property have yielded significant lithium, tantalum and rare metals values in individual samples of up to:
4.09% Li2O, 501 ppm Ta2O5, Rb 2,280 ppm, Be 408 ppm,
- 23% of the 39 grab samples taken from the Tebishogeshik showing exceeded the upper detection limits for Tantalum (>100 ppm).
Zigzag Property Overview
The Property in total consists of 129 claim units comprising 2,064 hectares, located approximately 60 km northeast of Armstrong, Ontario. The property is host to 5 historical lithium and rare metal showings of consequence.
Historical highly anomalous tantalum and cesium values are notably widespread on the property and indicate a high potential for zoned, complex-type pegmatites enriched in tantalum and cesium. Complex-type pegmatites are excellent targets for economic deposits of lithium, tantalum, cesium and rubidium such as the Tanco pegmatite in Manitoba.
Zigzag Sampling Overview
There were a total of 39 grab samples collected during Orebodies preliminary reconnaissance work of the Tebishogeshik showing on the Zigzag property which have yielded high grade lithium, tantalum and rare metals. Orebodies is waiting for further assay results from channel sampling that was also completed on the Zigzag Property, Dempster East showing which will be released when received.
Tantalum Information
Tantalum is a specialty metal which is highly corrosion resistant and has the highest ability to hold and release electricity. These characteristics make it essential for electronic devices (tantalum capacitors) and specialty applications such as jet engines. Several events in the global market have caused the price of tantalum to increase significantly as of late, mainly the fact that two of the largest producers have shut down (Tanco deposit in Canada and Talison Tantalum in Australia) which represents nearly half of the world market. These shutdowns have led to a global supply that has fallen behind demand and the market now requires additional production from new projects.
Orebodies Zigzag property is very interesting for the fact that besides high grade lithium, tantalum could have one of the most considerable economic benefits as historically there have been a significant amount of samples collected that demonstrate widespread, high grade results. Breaks (2003) stated that individual analysis from the Tebishogeshik Lens 3 exceeded 80 wt % Ta2O5 and were amongst the highest documented in lithium-rich pegmatite of Ontario.
It should be noted that typically samples with higher tantalum values tend to have low lithium values as is representative of sodic aplite and albitite-rock units that represent significant host-rocks for tantalum mineralization. This is demonstrated by the Tanco Mine in Manitoba and the Wodgina and Greenbushes Mines of Western Australia. However, there are samples with high lithium values that also carry strong anomalous tantalum.
This press release has been prepared under the supervision of Mr. Don Hains (P.Geo.)., who is an independent consultant to the Company and a "qualified person" (as such term is defined in National Instrument 43-101). Mr. Hains has verified the technical data disclosed in this press release.
Source: Canadian Orebodies Inc.