In 2020, the World Bank forecasted that the annual demand for battery materials such as lithium, expected to increase by nearly 500% over the coming three decades. While this projection is generalized and considered vastly conservative by lithium-ion battery insiders, it provided some insights into the enormous need for new suppliers of raw battery materials. Lithium has quickly become one of the most sought-after commodities on the planet and many called January 2021, as "The Electric Metals Mobility Inflection Point" with Biden's administration Green New Energy Deal.
FAR Resource's Hidden Lake Lithium project is located approximately 45 km east-northeast from Yellowknife and is perfectly positioned to take advantage of this explosive and exciting growth in the renewable energy sector. It can be reached by the all-weather Ingraham Trail Highway (Highway 4), and/or by charter helicopter or float plane. Hidden Lake hosts lithium-bearing pegmatite dykes that are part of the larger Yellowknife Pegmatite District which have been described as the largest lithium resource in Canada with a minimum of 55,000,000 US tons at 1.41% L2O primarily as spodumene. The project consists of four claims with an aggregate area of 1,849 hectares. Extensive channel sampling and assays by previous workers documented significant lithium mineralisation over substantial intervals for each of the four surveyed dykes, including a maximum value of 1.75% Li2O over 6.01 metres. The dykes have exposed strike lengths of up to 800 m and up to 20 m in width at surface but are concealed by overburden cover.
Light green to whitish spodumene hosted in pegmatite was intersected in each of ten drill holes and varied from 2.65 m to 11.12 m in width. Additional minerals include potash feldspar, albite, quartz, lesser muscovite and rare tourmaline. Host rocks to the pegmatites are quartz-biotite-cordierite aluminous metasedimentary rocks. Assay results from drill core confirm high-grade lithium mineralization is present with Li2O values varying from 1.0-3.0+% over intervals up to 9.2 metres. The high-grade nature of these spodumene-mineralised pegmatites coupled with the demonstrated favorable metallurgical characteristics demonstrated by previous operators makes these drill results significant. Future exploration will focus on drilling the high-grade dykes beneath the initial holes to determine the shape of the dykes and to provide estimates of grade and tonnage.
*Historical resources, which have not been verified by the Qualified Person nor defined in compliance with National Instrument 43-101, and therefore, should not be relied upon in this respect.
Hidden Lake Lithium Property Highlights
- Property hosts at least ten lithium bearing spodumene pegmatite dykes
- Sampled extensively, ranging between 275 m and 790 m in length
- Average lithium concentration of 1.03% with grades up to 3.3 Li20
- Far completed inaugural drilling campaign of ten holes (1,079m) targeting four of the dykes
- All holes intersected significant lithium mineralisation
- Test work achieved extraction of 97% industry standard lithium techniques