Fin Resources Limited - June 2024 Quarterly Report - 31 July 2024
FIN RESOURCES LIMITED (FIN) Share Update July 2024 Wednesday 31st
Fin Resources Reports Positive Assay Results from Cancet West Lithium Project
Fin Resources Limited (ASX: FIN) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting significant assay results from its Cancet West Lithium Project in Quebec, Canada.
Instant Summary:
- Completed eight diamond drill holes totaling 1,009 meters at the White Bear Lithium Discovery.
- Significant assay results include 2.15m @ 1.76% Li2O and 0.92m @ 2.39% Li2O.
- Five of the eight drill holes intersected visual megacrystic spodumene up to 15cm in length.
- The lithium intercepts are very shallow, less than 20 meters below surface.
- Company had $880k in cash at the end of the quarter.
Cancet West Lithium Project
During the June Quarter, Fin Resources successfully completed a maiden diamond drilling program at the White Bear Lithium Discovery within its Cancet West Project in Quebec, Canada. The program included eight diamond drill holes totaling 1,009 meters.
Subsequent to the end of the quarter, the Company received all assay results from the drilling program. Significant results include:
- 2.15m @ 1.76% Li2O (including 1.0m @ 3.27% Li2O) from 10.45m down-hole depth (24-WB-008)
- 0.92m @ 2.39% Li2O from 17.85m down-hole depth (24-WB-003)
- 2.76m @ 1.68% Li2O from 11.75m down-hole depth (24-WB-004)
The drilling program aimed to test a coarse spodumene-bearing lithium mineralized zone identified over an approximately 300m strike by 100m at its widest, within five pegmatite outcrops at White Bear. Previous rock chip samples from the discovery outcrop included 6.50% Li2O and 6.85% Li2O.
Exploration Details
During the process of clearing access for the drilling equipment, geological personnel discovered a pegmatite outcrop hosting large spodumene crystals, which was subsequently tested by the recently completed diamond drilling program.
Five of the eight completed diamond drill holes intersected visual megacrystic spodumene up to 15cm in length. The White Bear pegmatite has been intercepted over widths of up to 12 meters in hole 24-WB-008. Assay results confirmed a lithium-bearing zone in hole 24-WB-008 of 2.76m @ 1.68% Li2O from 10.4m depth.
The lithium intercepts are very shallow, less than 20 meters below surface. All drill core was logged and dispatched to Val d’Or, Quebec for cutting and submission to ActLabs for analysis.
Future Plans
Final interpretation of the pegmatite occurrences will be completed to assist in planning further surface exploration and drilling. The extent of pegmatite occurrences identified so far are restricted only by the small amount of work conducted to date. Further exploration work is required to determine the potential for extensions to pegmatites identified so far and to extend along strike and at depth.
The Company also plans to carry out a geophysical survey using LIDAR to better define the topographic surface and assist in producing a surface digital elevation model (DEM) as well as locating additional pegmatite outcrops potentially covered by thick undergrowth elsewhere across the Project.
The positive assay results from the Cancet West Project are likely to boost investor confidence in Fin Resources' exploration potential. The shallow lithium intercepts and significant grades could enhance the project's economic viability, potentially leading to an increase in the company's stock price as investors react to the promising results.
Investor Reaction:
Analysts are likely to react positively to the significant assay results, viewing them as a strong indicator of the project's potential. The discovery of high-grade lithium at shallow depths is particularly noteworthy and could attract further investment interest.
Conclusion:
Investors should keep an eye on Fin Resources' upcoming exploration activities and further assay results. The company's strategic focus on expanding and confirming the lithium mineralized zones at Cancet West will be crucial in maintaining and potentially increasing investor confidence.