Mont Royal Resources Kicks Off Drilling at Bohier Lithium Project
MRZ (MRZ) Share Update July 2024 Thursday 25th
Mont Royal Resources Commences Drilling at Bohier Lithium Project
Mont Royal Resources Ltd (ASX: MRZ) has announced the commencement of its drilling program at the Bohier Lithium Project in Quebec, Canada, as part of its 2024 Summer Fieldwork Program.
Instant Summary:
- Fieldwork programs re-commenced at Bohier and Léran Lithium Projects.
- Drilling currently underway at Bohier targeting known pegmatite and gravimetric anomalies.
- Surface sampling of pegmatites with favorable chemical assemblages.
- High-grade lithium results from previous sampling at Léran Project.
- Company held $2.1 million in cash as of June 30, 2024.
Fieldwork and Drilling at Bohier Project
Mont Royal Resources Ltd (ASX: MRZ) has re-commenced its fieldwork programs at the Bohier and Léran Lithium Projects in Quebec, Canada. The fieldwork at Bohier began in mid-June and included mapping and sampling, focusing on known pegmatites with favorable chemical assemblages within the central and northern sections of the property.
The diamond drilling program at Bohier started in mid-July, targeting known pegmatite and gravimetric anomalies. Approximately 1,000 meters of drilling is planned, with the program expected to take about 21 days to complete, including mobilization and demobilization.
Léran Project Fieldwork
Following the completion of the fieldwork at Bohier, the exploration team shifted to the Léran Project. Similar mapping and sampling programs were conducted, targeting previously reported high-grade lithium results. The aim is to expand the company's lithium target inventory for future drilling.
High-grade lithium results from previous sampling at Léran included grab samples of up to 4.02% and 3.51% Li2O from spodumene-rich boulders. These promising results have set the stage for further exploration and drilling activities.
Financial Position
As of June 30, 2024, Mont Royal held $2.1 million in cash. The company received a tax rebate of C$879k (A$964k) from the Quebec Government, with an additional C$548k (A$601k) subject to finalization. These funds strengthen Mont Royal's cash position, allowing the company to progress its long-term growth strategy while maintaining strict cost controls.
The company's expenditure on exploration activities during the quarter amounted to $210,000, primarily for planning the proposed drilling program and lithium prospecting at Léran and Bohier.
The commencement of drilling at the Bohier Lithium Project is a significant milestone for Mont Royal Resources. This development could positively impact the company's stock as investors anticipate potential high-grade lithium discoveries. The proximity of the Bohier Project to the Renard Mine, which is being considered for redevelopment as a lithium processing operation, adds further potential value.
Investor Reaction:
Investors and analysts have reacted positively to the news, noting the strategic importance of the Bohier and Léran projects. The company's strong cash position and recent tax rebate also provide a solid financial foundation for ongoing exploration activities.
Conclusion:
Mont Royal Resources' ongoing exploration and drilling activities at the Bohier and Léran projects mark an exciting phase for the company. Investors should keep an eye on further updates and drilling results, which could significantly impact the company's valuation and future prospects.