Beyond Lithium issues Flow-Through offering for $500,000 for 2024 exploration
Beyond Lithium Inc. has announced a proposed non-brokered private placement of 2.5 million common shares of the company that will qualify as "flow-through shares" at a price of $0.20 per share for aggregate gross proceeds of $500,000.
The gross proceeds from the offering will be used by the company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2024.
Allan Frame, President and CEO of Beyond Lithium, commented, "The financing announced today will allow us to ramp up our 2024 exploration activities, generate results to be shared with the market, all while managing dilution for the benefit of all shareholders. The main strategic goals for 2024 are to (i) uncover additional spodumene mineralization at the Victory Spodumene Project and the Ear Falls Spodumene Project along their well-defined exploration corridors, (ii) to discover new spodumene-bearing pegmatites at Cosgrave Lake and Wisa Lake, (iii) drill test the spodumene mineralized corridors at Victory and Ear Falls to demonstrate the size and the potential of the system along strike and at depth, and (iv) advance the other projects through low cost prospecting and continue to pursue joint venture or option deals for them."
In the 2023 season, Beyond Lithium started off with a total of 63 projects and each field team generally spent a week to two weeks per project collecting representative samples to establish a geological and geochemical baseline for each project. As Beyond Lithium announced, the Company reviewed the 2023 field data over the last few months and has finalized the Lithium Exploration Portfolio in Ontario for the 2024 exploration program including four primary projects (Table 1) and an additional 23 prospective projects (Table 2).
Lawrence Tsang, VP Exploration of Beyond Lithium, stated: "We are very excited to have consolidated our lithium exploration portfolio in Ontario for the 2024 season. Now, Beyond Lithium has four substantial primary projects to focus in developing and at the same time carry out grassroot exploration on the additional 23 prospective projects. Importantly, we are very glad to continue working in collaboration with Bounty Gold Corp led by Jason LeBlance and Last Resort Resources led by Jace Angell to kick start the 2024 exploration program at the Wisa Project this month to follow up on exploration targets delineated from the 2023 field data and the LiDAR survey completed at Wisa in 2023 (Figure 2)."
Lawrence Tsang added: "Based on our 2023 field observations, spotting spodumene in the field in a white and wide pegmatite could be subtle and sometimes easily overlooked. Hence, in the first part of the 2024 exploration program, our geological field teams will spend more field time at the four primary projects to carry out systematic sampling and mapping programs to focus on the narrowed down exploration targets to explore for potential new and additional spodumene-bearing mineralization (Figure 1-4). With the more defined zones outlined by geochemistry, geology, and mineralogy established from the 2023 program, we have a good opportunity this year to further expand mineralization at the four primary projects."
He concluded: "In December 2023, Beyond Lithium submitted the exploration permit application for the Victory and Ear Falls Spodumene Projects. to apply for mechanical stripping and diamond drilling activities. Each application is for 30 drilling sites and 20 stripping locations. Each drill site is designed to drill multiple holes. The stripping locations are focused on each project's main exploration corridors. Both permit applications have entered the public review and comment period. Beyond continues to engage and to consult with the Ministry and Aboriginal communities throughout this process."
Figure 1. Ear Falls 2024 Exploration Targets (dotted red circle) - Elevated Lithium (>0.1% Li2O) Pegmatites Zone with elevated cesium background that is comparable with the Identified Spodumene-bearing Wenasaga North Zone along the 13km Long Structural Corridor
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Figure 2. Wisa Project 2024 Exploration Targets (dotted red circle) - Elevated Lithium and Cesium Pegmatite Zone Targets Coincide with Regional Pegmatite Trends
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Figure 3. Victory Project 2024 Exploration Targets (dotted red circle) - Spodumene-bearing Bounty Gold and Last Resort Pegmatites Located within an 8km Long Structural Corridor with numerous Ontario Geological Survey Mapped Pegmatites yet to be prospected for lithium mineralization.
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Figure 4 Cosgrave Lake Project 2024 Exploration Targets (dotted red circle) -Elevated lithium-bearing pegmatite swarms located in the higher fractionated zone of the AG Pluton striking subparallel with the regional subprovincial boundary.
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Tags: Northern Ontario / Exploration / Battery Metals / All Articles