- Blaze Minerals (BLZ) shares explode on fresh agreement to acquire the North Spirit Lithium Project in Ontario, Canada
- The project is strategically located in Ontario’s ‘Electric Avenue’ in the Red Lake Region
- North Spirit comprises 1698 claims covering 340 square kilometres and is situated near Frontier Lithium’s renowned PAK and Spark Lithium deposits
- Blaze, in collaboration with Exiro Minerals Corporation, aims to commence exploration activities during the northern hemisphere summer
- BLZ shares are up 100 per cent, trading at two cents at 3:25 pm AEST
Shares in exploration company Blaze Minerals (BLZ) have exploded 100 per cent after the company announced the fresh acquisition of a lithium project in Ontario’s Electric Avenue.
The company entered a heads of agreement with Exiro Minerals Corporation to acquire 100 per cent of the North Spirit Lake lithium project, made up of 1698 claims for 340 square kilometres in the Red Lake region in Canada.
The project sits 30 kilometres southeast of TSX-listed Frontier Lithium’s PAK and Spark deposits, which have uncovered a recent result of 398 metres at 1.88 per cent lithium oxide, including 23 metres at 3.12 per cent lithium oxide.
Blaze, alongside Exiro, is planning to kick off exploration work in the coming months.
The focus will be on two-mica granite pegmatites identified in a regional Ontario geological survey, which the company reported showed promising similarities to the PAK deposit.
The company also reported litho-geochemical data obtained to date indicates areas of fractionation and enrichment in key volatile elements, displaying potential for lithium mineralisation.
Blaze is now preparing to launch a share placement to raise $2 million, to pay for the acquisition, as well as exploration and development of the project.
Up to two million shares will be issued at one cent apiece – a 1.35 per cent premium to the 15 day volume weighted average price.
BLZ shares were up 100 per cent, trading at two cents at 3:25 pm AEST.