Falcon Lake is just 10km from Australian Green Technology Metals’ (ASX:GT1) Seymour Lake lithium project, which has a resource of 9.9Mt grading 1.04% Li2O, and not far from Critical Resources (ASX:CRR) 8Mt and growing resource over at the Mavis Lake project.
It’s incredibly prospective, with BM8’s mid-year maiden drilling campaign confirming and building upon historical hits like 24.4 metres @ 1.43% Li2O including 10.9 metres @ 1.95% Li2O.
The freshly concluded summer fieldwork campaign has now uncovered a total of 30 new pegmatites, including a significant new discovery at Falcon North.
This new find at Falcon North confirms the presence of mineralisation outside the metavolcanic corridor at Falcon Main and provides another target area for the company to explore moving forward this summer season and into next year.
“This is another fantastic development stemming from the summer fieldwork campaign,” MD Gerard O’Donovan said.
“This significant discovery at Falcon North which is located ~1.2km from our main focus area at Falcon Main further expands the exploration potential of the Falcon Lake project.
“Coupled with the additional 25 pegmatites identified at Falcon Main, we now have a large quantity of drill targets to test over the winter period and further areas to prospect both this season and next.”
Samples for all mapped pegmatites have been taken and sent to the laboratory for testing with results anticipated in 6-8 weeks.
The new Falcon North discovery, along with the other additional finds within Falcon Main will continue to be explored through continued drilling over winter.
BM8 will explore the full extent of the discovery next summer to further define additional targets, with its aggressive ~15,000m step out drilling program set to be funded by a planned A$6.4m capital raising.
“We are very excited to keep the rig turning into the winter months and continue to define the broader scale and potential of the Falcon Lake Project,” O’Donovan added.
