Green Technology Metals [ASX:GT1], the exploration company focused on lithium resources in Canada, is getting closer to opening its flagship Seymour lithium project in Ontario, with the group visibly gearing up for part two exploration across the project’s tenements.
GT1 fell more than 3% in share value after the announcement hit the market. The stock flopped by more than 10% in the month and more than 30% in the past year.
GT1’s share price slide comes as a new competitor hits the ASX today. Evergreen Lithium [ASX:EG1] has now been listed on the ASX after raising $7 million at 25 cents per new share, which will fund its exploration in the Northern Territory and Western Australia, not so far from Core Lithium [ASX:CXO] and Liontown Resources [ASX:LTR] project areas:
Source: tradingview.com
Seymour exploration approaches stage 2
Green Technology nears a new milestone for its Seymour lithium project, the group having spent six months working to fast-track exploration and development at its Aubry hard rock spodumene deposits at the Seymour resource base.
In doing so, the group aims to push ahead with activities to reach Seymour’s construction goal in 2024.
Once the construction is completed, the group believes it can go ahead and hit first production of spodumene in 2025 and first hydroxide production by 2027.
With the wet season in full swing, the miner’s team has had to pause exploration for now. However, GT1 still managed to commence an accelerated drilling program that resulted in double the Mineral Resource Estimate (MRE) at North Aubry.
Green Tech said that its field team covered 2,030 Ha in its first year, and this year it will tackle the unexplored North Seymour tenements covering 15,140 Ha.
It was noted that North Seymour tenements exhibit similar geology, structure, and geophysical features, which host the North Aubry deposit MRE 9.9 Mt at 1.04% Li2O.
The group has sent away for geochemical data analysis to determine prospectivity and generation of new exploration targets.
Luke Cox, GT1’s CEO, commented:
‘Exploration to date on the Aubry deposits has focused on increasing tonnes and increasing confidence levels of material feeding into a centralised concentrator, however a much larger portion of the Seymour project that sits to the north with the same greenstone belt, remains highly prospective yet unexplored for lithium bearing pegmatites. This year we are looking forward to starting our maiden exploration program as we step out on the Northern tenements proximal to the Seymour hub and believe the area is highly prospective for potential new discoveries.’
The group’s 2023 exploration plan centres on development to evaluate and prioritise exploration for the upcoming field season across GT1’s large 56,000-hectare project, areas that remain underexplored.
The new drilling area could provide new target areas and delve deeper into targets that came up in field exploration.
This exploration will be made up of mapping, sampling, and otherwise prospecting activities using a range of testing techniques and will begin in June.
Drilling at the project has been stalled temporarily while the group focuses on fieldwork and Priority 1 drill holes, yet the group plans to test resource definition drilling from August.
Source: GT1
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