Like scratching the tip of an iceberg

Full size / The strike length of the CV1 Pegmatite extends to at least 175 m, whereas the east end is truncated by a shallow lake, with indications that the pegmatite continues below surface.

A week after 92 Resources Corp. announced a working relationship with Osisko Mining for the establishment of a new lithium district in the renowned James Bay Region of Québec, the company today reported assays from channel sampling – overall impressive results.

Considering that Avalon Advanced Materials Inc. made headlines last week with assays from channel sampling reaching up to 2.51% Li2O over 1.1 m, investors should take a close look at what 92 Resources has achieved today:

The assays are not only better from a grade and width perspective but the Corvette Property is also located in mining-friendly Québec, whereas Avalon’s property is in the heart of the traditional territory of the Wabaseemoong Independent Nation of Whitedog in Ontario where “engagement is continuing with local indigenous communities, provincial regulators and municipal government.”

As explained by Adrian Lamoureux, President and CEO of 92 Resources, in today’s news, management made a “conscious decision to direct all of the Company focus on our projects in Quebec for several reasons”, among others Québec being “one of the most geo-politically stable and mining friendly jurisdictions globally”, a province that is “very navigable, cost-effective to explore, and overall pro-exploration”.

On top of all that, the Corvette Property is just 10 km south of the all-season Trans-Taiga Road and powerline infrastructure corridor. 

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Today’s lab results show that 92 Resources is well on track with its goal of creating substantial shareholder value in the near and long term by focussing on and advancing its 100% owned Corvette Property, which it can increase significantly with last week’s acquisition of Osisko’s adjoining FCl Property to control more than 15 km of prospective strike length for lithium-bearing pegmatites.

Quoting from today’s news, highlights from the recently completed summer work program include:

• “A total of 40 channel samples collected from CV1, ranging from 0.02% to 3.85% Li2O, with an average of 1.35% Li2O

• Both CV1 and CV2 pegmatites contain significant concentrations of tantalum, collectively ranging from nil to 591 ppm Ta2O5, with an average of 109 ppm and 138 ppm Ta2O5, respectively

• Channel CV1-CH01: 1.54% Li2O over 8 m

• Channel CV1-CH02: 1.77% Li2O over 6 m

• Channel CV1-CH03: 2.28% Li2O over 6 m

• Channel CV1-CH05: 1.50% Li2O over 7 m

Discovery of two new spodumene-bearing pegmatite occurrences:

o CV3, located approximately 250 metres south of CV1, with a grab sample of 1.61% Li2O

o CV4, located approximately 3 km northeast and along strike of CV1, with a grab sample of 0.74% Li2O

Both the CV1 and CV2 pegmatites demonstrated strong grades of lithium, with each individual channel from the CV1 Pegmatite having returned greater than 1% Li2O over its entire cut length, with individual samples greater than 2% Li2O. Collectively, this is a strong indication of continuity of mineralization over the known strike-length of the pegmatite. The CV2 pegmatite returned its strongest mineralization to date with 2.04% Li2O over 1 m.

In addition to the strong grades of lithium, unexpectedly high-grades of tantalum were also returned from both the CV1 and CV2 pegmatites. Each channel cut of the program returned anomalous to well mineralized tantalum, with numerous samples assaying greater than 200 ppm Ta2O5, including an interval of 2.28% Li2O and 471 ppm Ta2O5 over 2 m. Analytical results for each full channel are presented below in Table 1.

The CV1 and CV2 pegmatites trend sub-parallel (~70°) to one another, separated by approximately 50 m. A majority of the channel sampling was completed at the larger CV1 Pegmatite with 5 channels for 40 samples collected. A further 2 channels, for a total of 8 samples, were collected from the CV2 Pegmatite, located to the north of CV1.

The largest channel cuts of the CV1 Pegmatite were limited to 11 m due to the outcrop’s physical characteristics, including relatively rounded and steep edges making channel sampling impractical in these areas. As such, the widths of the channel cuts at CV1 do not cover the entire exposed width of the pegmatite body as its width ranges mostly between 12 and 30 m as exposed. Further, as several channel cuts end in strong mineralization, the mineralization of the CV1 Pegmatite is indicated to be wider than that sampled.

Of additional note, the surface mapping successfully extended the strike length of the CV1 pegmatite on the Property to at least 175 m, with the east end truncated by a shallow lake, along with indications that the pegmatite continues beneath the surface.”

Full size / Both drone pictures show that the CV1 and CV2 pegmatite outcrops appear to run in a perfectly parallel fashion and thus may extend beneath surface to form one large deposit.

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Advisory Board Member and Qualified Person Darren L. Smith commented:

“The results of the recent program are highly encouraging with the demonstrated lithium potential of the Property now significantly expanded beyond the CV1-2 area. In addition, the discovery of strong grades of tantalum associated is an equally positive development and adds further credence to the economic prospects of the Project. We look forward to further delineating this association as the processing and recovery of tantalum from spodumene-bearing pegmatites is well-established.”

92 Resources’ President and CEO, Adrian Lamoureux, commented on the successful exploration program at Corvette as follows:

“We are very pleased with these initial results as it further acknowledges our belief of the potential that the Corvette Project has to unlock. As reported in our last news release, we were able to increase our foothold in this exciting district and plan to be very active moving forward. Last year we made a conscious decision to direct all of the Company focus on our projects in Quebec for several reasons. We believe that, not only the high potential these projects could offer but also because of our technical teams’ abilities, long-standing relationships, and valuable work experience in Quebec. Furthermore, the Province of Quebec is one of the most geo-politically stable and mining friendly jurisdictions globally, is very navigable, cost-effective to explore, and an overall pro-exploration province. We look forward to continuing to unlock value for our shareholders and stakeholders.”

Full size / The CV1 Pegmatite impresses with strong grades over significant widths, providing potential for large tonnage.

Bottom Line

With permitting underway for a maiden drill program at CV1 and CV2, 92 Resources aims to demonstrate extension below surface. If through drilling they can show continuity on strike and at depth, plus maintain the grades thus far observed, this project might just go the distance of forming a very large deposit rich in lithium.

As the lake is relatively shallow, it’s possible that it can be contained and drained locally for open-pit mining and/or underground mining given that CV1 is nearly vertical and 30 m wide. An example of underground mining of a pegmatite is the Tanco Pegmatite under the Bernic Lake in Manitoba. The Québec Lithium Mine was also an underground operation (1955-1965).

What makes the Corvette Property so attractive is not only CV1/CV2, which may extend significantly beneath surface and form a single large body of lithium-rich pegmatite that expresses itself as parallel at surface. 92 Resources’ regional prospecting and sampling program resulted in the discovery of 4 additional lithium-bearing outcrops on the Corvette Property. Therefore, the tonnage potential of these pegmatites as a group is quite enormous. To date, all pegmatites sampled have shown varying degrees of lithium-tantalum mineralization and overall appear to average out very nicely.

According to today’s news release:

“As recently announced, the Company’s regional program at Corvette resulted in the discovery of an additional four (4) spodumene-bearing outcrops on the Property (see news release dated August 13th, 2018). The discoveries outline two distinct trends/occurrences, termed the “CV3” and “CV4” pegmatites, with the Company now pleased to report grab samples results of 1.61% Li2O and 0.74% Li2O, respectively. The discoveries are significant and led the Company to expand its land position, through map designation, as announced August 13th, 2018 as well as executing an Option Agreement with Osisko Mining Inc. for the adjoining FCI Property, as announced September 4th, 2018.

The CV3 Pegmatite exposure is approximately 20 m in length and 3 m in width and is located approximately 250 m south of the CV1 Pegmatite. Its presence indicates a new sub-parallel spodumene-bearing dyke is present and further emphasizes the potential for additional dykes to be present in the area.

The CV4 Pegmatite discovery is characterized by three spodumene-bearing outcrops, spanning a distance of approximately 140 m, and is situated approximately 3 km along strike to the northeast of the CV1-2-3 pegmatite area. This discovery highlights the size of the mineralized system at Corvette. Further, the extensive lateral extent between the discovery areas, as well as the size of the CV1 Pegmatite, suggest a strong potential for lateral continuity and significant depth extent of the pegmatite dykes. As the CV4 Pegmatite discovery was made on the last day of the program, the area remains to be prospected in detail. Moreover, when coupled with the newly acquired ground (map designated) on trend to the northeast, more than 6 km of prospective strike length remains to be evaluated. This is in addition to the FCI Property ground covering the trend to the southwest for a combined total prospective strike length of approximately 15 km.

Adrian Lamoureux stated today:

“We are strongly encouraged with the results of the recent surface exploration at Corvette. The CV1 Pegmatite appears far larger than first estimated, with the channel sampling demonstrating a strong continuity of mineralization along it. The numerous samples of greater than 2% Li2O demonstrate grade in the system, and the new discoveries of CV3 and CV4 indicate considerable “blue-sky” potential. We are very excited as we continue to advance and develop the potential at Corvette as well as the newly acquired adjoining FCI Property.”

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As per the last Rockstone Report “92 Resources starts working relationship with Osisko Mining to establish a new lithium district in the James Bay Region of Quebec“:

By combining the Corvette Property from 92 Resources with the adjoining FCl Property from Osisko, a large-scale prospective lithium hard-rock trend can now be consolidated in the renowned James Bay Region.

92 Resources can now earn the right to control more than 15 km of possible strike length for lithium-bearing pegmatites in a mining friendly jurisdiction.

So far, 92 Resources has defined 3 km of strike length with the identification of 4 lithium-bearing pegmatites outcropping at surface, named CV1, CV2, CV3 and CV4.

Having now 5 times as much possible strike length offers much greater chances to find many more pegmatites along this trend.

After several months of a heavy correction in share price with little newsflow, the timing now appears ripe for this $4 million CAD market cap company to start creating excitement with an increased newsflow based on its intended exploration programs to unlock the vast potential that the combined Corvette-FCl Property offers. 

Putting itself into position to build such an important joint venture with a strong and well-known partner like Osisko Mining is a major accomplishment for 92 Resources going forward with the goal of establishing a new world-class lithium district comprising numerous lithium-rich pegmatites at or near surface in an established mining region.

It’s not difficult to see the vast upside potential that 92 Resources now aims to materialize in the near and long term, especially when considering that a drill program may start fairly quickly.

Due to the numerous pegmatites, exceptional strike length, widths and grades of lithium and tantalum thus far observed at the Corvette Property alone, I fully believe that, together with the newly acquired FCl Property, this rare combination of crucial factors allow for the identification of very large tonnages of spodumene-bearing pegmatites, similar to other advanced projects within central Québec such as Nemaska’s Whabouchi Project, Galaxy’s James Bay Project and Critical Elements’ Rose Project.

The upcoming drill program aims to prove this case.

Technical Perspective 

Click on chart (or here) for updated version (15 min. delayed)  

Company Details

92 Resources Corp.
#1400 – 1111 West Georgia Street
Vancouver, BC, Canada V6E 4M6
Phone: +1 778 945 2950 

Shares Issued & Outstanding: 74,442,456


Canadian Symbol (TSX.V): NTY
Current Price: $0.06 CAD (09/10/2018)
Market Capitalization: $5 Million CAD


German Symbol / WKN (Tradegate): R9G2 / A11575
Current Price: €0.041 EUR (09/10/2018)
Market Capitalization: €4 Million EUR

Previous Coverage 

Report #10 “92 Resources starts working relationship with Osisko Mining to establish a new lithium district in the James Bay Region of Quebec“ 

Report #9 “Booming Frac Sand Markets Golden for 92 Resources“ 

Report #8 “High Lithium Grades and Astounding Size Potential Sampling Suggests“ 

Report #7 “High-Grade Lithium and Tantalum confirmed by Channel Sampling“ 

Report #6 “Crews mobilized for next phase of exploration on the Hidden Lake Lithium Property in NWT“ 

Report #5 “92 Resources snags hard-rock lithium property in Quebec“

Report #4 “Why 92 Resources looks ready for the next upswing“

Report #3 “Extremely high-grade lithium assays from surface“ 

Report #2 “Untapping Canada‘s Hidden Lithium Treasuries“ 

Report #1 “92 Resources on the case for Hard Rock Lithium“

Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, 92 Resources Corp. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the 92 Resources Corp.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the 92 Resources Corp.´s profile on SEDAR at Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in 92 Resources Corp. and is being paid a monthly retainer from Zimtu Capital Corp., which company also holds a long position in 92 Resources Corp.

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Name: 92 Resources Corp.
Canada Symbol: NTY
Germany Symbol / WKN: R9G2 / A11575
Shares Issued & Outstanding: 74,442,456
Phone: +1 778 945 2950

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