Imagine Lithium Inc. [TSXV-ILI; OTCQB-ARXRF] is continuing to expand on the newly discovered Casino Royale zone, approximately 500 metres north of the Jackpot Main zone. The Jackpot lithium project is located in the Georgia Lake pegmatite field, approximately 140 km northeast of Thunder Bay, Ontario.
The Jackpot property is characterized by swarms of mineralized lithium-bearing granitic pegmatite dikes distributed over at least five zones on an 18,800-hectare land package. The Casino Royale zone is an east-west-trending, spodumene-bearing pegmatite dike, which has been successfully intersected in eight of nine drill holes from the 2024 campaign.
Casino Royale highlights include 1.02% Li2O (lithium oxide) over 18.90 metres from 159.30 metres in hole JP-24-26; 0.96% Li2O over 13.25 metres from 154.20 metres in hole JP-24-28, including 1.42% Li2O over 9.10 metres from 155.25 metres; and 1.15% Li2O over 11.85 metres from 93.60 metres in hole JP-24-30, including 1.58% Li2O over 7.30 metres from 94.10 metres.
J.C. St-Amour, president, commented: “This previously untested area of the property will potentially add significant resources to the Jackpot property, based on the wide intercepts of mineralized pegmatite discovered through drilling. The Casino Royale zone has so far been traced through drilling over 200 metres along strike, to the east of JP-24-23, and multiple mineralized intercepts in JP-24-26 suggest it is a substantial new zone. Underexplored areas of our Jackpot property will be explored this summer to delineate existing drill targets to identify new pegmatites for future drill targets within our significant land package.”
Results announced today demonstrate near-surface growth potential surrounding the Jackpot Main zone. Results of the 2024 drill program continue to highlight the importance of drill testing and exploring for new, spodumene-bearing pegmatite targets outside of the Jackpot Main zone. The Casino Royale zone was discovered through drill testing the historical Carrot Lake occurrence (MDI42E05SW00023) on the east side of Carrot Lake.
Drilling by the company on the Jackpot property since 2018 totals 39,901 metres. From the commencement of this year, 4,020 metres of drill core from 30 diamond drill holes have been completed. The table entitled “Significant Li2O (per cent) intervals from the 2024 drill program” includes results from the continued expansion of the Casino Royale zone in 2024.
The Casino Royale zone has a drill-tested strike length of 200 metres and may be delineated for over 900 metres by surface grab samples on the west side of Carrot Lake. Holes JP-24-26 and JP-24-27 were drilled from the same drill pad, at -45 degrees and -80 degrees dip. Hole JP-24-26 had two lithium-bearing pegmatite zones, intersecting 1.16% Li2O over 6.05 metres from 118.2 metres and 1.02% Li2O over 18.9 metres from 159.3 metres depth, indicating a similar stacked pegmatite swarm to the Jackpot Main zone.
The company expects to publish a NI 43-101 mineral resource estimate in 2024, which will include results from the current drill program. The distinguishing feature of the Jackpot lithium project is the existing infrastructure in the area (roads, power, labour force) and the proximity to a major port, which elevates it from more remote lithium projects. This infrastructure would positively impact the overall economics of the project.
Imagine holds the Jackpot lithium property located in the Georgia Lake area approximately 12 km by road from the TransCanada Highway (Hwy 11). The property contains known lithium-bearing granitic pegmatite dikes, of which two provided estimated historical resources of two million tons at 1.09% Li2O.
