Nov 12, 2024

Green Technology Metals Hits 17.3m @ 30% Visual Spodumene at Root Lithium Project, Ontario

Introduction:

Green Technology Metals (ASX: GT1) (Market Cap: $29M | Last Close: $0.07 | Cash: ~$900k) has reported significant visual spodumene intercepts from its ongoing 14,000m diamond drilling program at the 14.6Mt Root Lithium Project in Ontario, Canada, highlighted by 17.3m of spodumene visually estimated at ~30%.

Drill Results:

17.3m @ ~30% visual spodumene from 611.9m (RB-24-002)
16.3m @ ~28% visual spodumene from 378.3m (RB-24-001)
17.6m @ ~25% visual spodumene from 509.7m (RB-24-004)
9.1m @ ~30% visual spodumene from 476.4m (RB-24-004)‍
9.3m @ ~25% visual spodumene from 136.4m (RB-24-004)

Project Overview:

The Root Lithium Project is located in Ontario, Canada. It currently has a Mineral Resource estimate of 14.6Mt @ 1.21% Li2O. The project is part of GT1's portfolio of lithium assets in Ontario, which have a combined resource of 24.9Mt @ 1.13% Li2O.

The project benefits from excellent existing infrastructure, including clean hydro power generation and transmission facilities, road access, and nearby rail providing transport optionality.

Program Details:

The current program consists of a 14,000m two-phase diamond drilling campaign. Phase 1 involves a 10,000m, 16-hole deep extensional program at Root Bay, with 6 holes totaling 3,771m completed to date. Phase 2 will comprise a 4,000m, 10-hole program at Root Bay East, commencing on November 18, 2024. The drilling aims to test down-dip extensions of pegmatites to support mineral resource expansion.

Understanding These Results:

The reported intercepts are based on visual estimates of spodumene content in drill core. While encouraging, these estimates should not be considered a substitute for laboratory assays. The true thickness and grade of mineralization can only be confirmed through chemical analysis.

The high visual spodumene estimates, particularly in the southern sections of pegmatites RB006 and RB007, suggest potential for high-grade lithium mineralization extending below current pit design limits. The confirmed downdip extent of pegmatite RB006 over 1,000m, with 700m below the current pit design, indicates potential for an extended underground project.

Management Commentary:

GT1 Managing Director, Cameron Henry:

“We are pleased with the preliminary visual indications of spodumene in pegmatite drill core at the ongoing drilling at Root Bay. The drill program is progressing well and has confirmed the downdip extent of pegmatites RB006 and RB007, highlighting strong potential for underground resource expansion. Our flow-through spending commitments have also enabled us to resume work to the East, where we are excited to continue drilling from 2023 and early indications from the maiden drilling suggest significant potential for a similar discovery to Root Bay which has a current combined JORC resource at the Root Bay and McCombe Deposits of 14.6Mt @ 1.21% Li2O.”

Next Steps & Catalysts:

Initial assays from the Phase 1 program are expected in the coming weeks. A revised Mineral Resource update will be prepared once all assays are received and interpreted.

Phase 2 drilling at Root Bay East is set to commence on November 18, 2024, aiming to further delineate pegmatite extents identified in the 2023 maiden drilling program.

Commodity Outlook:

Lithium remains a critical material for the electric vehicle and energy storage markets. Ontario represents a premier mining jurisdiction with established infrastructure and a supportive regulatory environment for lithium resource development.

Conclusion:

The latest visual results from Root Lithium Project demonstrate significant potential to expand the current resource base and potentially support underground mining scenarios. With mineralization remaining open at depth and multiple targets still to be tested, the project continues to demonstrate characteristics of a substantial lithium system with strong growth potential.

Sources:

GT1 Drill Results Announcement

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Nov 20, 2024