Stcckwatch Diamond & Specialty Minerals Summary for June 23, Diamond & Specialty Minerals Summary for June 23, 2022
2022-06-23 20:44 ET - Market Summary
by Will Purcell for June 23, 2022
2022-06-23 20:44 ET - Market Summary
by Will Purcell
J.C. St-Amour's Imagine Lithium Inc. (ILI) lost one-half cent to 7.5 cents on 28,000 shares on word that it has sold all its Red Lake-area gold properties to Trillium Gold Mines Ltd. (TGM: $0.285) and Pegasus Resources Inc. (PEGA: $0.055). The transfers clear the deck for Imagine to focus on work at its Jackpot lithium project. (No, not the same one; this Jackpot is near Georgia Lake, about 40 kilometres northeast of Nipigon in Northwestern Ontario.)
Imagine's Jackpot is home to two pegmatite dikes with historical resource calculations that tally about two million tons at 1.09 per cent lithium oxide and 750,000 tonnes at 1.38 per cent respectively. In May, Mr. St-Amour, president, applauded new assays from core untested in 2018, work that yielded up to 1.28 per cent lithium oxide over eight metres in one hole and 1.02 per cent over 8.8 metres in a second of four holes.
In January, Mr. St-Amour cheered a plan to complete a 3,000-metre drill program at Jackpot. The work was to expand on the 2018 program, testing eastern and western extensions of the dikes as well as other areas of interest, but getting word from him and his crew about that program was as difficult as wrestling control of a berry patch from a family of black bears.
Six weeks into the purported program, Mr. St-Amour offhandedly allowed that "we are currently drilling" on the property, and in late April, he casually mentioned that the drilling was "actively under way." By early May, Mr. St-Amour deigned to say that the drilling was "progressing well, with five holes completed with samples in the lab." Now, another six weeks have passed with nary a peep.