Head Scratcher.Watched with amazement as this one dropped all the way to a dime. I thought...would these guys really enter into an agreement so bad to warrant this kind of a drop? Well, I will admit ithis deal didn't look very rewarding to NTY but I was watching this company in the first place because of their new Corvette property. Not nearly as remote. Sounds completely virgin and in an area where other lithium mineralization is in abundance. Seems a nice low entry point right now. From their press release...
In 2006, Virginia Gold Mines discovered a spodumene-bearing outcrop while conducting gold exploration within the belt at what is now the company's Corvette property. No sample was collected at the time and no follow-up work completed on the lithium potential of the outcrop.
92 Resources Corp.'s due diligence site visit to the company's 100-per-cent-owned Corvette property has returned samples of 3.48 per cent and 7.32 per cent lithium dioxide from spodumene-bearing pegmatite exposed at surface.
Although only a small area of the property was evaluated during the one-day site visit, two large, subparallel-trending spodumene pegmatites were discovered, with a total of four grab samples collected.
Pegmatite 1
Three samples were collected from the larger pegmatite, with dimensions of approximately 150 metres in length and up to 30 m across, with spodumene crystals up to about one metre in length. The samples assayed 0.80 per cent, 3.48 per cent and 7.32 per cent Li2O. Management notes the samples were select grab samples and may not be considered representative of the entire pegmatite. However, the 7.32 per cent Li2O sample does highlight the very coarse-grained nature of the observed lithium mineralization.
Pegmatite 2
A single grab sample was collected from the second pegmatite, located approximately 75 m to the north, with an approximate exposed dimension of 100 m by two m. This pegmatite was also spodumene bearing and returned 1.22 per cent Li2O, as well as anomalous tantalum of 90 ppm tantalum pentoxide.