This project was announced before when ULI was Jantar any thoughts!
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Jantar signs LOI for option on Zigzag Lake project
2009-09-01 17:07 ET - News Release
Mr. Marc Morin reports
JANTAR RESOURCES SIGNS LOI TO ACQUIRE 100% OF ZIGZAG LAKE LITHIUM - TANTALUM PROJECT
JantarResourcesLtd. has signed a letter of intent to acquire up to a100-per-centinterest in the Zigzag Lake lithium, tantalum, berylliumand galliumproperty. The project is located 60 kilometres northeast ofthe town ofArmstrong, Ont., and is accessed via an all-weather loggingroad fromArmstrong. The project consists of 81 claim units for a totalsurfacearea of 1,296 hectares. To earn a 100-per-cent interest in theproject,Jantar has agreed to make cash payments totalling $112,000,issue400,000 common shares of the companyand commit to workexpenditures totalling $226,800 over a four-yearperiod. Jantar hasagreed to pay a net smelter royalty of 2 per cent, ofwhich 1 per cent(one-half) of the royalty may be purchased by thecompany for$1-million.
The agreement is subject to regulatory approval.
About the project
Located60 km northeast of the town of Armstrong, Ont., theproject containsthree occurrences -- the Tebishogeshik, the DempsterL28 and Bird RiverNo. 1.
Tebishogeshik:
- It consists of five subparallel pegmatite lenses ranging from 4.5 metres to 18.3 metres in width over a length of 845 m.
- In 1956 and 1957, Dempster Exploration Limited mapped, stripped and trenched the main pegmatite units and carried out channel sampling.
- Lens No. 2 assayed 1.28 per cent Li2O over 9.8 m, lens 3 was 0.15 per cent Li2O over four metres, lens 4 assayed 1.53 per cent Li2O over 7.3 m, 1.64 per cent Li2O over 6.3 m and 1.68 per cent Li2O over 7.9 m.
- Dr. Chris Anderson, Bird River Mines (1982), stated that sampling based on 36 channel samples and 28 host rock geochemical samples from the Zigzag lake property returned lithium grades of over 1.6 per cent Li2O, tantalum of 0.5 pound to seven pounds per ton, gallium of approximately 0.5 pound per ton and recoverable amounts of beryllium.
- In 2002, Platinova Resources Ltd. re-evaluated the project for its tantalum potential and channel sampled the pegmatite lenses. Lens No. 1 assayed 0.168 per cent Ta over 2.54 metres and lens No. 4 assayed 0.300 per cent Ta over 0.92 metre.
- Breaks (2003) stated that the majority of the tantalum-oxide minerals in the Crescent Lake pegmatite group are manganotantalite. Individual analysis of manganotantalite from Tebishogeshik lens 3 exceeded 80 weight per cent Ta2O5 and were amongst the highest documented in lithium-rich pegmatite of Ontario.
Dempster L28:
- This was found in granite gneiss, 400 m southwest of the west extremity of the Tebishogeshik occurrence.
- Similar mineralogy as Tebishogeshik contains prismatic spodumene crystals up to 10 centimetres in length.
- Breaks (2003) identified lithium and columbite-tantalite in the occurrence.
Bird River potential No. 1:
- Dr. Anderson (1975) stated that geochemical sampling of the host rocks adjacent to the lithium-rich pegmatite zones showed a dramatic increase in the trace lithium content.
- Geochemical sampling of the greenstone bedrock in the Bird River potential No. 1 occurrence showed anomalously high lithium (ca 300 parts per million).
MarcMorin, director of Jantar Resources, states: "The Zigzag Lakeproject isJantar's initial acquisition in the lithium space. We arepleased tohave acquired a property with such encouraging historicalexplorationresults. Jantar continues to evaluate several other lithiumacquisitionsand joint ventures."
Jantar's property is contiguous toLinear's Seymour Lake lithiumproject. Linear has recently announcedresuming exploration activitieson the project where significant lithiummineralization was intersectedwith grades up to 2.4 per cent (seeStockwatch on Aug. 27, 2009). Thetechnical information in this newsrelease has been prepared inaccordance with the Canadian regulatoryrequirements set out inNational Instrument 43-101 and reviewed onbehalf of the company by KenG. Fenwick, MSc, PEng, a qualified person.
We seek Safe Harbor.