LRM released a very unique kind of news today - they are reactivating an old project which has strong historical Lithium values.
On the surface, these drill results seem very impressive - in fact more impressive than Canada Lithium, which is trading with a market cap of over $75 million.
LRM, fully diluted, at 0.50 has a market cap of less than $30 million.
I think we have a long way to go before hitting top.
Linear Metals to reactivate Seymour Lake project
2009-08-25 09:11 ET - News Release
Mr. Brian MacEachen reports
LINEAR METALS REACTIVATES SEYMOUR LAKE LITHIUM/TANTALUM/BERYLLIUM PROJECT
Linear Metals Corp. is reactivating exploration on its road-accessible, 100-per-cent-owned, Seymour Lake lithium/tantalum/beryllium property located to the north of Lake Nipigon, near Armstrong, in Northwestern Ontario. The project is being reactivated in response to rising prices for elements such as lithium and tantalum.
The last drill program at Seymour Lake, testing primarily for tantalum, was completed during August, 2002, with a total of 1,866 metres of NQ core drilled in 32 drill holes. The drilling, supervised by the qualified person on this news release, tested the North and South Aubry zones, where lithium (spodumene), tantalum (tantalite) and beryllium (beryl) mineralization is found in shallow-dipping granite pegmatites over a strike length in excess of one kilometre. The zones remain open to the north and south and down dip, and other stacked pegmatites have been located in the area.
The 2002 drill program tested the North Aubry zone over a 200-metre strike length with 23 shallow vertical holes (SL-02-1 to 16, SL-02-25 to 31), with 21 of 23 holes intersecting pegmatites hosting Li2O mineralization. In the South Aubry area, located 600 metres to the south, drilling tested a 380-metre strike length with eight shallow vertical holes (SL-02-17 to 24), all of which intersected Li2O mineralization. The drill intersections are close to true widths due to the near horizontal to shallow-dipping nature of the units.
Brian MacEachen, president and chief executive officer of Linear Metals, states: "Historic exploration on the large Seymour Lake property has returned some very exciting lithium grades. Incredibly, lithium has never been the primary focus or target of an exploration program and as such the true potential has yet to be tested. We are taking immediate steps to initiate a drill program that will specifically target lithium mineralization at Seymour Lake."
While the drilling was targeted primarily at the tantalum potential of the zones, significant lithium mineralization was intersected in the North Aubry zone as shown in the table.
Drill hole No. From To Width Li2O (metres) (metres) (metres) (%)SL-02-2 45.75 60.00 14.25 1.735SL-02-3 25.65 29.00 3.35 1.398And 32.50 40.70 8.20 1.370SL-02-4 25.00 34.20 9.20 2.386SL-02-5 18.00 21.60 3.60 0.944SL-02-7 59.00 59.30 0.30 0.048SL-02-8 13.60 30.00 16.40 0.830SL-02-9 1.45 22.10 20.65 0.955SL-02-10 51.85 57.05 5.20 1.578SL-02-12 6.28 6.50 0.22 0.034SL-02-13 15.88 16.02 0.14 0.003SL-02-14 2.65 8.35 5.70 2.212SL-02-15 6.35 9.75 3.40 1.486SL-02-16 1.70 9.55 7.85 1.148SL-02-25 1.40 1.65 0.25 0.829SL-02-26 1.65 5.05 3.40 2.484SL-02-27 3.00 26.85 23.85 1.325SL-02-28 2.30 14.10 11.80 1.837SL-02-29 1.80 13.75 11.95 1.696SL-02-30 16.00 18.90 2.90 1.925SL-02-31 1.60 19.32 17.72 1.475
Although not specifically targeted in the drill program, significant lithium (spodumene) mineralization was also encountered at the South Aubry zone.
Drill hole No. From To Width Li2O (metres) (metres) (metres) (%)SL-02-17 30.70 32.50 1.80 2.389SL-02-18 25.00 31.25 6.25 0.339SL-02-19 4.65 7.65 3.00 0.357SL-02-20 8.00 12.60 4.60 0.976SL-02-21 2.35 4.50 2.15 1.368SL-02-22 8.15 9.00 0.85 0.626SL-02-23 4.00 5.20 1.20 1.076SL-02-24 13.90 17.95 4.05 0.307
The drilling indicates that the pegmatites on the Aubry trend occur as an undulating system of stacked sheets that dip shallowly to steeply eastward. The main part of the North Aubry zone ranges in true thickness from 10 to 28 metres. Mineralization remains open down dip to the east and continues as a narrower zone to the north and south. The main part of the South Aubry zone maintains an estimated true thickness of 15 to 16 metres over a strike length of at least 95 metres. It remains open along strike to the north and south, and down dip to the east.
The results indicate there are higher-grade lithium and tantalum zones to depth at the North Aubrey and there is potential to locate high-grade zones at the South Aubry. Further, there remains excellent untested potential for additional pegmatites, both stacked at depth and along strike, along the Aubry trend. The Seymour Lake property remains highly prospective for further discoveries and a re-evaluation of data is under way leading to a fall 2009, detailed exploration program, including drilling.
The results of a detailed enzyme leach soil survey (422 samples) conducted during a 2008 work program are currently being compiled and interpreted. The results of the soil survey, which covered a total area of approximately three kilometres times 2.5 kilometres over the North and South Aubrey zones, will be announced following final compilation of the results.
Analyses for lithium were carried out on split or sawed half core at the XRAL Laboratory, in Mississauga, Ont., using the ICP90 technique which has a 10-part-per-million detection limit. Standard QA/QC techniques were used to confirm the results at the time the program took place.
This press release was prepared under the supervision of Peter M. Dimmell, PGeo, who is a qualified person as defined under National Instrument 43-101. Mr. Dimmell has reviewed the scientific and technical information in this press release.