- Company reported various lithium oxide volumes at LC21-22 and LC21-003 drill holes
- The drilling showed irregular values of rare metals, including niobium, rubidium, tantalum, beryllium, cesium, and iron
- Analysis of the samples is done through a process called Code Ultratrace 7 using Peroxide Fusion, ICP, and ICP/MS
- First Energy Metals granted incentive stock options to certain directors, officers, and consultants to purchase up to 900,000 common shares under the Stock Options Plan, exercisable for five years at a price of $0.25 per share
- Global Li-ion Battery Market to Reach $80.5 Billion by 2024
First Energy Metals (CSE: FE) (OTCQB: FEMFF), a publicly-traded Canadian mineral exploration company with a primary focus on developing a multi-commodity mineral property portfolio by identifying, acquiring, and exploring the North American mineral prospects, has announced the results of drill hole LC21-22 at the Augustus Lithium Property in Quebec. The drill hole intersected a 10.5-meter-wide zone with 1.22% lithium oxide at 69 meters drilled depth (https://ibn.fm/qSsQl).
There were irregular values of other rare metals found, including average values of niobium, rubidium, tantalum, beryllium, cesium, and iron. The samples collected were bagged, tagged, and delivered to Activation Laboratories in Ancaster, Ontario, for sample preparation and analysis. Activation Laboratories is an independent commercial, accredited ISO-Certified laboratory.
Earlier in July, First Energy Metals announced the results from another drill hole at the Augustus Lithium Property. Drill hole LC21-003 intersected a six-meter-wide zone with 0.62% lithium oxide at 45 meters drilled depth, including a two-meter intersection with 1.35% lithium oxide at 48 meters depth. A second two-meter intersection at 73 meters depth assayed 0.63% lithium oxide (https://ibn.fm/BbLHL).
Samples from both Augustus Lithium Property drill holes were analyzed using Code Ultratrace 7 – Peroxide Fusion – ICP and ICP/MS. Code Ultratrace 7 fuses the samples with sodium peroxide in a Zirconium crucible. The fused sample is acidified with concentrated nitric and hydrochloric acids. The solution is then diluted and measured by ICP-OES and ICP-MS.
The Augustus Lithium Property and the surrounding areas total 14,367.71 hectares and are equipped with excellent infrastructure support, including a road network, railway, water, electricity, and trained manpower available locally. Highlights of the property also include:
- A geographically similar structure to Sayona Mining’s Authier Lithium project and Mine Quebec Lithium Project, which is located approximately 6 to 12 km away
- Documented historical drilling in over 62 drill holes that amount to $2 million in present-day exploration expenditures
- Two prominent lithium and one silver prospect located on the property
- A potential high-grade lithium resource target of 4 million tonnes at 1% lithium oxide
- Potential for large volume low-grade bulk tonnage near the surface
- A two-phase exploration work program
First Energy Metals also has other mining properties located in Quebec. In addition to Augustus Lithium Property, the Company has the Titan Gold, located in the Detour-Fenlon Greenstone Belt in east-central Quebec.
Additionally, the company granted incentive stock options to certain directors, officers, and consultants to purchase up to an aggregate of 900,000 common shares under its Stock Option Plan. These will be exercisable for a period of five years at a price of $0.25 per share. The option is subject to a four-month hold period and subject to Canadian Securities Exchange approval.
First Energy Metals is well positioned to leverage growing opportunities on the global lithium-ion battery market. Lithium-ion batteries (Li-ion batteries or LiB) are increasingly becoming the rage due to its potential for use in a wide range of products and applications ranging from smartphones and smartwatches to electric vehicles (“EVs”) and energy storage systems. Since being launched commercially in 1991, Li-ion batteries have witnessed significant improvements in performance and capabilities, thus making them indispensable for a range of products.
Amid the COVID-19 crisis, the global market for Li-ion Battery is projected to reach US$80.5 Billion by 2024, registering a compounded annual growth rate (“CAGR”) of 15.2% over the analysis period. Europe represents the largest regional market for Li-ion Battery, accounting for an estimated 32.4% share of the global total. The market is projected to reach US$32.8 Billion by the close of the analysis period. Europe is forecast to emerge as the fastest growing regional market with a CAGR of 17.0% over the analysis period (https://ibn.fm/t08YI).
For more information, visit the company’s website at www.FirstEnergyMetals.com.
NOTE TO INVESTORS: The latest news and updates relating to FEMFF are available in the company’s newsroom at https://ibn.fm/FEMFF
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