Resource Mining Corporation Ltd is trading higher on returning up to 5.26% lithium oxide in samples from the Kola Project in central Finland that point to the possible presence of lithium-bearing pegmatites.
In the northern part of Kola, 52 out of 68 boulder samples contained more than 1.0% lithium oxide (Li2O) with 27 samples containing more than 2.0% Li2O and sample KL0084 the 5.26% result.
Providing further encouragement in Finland is the Hirvikallio Lithium Project in the country’s south where results of outcrop samples confirm the presence of lithium-bearing pegmatites in the central and southern parts of the permit, with a best result of 4.7% Li2O in sample HV0118.
Resource Mining Corporation’s executive chairman Asimwe Kabunga said: “We are excited with these results that confirm the presence of high-grade lithium-bearing pegmatite boulders at Kola, up to 5.26% Li2O, and along the same trend that hosts Keliber’s lithium-pegmatite deposits which are in the neighbouring tenement.
“As well as at Kola, we also found high-grade lithium-pegmatites, up to 4.7% Li2O, in the Central and Southern parts of the Hirvikallio lithium project.
Investors share the chairman’s enthusiasm with RMI shares as much as 22.65% higher to $0.065 in early trading.
The 101.26 square kilometre Kola reservation notification area in the Kaustinen lithium pegmatite province of Finland, borders the permits and applications of Keliber, a major new lithium project under development by owners, Sibanye-Stillwater.
Analysis results confirm the continuous presence of high-grade lithium-containing pegmatite boulders from north to south across the central part of the Kola permit, along the same trend that hosts the Keliber deposits.
The highest lithium value of 5.26% was observed in sample KL0084.
Boulders in this region are generally moved by glacial transportation processes with research by Finnish Geological Services (GTK) indicating that this movement has a maximum of 1.5 to 2 kilometres in a SSE direction from the pegmatitic source.
This means that the source(s) of the spodumene-containing boulders is (are) likely located in the Northern and Central parts of RMC’s Kola permit.
Field observations, analysis results and the results of a GPR survey, allow the reconstruction of boulder fans that vector towards the source pegmatites. This is how Keliber and their forerunners found the pegmatites now under development.
Spodumene-containing pegmatite boulders were also identified near the western border of the Kola permit.
GeoBlast OY of Finland completed a GPR survey over the pegmatite boulder fields in the western part of the Kola tenement which shows a depth to bedrock below the boulder fields of between 8 and 11 metres.
Results show that GPR is a cost-effective method for identifying the depth to bedrock and for modelling the bedrock surface in the target areas.
Following these encouraging results, Element92 Suomi OY has applied for two exploration permits – Pikkukallio EP and Koyhajoki EP – within its existing reservation area.
Granting of the EP’s is expected within four months and drilling is planned to start in the Koyhajoki EP, as soon as the EP is granted.
The Hirvikallio Project is on a 165 square-kilometre exploration reservation in the SomeroTammela area of southern Finland, which the Finnish Geological Survey (GTK) considers as one of the most promising lithium pegmatite provinces in Finland.
Fieldwork in 2023 on the project focused entirely on areas outside the historically known Hirvikallio lithium-pegmatite that is along the northern border of the reservation area.
Results of rock chip sampling of outcropping pegmatites include 4.70%, 3.79%, 3.46% and 2.75% Li2O.
These results confirm the presence of high-grade lithium-containing pegmatites in the central and southern parts of the permit.
An exploration permit application over the identified pegmatites is being prepared.