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Argonaut Resources NL Cash Raising Oversubscribed For Lithium Opportunities

Argonaut Resources NL (ASX:ARE) has recently dialled into lithium opportunities in Canada, and the market has provided strong support for this strategic move.

Argonaut has raised circa $1.3 million at $0.012 in a heavily oversubscribed placement.

Add to this, Argonaut will undertake a one for six non-renounceable rights issue at the same price to raise up to another $1.1 million before costs.

Funds raised will be used primarily for the advancement of due diligence and exploration works on the Crescent Lake Lithium Project in Ontario, Canada.

Crescent Lake Lithium Project

Earlier in the month Argonaut secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, 'complex-type/spodumene sub-type' pegmatite deposits.

Keys to the deposits

The deposits are hard rock pegmatite deposits containing spodumene mineralisation.

Adding interest, the areas surrounding these known deposits are yet to be systematically explored, providing potential to define extensions and additional deposits.

Providing an infrastructure solution, the deposits are well located close to the North American rail network and a major port.

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