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Argonaut Resources NL Adds New Claims To Lithium Project, Ontario

Argonaut Resources NL (ASX:ARE) has been granted a 100% interest in 22 mining claims in the Crescent Lake area as it ups the ante to its lithium ambitions in Ontario, Canada.

Of interest, the tenement package is east of Ardiden Ltd's (ASX:ADV) Seymour Lake lithium project and contiguous with the Falcon Lake and Zigzag claims over which Argonaut holds an option to purchase.

On 11 March 2016, Argonaut announced the acquisition of lithium deposits known as Falcon Lake and Zigzag, collectively the Crescent Lake Lithium Project, located 250 kilometres north-northwest of Thunder Bay in Ontario.

The new claims cover an area of 54 square kilometres of the the under-explored area between clusters of known spodumene bearing pegmatites. The Falcon Lake Far West spodumene pegmatite occurrence is located within the new claims.

This takes to 80 square kilometres, Argonaut either holds or has an option to acquire of the highly prospective Crescent Lake / Seymour Lake pegmatite swarm.

Crescent Lake drilling

In May 2016, Argonaut geologists commenced exploration work at the Crescent Lake Project ahead of drilling approvals. On 6 June 2016,

these were granted and drill equipment is on the way to the Crescent Lake Lithium Project.

Diamond drilling will start in one week and will see an initial seven holes drilled.

First analytical results will be available about six weeks after the completion of each drill hole.

Analysis

Argonaut is on a fast track of developing lithium projects in Canada (rights to two) and a South Australian lithium exploration target.

However, there is more in store. A further acquisition is in the works which could be only a matter of weeks away.

With drilling at the flagship Crescent Lake project to commence in a week or so, Argonaut is leveraged to news flow. The soaring share price in 2016 is indicative of the intense interest in the progression of the lithium projects.

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