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Altius Minerals Corp
Symbol ALS
Shares Issued 47,624,958
Close 2023-02-28 C$ 21.65
Market Cap C$ 1,031,080,341
Recent Sedar Documents

Altius Minerals to add 61,000 ha to Lynx property

2023-02-28 18:15 ET - News Release

Mr. Lawrence Winter reports

ADIA RESOURCES ANNOUNCES RECOGNITION OF LITHIUM PEGMATITE POTENTIAL AND EXPANSION OF MINERAL EXPLORATION LICENCES ON THE LYNX PROPERTY, MANITOBA

Adia Resources Inc. has submitted applications for three mineral exploration licences (MELs) totalling approximately 61,000 hectares, which are pending issuance by the government of Manitoba and will bring the company's current land position to 145,000 hectares. Adia has expanded its land position to cover recently recognized targets it considers prospective for lithium-bearing pegmatites, in addition to critical rare earth element (REE), gold and diamond potential.

Lithium

Spodumene-bearing pegmatites have been historically documented by government mapping programs south of the Lynx Property around the McGill Lake intrusion, such as at Mclaughlin Lake and also near Gods River [Godslith property; historical drilling results of 14.81m of 1.59% Li2O and historical, non-43-101 compliant resources of 4,800,000 tons of 1.27% Li2O (indicated) and 4,600,000 tons of 1.14% Li2O (probable)1], while additional pegmatite occurrences have been documented on the Lynx project near south Knee Lake 2,3. None of these occurrences on the Lynx Project have been investigated to date by Adia.

Moreover, using till data from the Manitoba Geological Survey 4,5, Adia has identified a number of coincident lithium-cesium-rubidium anomalies representing till samples in the 95th and 98th percentile. A positive spatial correlation of these elements is evident near the McLaughlin Lake pegmatite occurrences and other pegmatite dykes mapped within Adia's property. As such, Adia believes these lithium, cesium and rubidium till anomalies on its exploration licences may represent nearby bedrock sources of similar pegmatite which have no documented historical work and to date have received no follow up by the Company.

Rare Earth Elements

In the center of the Lynx Property is the ~25 square kilometre Cinder Lake alkaline intrusive complex and related pegmatite and carbonatite dykes (see figure 2), all of which have been noted to host rare earth element bearing minerals, suggesting the potential for critical REE mineralization with the Knee Lake greenstone belt 6,7. No exploration has been done in the Cinder Lake area for REE mineralization since the discovery of the related carbonatite dykes in 2014.

Gold

The Knee Lake Greenstone belt is host to a number of gold prospects, including the Domain Project to the south of the Lynx Project which is being explored by Yamana Gold. Yamana has reported drilling results including 9.0 meters at 7.29 g/t gold and 2.65 meters at 17.44 g/t gold hosted within iron formation, with further drilling reportedly imminent8. Similar iron formation-hosted gold mineralization at Domain has not been systematically explored for in the Knee Lake greenstone belt. Adia's 2020 drilling targeting diamonds intersected iron formation with minor quartz veining and pyrite (drill holes LX20-01 and LX20-02). Select sampling of these intervals returned anomalous results ranging from 0.24 g/t to 0.37 g/t gold over sample intervals of less than 1 meter. The iron formation does not outcrop but has an extensive strike of approximately 8 kilometres based on Adia's interpretation of historic airborne magenetic survey data. This constitutes a new exploration target on the Lynx Project.

In addition, while focussed on mapping for diamond potential, numerous gold showings were verified which occur in south Knee Lake along the Long Island shear zone, a major fault separating the Oxford Lake and Hayes River groups of Archean greenstone occurring to the northwest of the aforementioned area of iron formation. Historic results include:

  • Celtic showing: historic results 1.45 g/t gold over 13.7 metres from diamond drilling (Noranda8), and where Adia sampled 4.36 g/t gold from grab samples from outcrop.
  • The Celtic Extension Zone: located approximately 130 metres east of Celtic, has historic results that include 1.1 g/t gold over 2.0 meters and 0.64 g/t gold over 6 meters (Noranda9).
  • Adia further discovered a new showing which assayed 6.38 g/t gold from grab sampling, collected from a small island located approximately 1 kilometre west from the Celtic Showing.
  • Lake Showing: Adia's sampling yielded 3.25 g/t gold from grab samples.

Note: the reader is cautioned that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the property.

Diamonds

The diamond-bearing ultramafic sequence at Lynx is an Archean submarine volcanciclastic sequence which is unusual in its large scale and age (ca., 2.72 Ma10), which places it amongst the oldest primary diamond bearing host rocks known. Adia has completed two drilling phases on the Lynx project in 2019 and 2020 for a total of 4,080 metres of drilling in ten holes. Eight of the ten holes intersected the diamond-bearing volcaniclastic unit with true thicknesses estimated to be up to 360 metres. Two separate units, known as Eastern Bay and Western Bay, remain open along strike in both directions and at depth. 3,537 kg of samples from drill core have returned a total of 29,467 microdiamonds, including 20 diamonds in the +0.6 - 0.85 mm size fraction and 2 in the + 0.85 mm size fraction.

Adia is excited by the multi-commodity, multi-deposit type exploration potential on its 100% owned Lynx project. The Company has released an updated presentation which is available on its website. Adia is seeking parties interested in partnering to advance the exploration potential at Lynx.

Qualified Person

Lawrence Winter, Ph.D., P.Geo., Director for Adia Resources Inc., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed, prepared and approved this release.

QA/QC

Rock (grab) samples collected for gold and multi-element analysis were placed inside plastic sample bags in the field and given a unique sample tag number. Samples were held in secured storage and sealed containers and shipped to the ALS laboratory in Thunder Bay, Ontario for processing and then to ALS laboratory in North Vancouver for analysis. Drill core intervals selected for gold analyses were cut in half, with one half of the core bagged for gold analysis and the other half placed back in the core tray for future record. A sample tag containing the corresponding sample number was placed into the bag with each sample, while the other half of the tag containing the sample number was placed into the core tray with the remaining core. Cut core samples were shipped to the ALS laboratory in Sudbury, Ontario for processing and then to ALS laboratory in North Vancouver for analysis. Once received, each rock sample was logged into the tracking system, weighed, dried and finely crushed to better than 70 % passing a 2 mm screen. A split of up to 250 grams is taken and pulverized to better than 85 % passing a 75 micron screen. A statistically representative sample of the powder was subjected to the Au-ICP22 and ME-MS41 analytical procedures.

About the Lynx Diamond Project

The Lynx Diamond Project is located near Knee Lake approximately 25 kilometers southeast of Oxford House, Manitoba, Canada. The Project comprises >145,000 hectares of mineral exploration licences over the first discovery of diamonds in bedrock within the province of Manitoba. The project lies within the traditional land use area of the Bunibonibee Cree Nation of Oxford House with which Adia shares a cooperative and mutually respectful relationship under an Exploration Agreement related to the Lynx Project signed in January 2018.

About Adia Resources Inc.

Adia Resources Inc. is a private company focused on exploration of its 100% owned Lynx Project near Oxford House, Manitoba. Altius Minerals Corp. (TSX: ALS; OTCQX: ATUSF) is Adia's largest shareholder.

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