Wisa Lake Lithium Project

On 19 December 2016, Ardiden announced it had entered into an option agreement with Alset Energy Corporation to acquire 100% of the advanced Wisa Lake Lithium Project.

Wisa Lake Lithium Project

The Wisa Lake Lithium Project is located 80km east of Fort Frances, in Ontario, Canada and only 8km north of the Minnesota/US border. The property is connected to Highway 11 (Trans-Canada), which is located 65km north via an all-weather road that crosses the centre of the project. The project is less than 3 hours’ drive from Thunder Bay, a leading regional mining jurisdiction in Ontario with key local infrastructure including a skilled mining workforce and excellent local logistics and infrastructure. It has strong potential to provide high quality product to supply growing North American demand and export markets.

The Wisa Lake Lithium Project consists of five claims (1,200 hectares) and covers the historical Wisa Lake lithium deposit which has a historical (non-JORC compliant) lithium resource of 330,000 tonnes grading 1.15% Li2O (Lexindin Gold Mines Ltd., Manager’s Report, 1958; Ontario Geological Survey, Open File Report 6285, Report of Activities 2012).

In 1956, Lexindin Gold Mines Ltd. completed a total of 20 drill holes (backpack and AQ-sized core) over a strike length of 335m and to a depth of approximately 65m to define the Wisa Lake lithium deposit. The most easterly hole intersected a true width of 6.4m containing an estimated 20% of the lithium-bearing mineral spodumene suggesting the mineralization is open at depth and to the east.

It should be noted that the historical resource estimate for the deposit was calculated prior to CIM National Instrument 43-101 or JORC (2012) guidelines and, as such, should only be considered from a historical point of view and not relied upon. A qualified person has not completed sufficient work to classify the historical estimates as current Mineral Resources. Further exploration and drill testing programs are required to report in accordance with JORC (2012) guidelines.

In early 2016, Alset Energy Corporation staked the project and completed a limited exploration, mapping and sampling program at the two mineralisation zones at the Wisa Lake lithium project. The grab samples collected from the North Zone pegmatite returned grades of up to 1.4% Li20, which are comparable to the grade of the non-JORC compliant historical resource of 330,000 tonnes grading 1.15% Li2O. Grab samples were collected in the South Zone pegmatite, located 900m south and parallel to the North Zone pegmatite, which returned grades of up to a very impressive 6.38% Li2O.

Both the North and South Zone pegmatites were drilled in the 1950s but very little work has been completed since then. Alset Energy Corporation has collected and submitted approximately 60 grab samples for assay from various pegmatites occurring on the property.  

North Zone Pegmatite

The North Zone pegmatite which was traced through surface exposures by Alset personnel for nearly 1.5km of strike length, which contains the non-JORC compliant resource of 330,000 tonnes grading 1.15% Li2O and was defined by historical drilling over a strike length of 335m. The historical drill logs show that the deposit is open to the east and at depth and future drilling could substantially expand the historical resource.

South Zone Pegmatite

The South Zone pegmatite was also drilled in the 1950s, but not to the extent of the North Zone. This area of interest appears to have the highest spodumene content discovered on the property, with 6.38% Li2O reported from a grab sample, and will be a key focus of the company's exploration and due diligence review.

New Pegmatite Dykes

Additionally, Alset Energy Corporation discovered further spodumene-bearing dykes during their April 2016 exploration program. One dyke was located 100m south of the South Zone pegmatite and a further pegmatite exposure was mapped approximately 3kms to the West of the historic deposit in the North Zone pegmatite.