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CBLT Acquires Shatford Lake for Lithium and Provides Corporate Plan for 2021
Burlington, Ontario--(Newsfile Corp. - February 8, 2021) - CBLT Inc. (TSXV: CBLT) ("CBLT") ann...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Acquires Shatford Lake for Lithium and Provides Corporate Plan for 2021Burlington, Ontario--(Newsfile Corp. - February 8, 2021) - CBLT Inc. (TSXV: CBLT) (\"CBLT\") announces it has signed a definitive agreement (the \"Agreement\") with Softrock Minerals Ltd. (the \"Vendor\") for the purchase of 100% of the Shatford Lake property in mining-friendly Manitoba. Management believes Shatford Lake to be highly prospective for lithium.The PropertyShatford Lake is located in the Winnipeg River-Cat Lake pegmatite field in eastern Manitoba near the Ontario border, roughly 130 kilometres from Winnipeg and only five kilometres southwest of the Tanco Mine. The area has been previously explored for rare element pegmatites with historical mapping and drilling at Shatford Lake identifying multiple pegmatite dykes. Most of this work focussed on the tantalum potential of the dykes and lithium was not analysed for. However, spodumene was noted in an assessment report and provincial geologists documented the presence of lithian mica.Other minerals identified in historical work include beryl and tantalite, indicating the Shatford Lake pegmatites are likely LCT-type (lithium-cesium-tantalum). The pegmatites are intruded into metasediments and metavolcanics. Sulphide mineralisation has been noted in these host rocks.Of particular interest is that Shatford Lake is located roughly five kilometres southwest of the Tanco Mine. The richly mineralized Tanco deposit was first discovered in the 1920's and mining commenced in 1929. Tanco produced irregularly with continuous production starting in 1969. Tanco is an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it.It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O (GSWA Mining Bulletin No. 22, page 66). This is a historical third party estimate and CBLT has no information as to the methodology used to calculate this estimate or whether it was carried out under the supervision of a Qualified Person, as that term is defined in NI43-101. Readers are cautioned not to rely upon this estimate. CBLT refers to this to inform its knowledge of the area and to support its thesis for explorati...