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Golden Dory Signs Letter of Intent for High Grade Lithium Oxide Property in Ontario
Golden Dory Signs Letter of Intent for High Grade Lithium Oxide Property in Ontario
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[{"type":"text","content":"\nGolden Dory Signs Letter of Intent for High Grade Lithium Oxide Property in Ontario\n\n\n Sep. 8, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), (\"Golden Dory\") is pleased to announce that it has signed a Letter of Intent to acquire a 100% interest, in a high grade lithium oxide (Li2O) property in the Red Lake Mining District of Ontario. The 15 claim property is located approximately 90 kilometers north of Sioux Lookout and is accessible by road. Golden Dory personnel are currently conducting a due diligence property examination. The property is host to a lithium bearing pegmatite that has reported historic (1955) surface channel sample results of 30 feet (9.14 metres) grading 3% Li2O, with grab sample results assaying up to 5.91% Li2O (not verified by Golden Dory). The 1955 assessment reports indicate that spodumene (lithium silicate mineral) bearing pegmatite dike up to 30 feet wide has been traced on surface for at least 300 meters (east to west) and remains open along strike in both directions. Limited exploration work has been carried out on the property since the 1950's.The property is subject to a 2% NSR and payments totaling $195,000 and 300,000 common shares of Golden Dory over a four year period (subject to TSX Venture Exchange approval). A finders fee of 100,000 Golden Dory shares will be paid to an arms length party. The historic assaying only reported lithium values, therefore Golden Dory plans, subject to the property acquisition, to immediately commence a program of mapping and re-sampling the historic trenches for lithium and a suite of light and heavy rare earth elements (REE's) typically associated with these deposits. Comparisons with other lithium projects, including Linear Metals Seymour Lake project, are very favourable. Linear Metals has recently announced historic drill results which include 16.90 metres grading 2.08% Li2O from the North Aubry Zone, and 9.08 metres grading 1.26% Li2O from the South Aubry Zone (Linear Metals press release September 2, 2009). About Lithium Lithium ion batteries are in high demand due to their superior ability to absorb and deliver electricity and generally longer life. Hybrid and electric vehicle manufacturers are turning their attention to using lithium based batteries and demand is expected to increase as more hybrid and electric cars...