Canadian Orebodies (CO-V) is showing that the lithium craze isn’t over just yet.
The junior that has garnered little market attention finally made some headway after releasing results from a channel sampling program at its Falcon property in northwestern Ontario.
Word of the latest assay results sent the company’s shares up 17% to 15¢ on 1.26 million share traded in Toronto on Mar. 18.
Highlights from the program include: channel #3 assaying 1.54% Li2O over 6.98 meters; Channel #9 assaying 2.63% Li2O over 1.5 meters; and Channel #6 assaying 1.74% Li2O over 2 meters.
Timmins-based Canadian Orebodies says the samples demonstrate “rich, wide spread zones of lithium and rare metals.”
The wholly owned Falcon project sits roughly 60-km northeast of Armstrong, Ontario and is made up of 60 claim units. The project is subject to a 2% NSR, 50% of which can be purchased by Orebodies for $1 million.
A total of 17 channel cuts taken from the property late last year and results from 13 of the channels indicate a zone of strong lithium enrichment with quantities of rare metals (rubidium, tantalum, beryllium, niobium, cesium, tin and gallium) stretching over 60 meters.
“The results from our Falcon property channel sampling program continue to encourage us with excellent lithium grades, and enforce the values previously reported by our grab sampling program,” Gordon McKinnon, President and CEO of Canadian Orebodies said in a release.
The majority of the property lies in an area recently clear cut and is accessed via an all season road.
The company says it has more exploration work planned on the project for the spring.
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