Iriana Resources (IR-T) has inked a deal to earn a 100% interest in the Greer Lake rare metal pegmatite property in southeastern Manitoba from ManQuest Resources.
Iriana can earn its interest by issuing shares to ManQuest over a four-year period. Iriana must also spend a minimum on exploration each year to keep the property in good standing. ManQuest will retain a 2% net smelter return royalty, of which Iriana can buy back 1%.
The 10-claim property covers about 12 sq. km. It is 13 km southeast of Cabot Corp.‘s (CBT-N) high-grade Tanco lithium-tantalum-cesium mine and some 140 km northeast of Winnipeg, Man.
The property covers a major portion of the Greer Lake pegmatite field. This hosts 18 known pegmatites, most of which contain tantalum minerals. Five of the pegmatites have seen limited past production of lithium, beryllium and feldspar. The field is highly fractionated, similar to the Tanco pegmatite.
In 2000, ManQuest discovered a 1.7-by-0.75-km regional, lithium-in-basalt anomaly on the property. Lithium values reach up to 197 parts per million (background levels are 15 parts per million) and are comparable to those around the Avalon “Big Whopper” pegmatite at Separation Falls.
This year, Iriana plans a closely spaced lithogeochemical sampling program to test the country rock in the anomaly area. The survey will focus on lithium and other rare metals. The program will include geological mapping aimed at defining future drill targets. Reconnaissance surveys are planned for the rest of the property.
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