Letter to shareholders: 1 year on the ASX

Letter to Shareholders: L1M 1 Year ASX Debut Strategic Update

As we approach the one-year mark since our debut on the ASX, Lightning Minerals (ASX:L1M) is pleased to share an update on our progress and strategic vision for the future. 

Fulfilling Commitments: Unveiling Potential at Dundas

Completing phase 1 drilling on our E63/2001 tenement at Dundas marks a significant milestone for Lightning. This step forward in our exploration strategy for the Dundas region has yielded success, particularly in intersecting pegmatites within a hydrothermal system. This achievement serves as a positive indicator of lithium potential in the area. We have completed extensive soil sampling across all our Dundas tenements identifying multiple lithium in soil anomalism up to 218ppm Li which now presents multiple drill target opportunities.

Planning for a proposed Aircore drilling exploration campaign on tenements E63/2000 and E63/1993 targeting lithium-caesium-tantalum (LCT) pegmatites across both tenements is underway with drill permitting already approved with a view to begin in early 2024. These two tenements are located just to the east of Liontown Resources’ (ASX: LTR) Buldania lithium project with a current Resource of 15Mt at 1.0% Li20.

TG6’s recent success is a great analogue, they have followed exactly the same exploration approach as us, the only difference is the infill soil sampling they completed which allowed them to drill the highs on a closer spacing. Infill soil sampling is now complete on E63/2000 and E63/1993 which is our next focus for drilling, then infill soil sampling on Dundas North will be completed where lithium in soil anomalism up to 147ppm Li has been identified. A structured and methodical approach works and has been our M.O from day one.

Expanding Frontiers: Securing a Global Footprint

In line with our commitment to strategic growth, Lightning has expanded its reach by acquiring two exploration licenses in the prominent lithium province of James Bay, Canada. The Dalmas Project (47 km2) and Hiver Project (32 km2) in James Bay, Quebec, Canada, are poised to enhance our exploration portfolio, further solidifying our presence in a world-class mining jurisdiction. First pass ground reconnaissance works are now complete with clear identification of multiple pegmatites and follow up exploration programs are now being developed.

The James Bay district is home to prominent players in the lithium industry, and our entry into this region aligns with the ongoing resource delineations and developments. The attractiveness of Canada as a jurisdiction and its critical role in in North America’s critical minerals strategy positions us well in a region with significant lithium potential.

A Year of Impact and Progress

With significant ground positions in two of the most promising lithium regions globally – Western Australia and Quebec – Lightning sees an exceptional opportunity. Our objective is to integrate high-quality additions into our portfolio, offering investors substantial potential amid the global drive towards electrification and sustainable energy solutions.

Over the past year, our journey highlights our commitment to efficient exploration, strategic growth, and the intent to create shareholder value. And importantly: doing what we said we would do. As we persist in our efforts to explore efficiently, innovate, and grow, we are confident that each day brings us closer to realising our goal of a significant discovery in a tier-1 jurisdiction.

Thank you for your ongoing support, and we look forward to updating you on our continued journey of discovery.

Dundas Location Map
James Bay Projects