Stephen Biggins appointed as Non-Executive ChairmanFebruary 21, 2023
Canada RocksMarch 21, 2023
From the Managing Director's desk
Dear Fellow Shareholders and Stakeholders,
There was a time when the entire ASX-listed junior explorer sector would seemingly go to sleep through December and January.
Given Winsome’s current activities are focused in the northern reaches of Quebec, which is in the midst of a cold winter, our field teams might have been excused for following the local bear population into hibernation.
However, I’m pleased to report there was barely time to put tools down over the past couple of months – and for very good reason. Winsome is in the middle of exciting drill campaigns at our Cancet and Adina projects, which are expected to continue throughout 2023.
We highlighted the key activity that occurred to the end of the 2022 calendar year in our most recent quarterly report (CLICK HERE to read it).
Through January and February, the Company has also made some significant announcements, including exceptional lithium mineralisation at Adina, with initial assay results showing 1.34% Li2O over 107.6m in drill hole AD-22-005.
This was by followed by confirming that further high-grade intersections of 1.28% Li2O over 93.5m in AD-22-001. Both intersections were close to surface, while grades as high as 4.19% Li2O were intercepted.
These results covered just six of 36 holes drilled to the time of the latest announcement with further results expected. The backlog of work that was causing some bottlenecks and delays at the laboratory in Ontario has now largely cleared, with a steadier flow of results now expected.
Winsome also extended the potential strike of the pegmatite ore body at Adina to 1,600m, which confirmed the validity of a decision to deploy a second drill rig to site.
The other key activity through January was the Company’s successful capital raise, consisting of a placement through Canada’s Flow-Through Shares provisions at a considerable premium to the current share price, an institutional placement and a share purchase plan to existing shareholders.
The latter, seeking to raise up to $10 million, is still underway at the time of writing, however the Company has successfully raised the initial $50m target while bringing several high-quality domestic and offshore institutional investors on to our register.
Funds will be used for ongoing exploration activities as we work towards our goal of accelerating maiden resource development drilling at our flagship projects. It also bolsters our cash position, ensuring the Company is poised to capitalise on potential further acquisitions if the right opportunities arise.
Over coming weeks, I’ll be attending the Mines and Money Miami and PDAC investor conferences in North America, in between site visits as our drilling campaigns continue.
I have said before in these letters that there are some exciting times ahead for Winsome – and I’m happy to say that sentiment continues.
Please see the rest of the latest eNewsletter to find out more about Winsome’s activities and hear from our Chairman, Stephen Biggins.