On the road to Canadian lithium productionNovember 28, 2023
Foster Stockbroking ReportJanuary 18, 2024
From the Managing Director's desk
Dear Shareholders and Stakeholders,
The past few weeks have seen several significant milestones for Winsome Resources.
Firstly, we celebrated our two year anniversary since listing on the ASX (30 Nov 2021) and barely a week later we published our Maiden Mineral Resource Estimate (MRE) at our flagship Adina Project in Quebec.
The MRE of 59 million tonnes at 1.12% Li2O confirms our flagship Adina Lithium Project has more than just potential – it is a resource of scale with strong growth potential that promises a bright future for the Company and our shareholders.
This positions Adina in the top 20 largest lithium resources discovered globally, and in the Top 5 in North America with a lot more to come. We used 27,600m of drilling to inform the MRE, however will have a further 25,000m drilled and in the labs awaiting assays by the end of 2023. This means we expect to be in position to upgrade the resource further early next year.
These impressive rankings are testament to our experienced exploration and development team, which has been working hard on the ground and behind the scenes to progress this incredible asset.
Over the next few months, the real work begins. We will make the most of the Canadian winter exploration season by drilling right up until Christmas and then resuming again in early January. A further 50,000m of drilling is planned for 2024.
The declaration of Winsome’s maiden MRE for the Adina Lithium Project allows preliminary development studies to progress, including initial mine designs, environmental baseline studies and metallurgical testwork, with a view to publishing project studies in H2 2024.
October’s capital raise of AUD $34 million has placed us in a strong financial position and will be put to good use as we ramp up our study and exploration activity in 2024.
In another beneficial development at Adina, we recently exercised our option to acquire the Jackpot Property, located to the immediate north of the project.
This increases the project area by more than 50%, opening up further exploration targets and providing flexibility for our infrastructure and site layout as we progress towards development.
We have spent the last few months of the summer field season completing a number of exploration activities across a large portion of Winsome’s landholding in Quebec, to help refine and rank our 2024 summer exploration priorities.
While our focus during these months remained steadfast on exploring Adina, we simultaneously conducted mapping and sampling campaigns at our Tilly and Cancet projects.
During this recent exploration, we discovered a mineralised pegmatite outcrop at Tilly, with sampling returning extraordinary results of up to 4.68% Li2O. Follow-up sampling is planned for this sizeable outcrop, ahead of a potential maiden drilling program in the summer of 2024.
While we have been working hard on the ground in Quebec, we have also been working hard to spread the message about our exploration efforts and the value Winsome will bring to the global lithium market.
We were presented with an opportunity to join a panel discussion at the International Mining and Resources Conference in Sydney in October, hosted by the Quebec Government.
It was a fantastic forum for everyone who attended, including myself, to hear directly from Quebec officials about the growth of mining in Canada and the lithium potential of the James Bay region.
Additionally, our VP Sustainability and Regulatory Affairs, Dr Genevieve Morinville, attended the 2023 United Nations Climate Change Conference (COP28) in Dubai. Here she participated in a panel discussion along with The Honourable Pierre Fitzgibbon, Quebec Minister for the Economy, Energy and Innovation, and Lithium Royalty Corporation (LRC) where she highlighted the importance of lithium towards the global energy transition.
I look forward to keeping you updated as we strengthen Winsome’s position as the next sustainable lithium producer.
I wish you and your families a safe and festive Christmas period and look forward to communicating with you throughout 2024.