Blaze Minerals Limited (ASX: BLZ) ('Blaze' or the 'Company') is pleased to advise it has entered into a Heads of Agreement ('HOA') with Exiro Minerals Corporation ('Exiro') to acquire 100% of the North Spirit Lithium Project ('Project') located in Ontario, Canada.
HIGHLIGHTS
The North Spirit Lithium Project is strategically located in Ontario's 'Electric Avenue' in the Red Lake Region.
The North Spirit Lithium Project comprises 1,698 claims for approximately 340 square kilometres, located 30 kilometres along strike to the southeast from Frontier Lithium's (TSXV: FL) world class PAK and Spark Lithium Project.
Frontier Lithium recently reported an intercept of 398m @ 1.88% Li2O1, including 23m @ 3.12% Li2O2.
Frontier Lithium has reported mineral resources on two deposits, the PAK Deposit (7.2 Mt @ 1.8% Li2O Measured & Indicated3, 2.8 Mt @ 2.22% Li2O Inferred)4 and Spark Deposit (18.8 Mt @ 1.5% Li2O Indicated, 29.7 Mt @1.3% Li2O Inferred)5 and is working towards a production scenario.
Exiro has an experienced management team in the Region and an advanced and positive relationship with Indigenous Committees and in conjunction with Blaze will assume in country exploration management of the Project.
Advanced and favourable access and infrastructure inclusive of the Wataynikaneyap Power Project and Bear Skin Commercial Airport.
Initial field activities will target two-mica granite pegmatites defined in regional Ontario Geological Survey (OGS) mapping which compare favourably to 2001 results of Frontier Lithium's PAK deposit.
Whole rock analysis of the litho-geochemical data reveals multiple areas of fractionation and enrichment in key volatile elements, a precursor to lithium mineralization
Commenting on the acquisition Corporate Director Mathew Walker stated: 'We are delighted to have acquired a substantial land holding in the highly prospective 'Electric Avenue' in Ontario and look forward to the execution of our northern hemisphere summer exploration program with our partners at Exiro'.
Exiro has been involved in mineral exploration in Canada for a number of years and has a dedicated team of geological and geophysical experts which Blaze will leverage for a focussed program of mineral exploration over the mineral claims in the near future. Exiro captured the work completed by the Ontario Geological Survey in 2007 whereby regional rock chip sampling and bedrock mapping was completed across large portions of the North Spirit Greenstone Belt over areas now subject to mineral claims held by EXIRO. This was conducted under Project MRD 238, Geological, Geochemical and Geochronology Data from the North Spirit Lake Greenstone Belt, North Caribou Terrane, North-western Ontario. Sampling for geochronology was conducted to assist in evaluating the relationship between the different tectonostratigraphic assemblages and to better delineate the timing of deformational events affecting this greenstone belt and in addition comprehensive geochemical analysis was conducted on the samples for multielement analysis. A total of 341 samples were collected from the work on a nominal one kilometre sampling spacing depending on access in the specific area. This work has been used as an exploration guide to the acquisition of the mineral claims and as a springboard for the work to be completed.
The claims covering some 340 square kilometres, have been carefully selected by Exiro over a twoyear time period to follow up on historic work and now cover the entirety of the southern portion of the North Spirit Greenstone Belt, an underexplored prospective large land package, immediately along strike from the Frontier Lithium claims. The Frontier Lithium pegmatite deposits are hosted in sediments and metavolcanics adjacent to the Bear Head Fault Zone, an important boundary between main geological units. The Bear Head Fault passes to the southeast through the North Spirit Greenstone Belt and the claims held by Exiro/Blaze. Fertile granites and their pegmatite products tend to occur in the roots of orogenic belts formed by the collision of plate margins. The fertile granites are likely to occur within linear belts of metasedimentary and metavolcanic rocks along faults, boundaries between major rock units, and other structural zones of weakness. At North Spirit the S-Type plutonic rocks of the peraluminous suite are restricted to stocks and dikes in greenstone belts and a series of elongate units at margins of the North Spirit greenstone belt. The peraluminous rocks are coarse to pegmatitic, white and variably massive to foliated and mylonitic and one or both of biotite and muscovite may be present. Accessory minerals include garnet, tourmaline, cordierite, and sillimanite. Mapping and sampling of all prospective units is planned in the coming field season.
Contact:
Tel: 08 6489 1600
Fax: 08 6489 1601
Email: info@blazelimited.com.au
BLAZE MINERALS LIMITED 
