Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) completed an updated NI 43-101 technical report on its Whabouchi lithium property, significantly reclassifying the bulk of its inferred resources to measured or indicated. On the back of this substantial improvement in the resource estimate, eResearch has reviewed its valuation methodologies, and is increasing its target price by 10%, from $0.95 to $1.05. The shares remain a Speculative Buy, and are suitable only for risk-tolerant investors.
Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) has completed an updated NI 43-101 compliant mineral resource estimate at Whabouchi, the results of which make Whabouchi the largest measured resource of spodumene in the world with 25 million tonnes in the measured and indicated categories. Below is an overview of the updated resource estimate, which has a potential of 25 years of resources to mine. Next step, feasibility study, expected this fall. This is the stuff dreams are made of.
Nemaska Exploration (TSX-V: NMX and OTC Other: NMKEF) announced today the reciept of a final prospectus filed with the regulatory authorities in Quebec, Ontario, Alberta and British Columbia, with respect to a public offering of between $2,000,000 and $6,000,000 in the capital stock of Monarques Resources Inc. in a combination of units and flow through shares.
From today’s release:
Monarques has agreed, conditional upon closing of the Offering, to purchase all rights, titles and interests owned by Nemaska in the Lac Arques, Lac des Montagnes and Lac Levac properties for a purchase price of $7,500,000 by issuing, as at the closing date of the Offering, an aggregate of 18,750,000 Common Shares at a price of $0.40 per Common Share. Nemaska intends to distribute 3,685,645 of these 18,750,000 Common Shares to its shareholders as a dividend. The record date to determine the shareholders allowed to receive the proposed dividend remains to be confirmed.
Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) has completed its winter drill program made up of 8,913 metres across 48 drill holes. The final 15 drill holes were recently completed and continue to illustrate the high-grade of the main mineralized zone and confirm the presence of smaller dykes to the South of the Main zone. Highlights include: 42.7 m at 1.83% Li2O and, 42.2 m at 1.61% Li2O, 39.6 m at 1.56% Li2O and 23.8 m at 1.83% Li2O.
Following this last diamond drill program, the results of a new resources estimate are expected later this month.
Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) has completed the purchase of the $1 million convertible debenture that it had issued in favour of Golden Goose Resources Inc., on January 15, 2010 as a partial payment for the purchase of the Lac Levac and Lac des Montagnes mining properties. Nemaska has paid a total amount of $925,000 in full payment of the debenture and is now debt free.
Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX) has blasted a 50 tonnes bulk sample on its Whabouchi lithium project for metallurgical pilot plant testing. The 50 tonnes sample comes from the main zone and is located in the R-575 trench where channel samples returned 1.65% Li2O over 37.5 metres. In addition to the material coming from the R-575 trench, the bulk sample will also include approximately 8 tonnes of drill core material that has been collected across the deposit as part of the recently completed 8,909 metre infill diamond drill program. The diamond drill program used large-diameter HQ size core to obtain more representative material for the pilot plant process.
According to Guy Bourassa, President and CEO of Nemaska, “This is a major step towards completing a full feasibility study and discussing offtake agreements with potential clients. we remain on track to have the definitive feasibility study completed by Fall 2011.”
For our readers who, like me, grew up with Bono and his band U2, you may recall one of their hit songs, Still Haven’t Found What I’m Looking For. And if you’re an exploration mining company, that would be the worst/last choice for a theme song. Fortunately for Nemaska Exploration (OTC Other: NMKEF; TSX-V: NMX), which continues to find excellent width and high-grade intersections at its Whabouchi lithium project, that song is entirely not applicable.
To this end, the Company has drilled 8,909 metres across 43 holes which continue to illustrate the high-grade nature of the main mineralized zone and confirm the presence of smaller dykes to the South of the Main zone. Highlights include: 53.5 m at 1.81% Li2O, 39.6 m at 1.56% Li2O, 13.5 m at 1.81% Li2O and 17.0 m at 1.71% Li2O. The results of the initial 22 holes have been released on March 24, April 11 and 20, 2011.