The 100% owned Wisa Lake project is located 80km east of Fort Frances, Ontario Canada. The property is connected to Highway 11 (Trans Canada) located 65km north via an all weather road that crosses the centre of the project. The property is comprised of 5 claims totaling 75 units and covers the Wisa Lake deposit that is host to a historical resource of 330,000 tonnes grading 1.15% Li2O (Lexindin Gold Mines Ltd., Manager’s Report, 1958; Ontario Geological Survey, Open File Report 6285, Report of Activities 2012). In 1956 Lexindin completed a total of 20 drill holes (backpack and AQ-sized core) over a strike length of 335m and to a depth of approximately 65m to define the Wisa Lake lithium deposit. The diamond drill log of the most easterly hole intersected 6.4m containing 20% of the lithium-bearing mineral spodumene suggesting the mineralization is open at depth and to the east. It should be noted that the historical resource estimate for the deposit was calculated prior to CIM National Instrument 43-101 guidelines and as such should only be considered from a historical point of view and not relied upon. A qualified person has not completed sufficient work to classify the historical estimates as current mineral resources. Further diamond drill programs are required to bring the mineralization into a proper NI 43-101 compliant category.
As part of the Company’s due diligence, five grab samples were collected from the two historical zones at Wisa Lake. Two grab samples collected from the North Zone graded 1.4% and 0.95% Li20 which are comparable to the grade of the non-NI 43-101 compliant historical resource of 330,000 tonnes grading 1.15% Li2O. Three additional grab samples were collected in the South Zone, located 900m south and parallel to the North Zone, which graded 1.75%, 1.47% and 1.45% Li2O. Both zones were drilled in the 1950’s but very little work has been completed since. Alset has now collected and submitted for assay, an additional 56 grab samples from various pegmatites occurring on the property. Of particular interest is a newly discovered spodumene-bearing dyke located 100m south of the South Zone. Once received, these results will help guide the next phase of exploration.
The North Zone, which contains the non-NI43-101 compliant resource of 330,000 tonnes grading 1.15% Li2O has been traced on surface by Alset personnel for nearly 200m, and was defined by historic drilling over 350m. The historic drill logs show that the deposit is open to the east and there is plenty of room to complete a number of drill holes in hopes of adding to the the resource.
The South Zone was also drilled in the 1950's but not to the extent of the North Zone. This area of interest appears to have the highest spodumene content discovered on the property and will continue to be a focus of the company's exploration efforts.
Alset has received the required permit from the Ministry of Northern Development and Mines (MNDM) to drill and trench on the proejct and is designing an exploration program to better understand the historical work performed as well as to increase the size of known lithium-bearing pegmatites. The Wisa Lake project has also qualified for the Junior Exploration Assistance Program offered by the Ontario Prospectors Association and the Northern Ontario Heritage Fund, and Alset will receive funding to cover 33.3% of all prospecting, sampling and assaying in 2016.
Alset will work diligently to build a strong relationship with all stakeholders in the area, but particularly Lac La Croix First Nation whom are located near the property.