Ontario, the most populous province of Canada, has been traditionally recognized for its vibrant economic sectors including manufacturing, technology, and healthcare. However, there is a new economic sector gradually but firmly establishing its foothold in the region – lithium mining. Today, we delve into why Ontario could potentially become the next significant lithium mining region and how Beyond Lithium (BY.C), a visionary explorer in the mining industry, is positioning itself to capitalize on this opportunity.
It is a well-established fact that the demand for lithium, a critical component in batteries for electric vehicles (EVs) and renewable energy storage, is rising exponentially. This demand surge is primarily driven by the global transition to clean and renewable energy sources and the consequent expansion of the electric vehicle market. According to market research, the global lithium market size is expected to cross USD 8 billion by 2026, with a compound annual growth rate of over 10% during the forecast period 2021–2026.
Equity Guru founder Chris Parry spoke with president and CEO, Allan Frame, to get a better picture of the company and its progress in Ontario.
Beyond Lithium has started acquiring and developing lithium projects in Ontario, following rigorous, environmentally-conscious exploration and development methodologies. The company’s strategic approach combines comprehensive geological surveying with advanced processing techniques to ensure the extraction and processing of lithium is efficient and environmentally sustainable. Many juniors know how to talk the talk, but Frame, a 47-year finance veteran with deep ties in mining, walks the walk.
“We have 64 properties, comprising 150,000 plus hectares, which is huge by anybody’s stretch of anybody’s imagination. And the fact that we’ve managed to cover 39 of them, by the way, we probably would have covered 59 of them by now if we didn’t have the restrictions.” – Al Frame
The progress made by Beyond Lithium in its Phase 1 exploration program has been commendable, even in the face of logistical challenges. Despite encountering access restrictions due to Ontario wildfires and a shortage of helicopters, the Beyond Lithium team successfully collected and submitted more than 700 grab and channel samples to the lab for analysis. They also obtained over 160 mineral samples of muscovite or feldspar from different properties for Laser Induced Breakdown Spectroscopy (LIBS) analysis.
Significantly, LIBS vectoring results from the Cosgrave Lake property showed a similar Lithium (Li), Cesium (Cs), and Rubidium (Rb) intensity footprint to the nearby Swanson Beryl mineral occurrence. This finding has added impetus to the company’s exploration efforts.
The preliminary results from the LiDAR survey carried out at the Wisa property are promising, and the final report is expected to be made available soon. However, the Phase 1 program on eleven properties in the Case Lake District and McKenzie Bay District has been delayed due to Ontario wildfire access restrictions, as have been 14 properties in the Pak & Spark, Lilly Pad Lake, and Eastern English Districts. Once these areas reopen, Beyond Lithium plans to resume the Phase 1 programs.
In early August, Beyond Lithium is set to begin Phase 2 of its exploration program, with ten properties selected based on the results from Phase 1. This next phase will include more detailed mapping to determine the length and density of the pegmatites identified on the properties, as well as systematic trenching and channel sampling.
The Phase 2 exploration program will focus on properties such as Cosgrave Lake, Ogani Lake, Webb, Gullwing-Tot, McKenzie Bay, Gathering Lake, and MacDowell Lake, among others. These locations were chosen based on analytical assays and LIBS analysis results. Beyond Lithium is also awaiting more assay results from the lab to include more properties in the Phase 2 program.
Looking forward, Beyond Lithium’s 2023 exploration program is on track and within budget. The company’s leadership is confident that further assays from the lab will guide their exploration activities as they navigate through this extensive project. A small drill program is also planned for the end of the season, marking a significant step forward in Beyond Lithium’s exploration progress. Great goals, but can they afford it?
“We are fully financed for the year. We’ve raised 1.4 million in flow through and we’ve still got about 900 left, which we will definitely burn through because that’s what we raised it for.” – Al Frame
There is risk in exploration, high risk and every junior does their best to mitigate it for their investors. Beyond Lithium’s unique approach adroitly tackles that task with the the economy of scale.
“Instead of having one or two shots on one or two properties, you got 64 shots here, people. You know that old saying, even a blind chicken gets the odd kernel of corn? So I think we’ve got a good team. I think we are working really hard. And we’ve already identified ten of the 39 properties that qualify for more in depth work.” – Al Frame
Frame is also concerned about the company’s legacy. Beyond Lithium is investing in local communities, creating jobs, and fostering economic development. It understands that sustainable mining isn’t just about the environment, but also about creating lasting positive impacts on the regions where they operate.
Ontario’s shift towards lithium extraction is already happening, and Beyond Lithium is at the forefront of this exciting transition. If the province continues to nurture this emerging sector with the right policies and support, it’s plausible that Ontario could become the global lithium mining powerhouse. And with companies like Beyond Lithium leading the way, we could be on the verge of a new economic era defined by sustainable and responsible mining.
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