First Lithium's approximately 1044 hectares are situated just 15 km east of the border of Kinross Gold Corp.'s (formerly Underworld Resources Inc.'s) White Gold property, and 35 km north of Kaminak Gold Corp.'s (TSX-V:KAM) Coffee property in the Dawson Mining District of the Yukon Territory. Both of these neighbours' exploratory drilling have been unmitigated successes since their onset. Their repeated returning of high-grade GOLD intercepts has resulted in Underworld being recently taken over by Kinross Gold Corp..
First Lithium has now entered into a second option agreement, to earn 100% interest in 25 claims south of, and contiguous to the 25 lode quartz claims already under option.
The Company has received interpretation of the data from its aerial magnetic and radiometric surveys conducted in October 2009. We are extremely excited at our good fortune to have had this interpretive work performed by Jodie Gibson, Underworld's Exploration Geologist, and with our latest acquisition, the Company's claims now completely encompass both the identified anomalies and the potential fault as defined by Mr. Gibson.
In furthering the project, 648 soil samples have been recently collected, and assays have been completed revealing a high of 61ppb Au, with 68 samples containing 10ppb, the level considered "anomolous" in this region. Additionally, 24 of these 68 measured 15ppb or greater. The entire property was sampled, with extra concentration on the western portion, where the below diagram outlines areas of particular interest.
The Company has also completed a LiDAR (laser radar) survey, and this data, together with the soil assay results and aerial magnetic and radiometric interpretation report are currently being analyzed by Jody Gibson, who has been retained by the Company to provide his recommendations for delineating trenching and/or diamond drilling targets.