Lithium Lakes Property

Location

The Lithium Lakes Property (the "Property") is located about 10 km north of the "Route du Nord" and between 8 and 30 km from Nemaska Lithium's Whabouchi Mine. The road originates from the town of Chibougamau, approximately 250 km to the SSE, and connects the village of Nemiscau and the Route de la Baie-James. The Lithium Lakes main claim block extends 15 km in a NE-SW direction and 6 km in a NW-SE direction. A network of Hydro-Québec access roads crosses the eastern part of the Property. Several prospective areas may require the construction of ATV trails for local ground access.


Figure 1 - Location of the Property
Location of Evolving Gold's Lithium Lakes Property
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Claims

The Lithium Lakes Property is comprised of 4 blocks of claims, totalling 105 active claims located on public land (Figure 2). The Property has a total area of 5,596.5 ha or 55.965 km2.


Figure 2 - Lithium Lakes Property Claims
Lithium Lakes Property Claims
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Geology

The Property geology is similar to the Whabouchi Deposit, owned by Nemaska Lithium, which is located a few kilometres to the south-west (Table 1 and Figure 3). The main basement rocks are Archean gneiss, overlain by a volcano-sedimentary belt, metamorphosed into biotite-silimanite schists to the south and adjacent to a granodioritic porphyry to the north. Fragmented horizons of amphibolitized ultramafic and Archean granitic intrusions are also part of the Property. Pegmatite sills and dykes are thought to originate from the granitic intrusions.


Figure 3 - Property Geology
Geology of Evolving Gold's Lithium Lakes Property
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Nemaska Lithium's Whabouchi Mine

The Whabouchi lithium and beryl deposit owned by Nemaska Lithium is located 8 km south-west of the western boundary of the Lithium Lakes Property. Nemaska’s Preliminary Economic Assessment shows a Net Present Value of $567 million and an Internal Rate of Return of 23.3%. NI 43-101 resources were evaluated by SGS in 2016 and reported as follows:

Table 1: Whabouchi, NI 43-101 Resource Estimate

Category Tonnes Li2O % BeO (ppm)
Measured 12,998,000 1.60 458
Indicated 14,993,000 1.64 446
Inferred 4,686,000 1.57 420

Most of the historical work in the area surrounding the Wabouchi deposit was performed beyond the boundaries of the Lithium Lakes Property, in the greenstone belt located south of the Property. The Property was subject to historical electromagnetic, magnetic, and spectrometric surveys, along with a geological reconnaissance survey and lake sediment elemental analysis.

Target Generation

The five different historical surveys were used to generate high probability targets for lithium exploration. The specific parameters observed at Nemaska Lithium’s Whabouchi Deposit are similar to the geophysical and geochemical anomalies observed at various locations on the Lithium Lakes Property.

Magnetic Survey :

The 2008 magnetic survey was examined to find areas of low magnetic intensity, which could correspond to the location of granite and pegmatite due to their expected contrast with the surrounding paragneiss. Topographic highs are also indicators of rock units resistant to erosion, such as pegmatite and granite. Areas with low magnetism associated with an elevated topography were considered significant targets and 22 such anomalies were defined.

Spectrometric Survey :

The 2009 spectrometric survey was then analysed to find areas of high emission, which could indicate the presence of minerals that may be associated with pegmatite complexes and potential lithium mineralization. The high spectrometry emission areas that correlate well with the magnetic survey results indicate that there are 8 anomalies that meet the combined high topographic, low magnetic and high spectrometric criteria, and could potentially be mineralized pegmatites.

Lake Sediment Survey :

Interpretation of the regional lake bottom sediment analysis data enabled the definition of exploration targets on the Property. The elements identified in the lake sediment assays were considered anomalous when they exceeded twice the background value of the sediment population. The population was determined by selecting the lake sediment assays located in the gneiss geological formation. The background was calculated using the mean value for each element in that population. The source of the lake sediment anomalies could be mineralization proximal to the lakes, or could also be derived from transported glacial till. Most of the material in the lake sediments is derived from glacial till. Exploration targets were considered high priority if lake sediment anomalies were found down ice to the targets generated by the topographic, magnetic, and spectrometric analysis. All 8 of the high-priority targets defined following spectrometric analysis are associated with lake sediment anomalies, while 9 additional lake sediment anomalies are related to the targets defined by the magnetic survey alone.

Results

The combination of topographic, magnetic, spectrometric and lake sediment analysis allowed the definition of 8 anomalous areas which are highly prospective for lithium mineralization hosted in pegmatite bodies. Figure 4 shows the Whabouchi anomalous signal. Figure 5 shows the location of the 8 highly prospective targets on the Lithium Lakes Property. Table 2 provides a summary of the data leading to the selection of the high priority Lithium Lakes Property targets. Table 3 provides a comparison of observed parameters seen at the Lithium Lakes targets and the Whabouchi Deposit. Readers should be cautioned that the mineralization hosted on Nemaska Lithium’s Whabouchi Project is not necessarily indicative of the mineralization hosted on the Company’s Lithium Lakes Property.


Figure 4 - Nemaska’s Whabouchi Deposit Anomaly
Nemaska’s Whabouchi Deposit Anomaly
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Figure 5 – Lithium Lakes Property Anomalies and Targets
Lithium Lakes Property Anomalies and Targets
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Table 2 – Property Exploration Targets

Target

Magnetism

Spectrometry

Lake Sediment Anomalies Length of the Anomaly (m)
Whabouchi Deposit Close to low N/A S, As, Bi, Co, Hg, Li, Nb, Re, Sb, U, V, W, REE 2,000
T1 Low High S, Re, Cu, Ni 3,500
T2 Low High U, Re, REE, Cu, Zn 3,500
T3 Low High As, Co, V, Mo, Ag 1,000
T4 Low High Re, Pt 1,500
T5 Low High Re, Pt 1,500
T6 Low High REE, Re, Be, Th, Cu, Zn 1,500
T7 Low High REE, Be, Th 1,500
T8 Low High Re, REE, Cu, Zn 1,500

Table 3 – Similarities Between the Lithium Lakes Exploration Targets and the Whabouchi Deposit

Target Geology Lithium Host Geochemical Anomalies Length of the Pegmatite Complex (m)
Wabouchi Deposit Paragneiss of the Champion Lake Formation Pegmatite Complex S, As, Bi, Co, Hg, Li, Nb, Re, Sb, U, V, W, REE 2,000
T1 Paragneiss of the Champion Lake Formation Pegmatite Complex Revealed by Low Magnetism and High Spectrometry S, Re, Cu, Ni 3,500
T2 U, Re, REE, Cu, Zn 3,500
T3 As, Co, V, Mo, Ag 1,000
T4 Re, Pt 1,500
T5 Re, Pt 1,500
T6 REE, Re, Be, Th, Cu, Zn 1,500
T7 REE, Be, Th 1,500
T8 Re, REE, Cu, Zn 1,500

Dr. Remi Charbonneau, Ph.D., P. Geo #290 (an Associate of Inlandsis Consultants s.e.n.c.) is an Independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical information provided here.