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(Sharecast News) - Focus Xplore reported initial exploration results from its first field season in Ontario on Thursday, identifying geochemical indicators of fertile granites but no significant concentrations of lithium or rare earth elements (REE) to date.
The AIM-traded company, formerly known as Katoro Gold, said it had analysed 73 rock samples, including 26 pegmatites, from its Bay Road, Iva, Oba, Ellie, Pearl and Burrows projects.
Results showed that Bay Road and Iva hosted fractionated granites with elemental ratios typically associated with mineralised systems, suggesting potential for lithium and REE-bearing pegmatites.
However, assays did not return economically significant mineralisation at this stage.
"Our first field season in Ontario has already covered a wide selection of target areas across the company's project portfolio," said chief executive Patrick Cullen.
"We are pleased with that progress and have laid the foundations for future work."
Focus Xplore said it would now review the latest data, reassess historical information and consider supplementary exploration at Bay Road and Iva.
New fieldwork was also being planned for the Pearl project and at the White Pine uranium project, where follow-up exploration is expected to start later this year.
At 1215 BST, shares in Focus Xplore were up 25.33% at 0.05p.
Reporting by Josh White for Sharecast.com.
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