Discovery Lithium signs definitive agreement to acquire claims in Northern Québec
Discovery Lithium Inc. [CSE-DCLI; OTCQB-DCLIF; FRA-Q3Q0; WKN-A3EFKA] reported that it has entered into a definitive agreement to purchase a group of claims generally known as the Sakami and Radisson East Lithium properties located in the James Bay lithium district, Québec.
The Sakami and Radisson East lithium Properties cover more than an 89.7km2 footprint within the prolific James Bay lithium district. The properties are centered around regional Archean-aged Guyer greenstone structures with coincident anomalous lithium-in-lake sediment results. Greenstone belts are the key host geology at each of the following nearby high-grade lithium projects: Patriot Metals’ Corvette Lithium Project, Winsome Resources Cancet Lithium Project, and Q2’s Mia Lithium Project. The Sakami Property covers a combined ~37km under-explored strike length potential and Radisson East a combined ~15km of strike length – representing compelling targets for future exploration. No lithium focused exploration has been conducted at either of the Properties.
In addition to covering extension strike length of Archean-aged Guyer greenstone structures, several Quebec provincial dataset lake sediment results returned >95 percentile for lithium anomalism proximal to the Sakami property.
Geologically, the Sakami property is covered by a series of granites, granodiorites and quartz-feldspar-biotite gneisses and importantly, coarse grained pegmatites have been mapped previously:
“The southeast part of the Project is covered by principally a series of granites and granite gneisses pinkish-white, medium to coarse grained, migmatized and cut by pegmatites. These are followed to the north by white well banded tonalites to tonalite gneisses with some migmatized sections and pegmatites. There are occasional bands of mafic gneisses with quartz, feldspar, biotite and hornblendes that occur on the Project” – Link to report (GM60026).
The original acquisition of the Sakami property was on the basis of government airborne magnetic results where the first vertical derivate confirms the significant strike length of greenstones present, as well as a clear ‘bend’ in the greenstone belt within the central part of the Sakami Property which is believed to have created accommodation space for the emplacement of lithium bearing pegmatites, similar to what is found at the Corvette Lithium Project. Similarly, the Raddison East Property covers extended strike length extensions of magnetic low structures with intrusive geological units mapped across the property.
Mike Hodge, CEO, commented: “The acquisition of these new properties significantly enhances our exposure to greenstone structures, a crucial component in lithium exploration. With these promising assets, we are well-positioned to take advantage of Quebec’s rich mineral landscape.”
Under a sale agreement dated July 24, 2024, between the company and the vendor, the company agreed to acquire a 100% interest in the claims for consideration of an aggregate of 2,000,000 common shares in the capital of the company (Discovery Shares), 50% to be issued 6 months from closing and the remaining 50% to be issued 12 months from closing. the company will grant to the Vendor a 2% net smelter returns royalty interest in the future minerals produced from the claims upon achieving commercial production.
The completion of the Acquisition is subject to the acceptance of the Canadian Securities Exchange (the CSE).
Discovery Lithium holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (~405,952 acres) located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region.
Additionally, the company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources Ltd. [TSXV-CRB].