Lancaster Resources acquiring Trans-Taiga lithium project, Quebec
Lancaster Resources Inc. [LCR-CSE; LANRF-OTC; 6UF-FSE] has signed a definitive agreement to acquire 100% of the Trans-Taiga lithium project in the Eeyou Istchee James Bay region of northern Quebec. The property, hosting several historical pegmatite samples, lies ~120 km west of the Patriot Battery Metals Corvette Project, ~74 km west of the Winsome Resources Cancet Project, and a few kilometers east of Loyal Lithium’s Brisk Lithium Project.
The Trans-Taiga Lithium Project covers 1,432 hectares and is located along the boundary between La Grande and Opinaca Subprovinces. Subprovince boundaries are often delineated by deep-rooted crustal features filled by late-stage intrusives including pegmatites.
The Patriot Battery Metals Corvette Project is notable for its hard rock lithium project presenting lithium grades up to 5.10% lithium oxide (Li2O). Winsome’s Cancet reported grades up to 5.6% Li2O.
Additionally, Loyal Lithium’s Brisk Project, with its six separate claim blocks, reports that Block 1, located just a few kilometers west of the property, holds the greatest lithium potential.
The Lithium District in Eeyou Istchee James Bay Quebec, is rapidly becoming one of the world’s leading lithium districts, boasting 10 advanced projects and multiple early-stage discoveries. The Whabouchi mine is the seventh largest lithium deposit worldwide, with a Mineral Resource measuring 36.6 Mt at 1.3% Li2O, according to www.mining-technology.com.
Pegmatites are confirmed to be present on the property, as recorded in the provincial government’s geological databases, SIGEOM. The documented mineral content includes garnets, muscovite, and tourmaline, all located within a white pegmatite in the property’s northwestern region along the Trans-Taiga Road. Further along this road, the pegmatite exhibits a graphic texture, characterized by quartz-feldspar, and it also contains sizable feldspar megacrysts (up to 6cm).
With the acquisition of the Trans-Taiga lithium project, Lancaster diversifies its exploration projects. Lancaster’s focus expands from its existing lithium brine exploration at the Alkali Flat Project in New Mexico to include hard rock lithium exploration in Quebec’s James Bay region. This strategic move enhances Lancaster’s exploration capabilities and geographical diversity, positioning it to unlock different types of lithium resources in varied geological settings.
Lancaster plans to embark on an exploration campaign on the property with a goal to identify lithium-rich areas through geophysical programs, detailed geological mapping, and evaluation of the lithium concentration through sampling and geochemical analysis.
Year-round access by road via Trans-Taiga Road which transects the Property. The property is located approximately 105 km east of the junction with the year-round James Bay Road. Hydroelectric transmission lines transect the property, lowering exploration costs.
Lancaster has acquired the exclusive option to acquire full ownership of the Trans Taiga Lithium Project. The total initial payment commitment stands at $115,000, broken down as follows: within the first 10 business days, Lancaster will make an initial payment of $37,000. This includes $10,000 in cash and 135,000 of Lancaster common shares at a deemed value of $0.20 per share for payment of $27,000, which have been issued.
On each of the first, second, and third anniversaries of the agreement, Lancaster will make additional payments of $26,000. These can be made entirely in cash or split evenly between cash and company shares.
Beyond the initial payments, Lancaster is committed to milestone payments based on exploration success: an initial milestone payment of $50,000 is required if the exploration uncovers at least 10 contiguous meters of lithium-bearing spodumene with an average grade of 1.0% Li2O or greater.
Additional milestone payments of $1,000,000 will be made for each filed mineral resource estimate showing a deposit exceeding five million metric tonnes with an average grade of 1.0% Li2O or greater.
A 2% net smelter returns (NSR) royalty is due to the original property owners, which can be reduced to 1% if Lancaster opts to make a collective payment of $1,000,000.
Lancaster Resources’ Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster’s goal is to produce Climate-Positive Lithium there using direct lithium extraction technology and solar power.
Lancaster recently acquired the rights to a 100% interest in the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec and lying on the same fault as significant lithium discoveries.