Lithium One names Verdejo as CEO
Lithium One Metals Inc. [LONE-TSXV, H490-FSE] said it has appointed Dominic Verdejo as CEO and as a director to fill a vacancy on the board. He is replacing Andrew Lee Smith, who is retiring after leading the company over the past two years.
Verdejo has over 13 years of experience in venture capital markets, specializing in the design and implementation of market strategies, and corporate development. He has a particular expertise in the mineral exploration and development sector. The company also said geologist Carl Ginn has been appointed as an additional director. Ginn has a strong record with gold and battery metals.
Lithium One recently secured an option to earn a 100% stake in the Lac Astrid Lithium Project in northwestern Quebec. The Lac Astrid project consists of 70 mineral claims covering 3,600 hectares, located in an active hard rock pegmatite area in the James Bay mining area of Quebec, about 900 kilometres northeast of Montreal.
It is also situated approximately 14 kilometres south of the Trans-Taiga all-weather gravel highway and 18 kilometres south of the Cargair floatplane base.
It is worth noting that the Lac Astrid property lies 11 kilometres east of Patriot Battery Metals Inc.’s [PMET-CSE, PMETF-OTCQB, R9GA-FSE] Corvette – FCI gold-copper-silver-lithium project. Patriot Battery Meals has been targeting the CV Lithium Trend, an emerging spodumene pegmatite district discovered by the company in 2017. It spans more than 25 kilometres across the Corvette Property, covering the FCE West, FCE East and Corvette claim blocks. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 and CV1 Pegmatite.
“There is little history of exploration on the Lac Astrid property,’’ Lithium One has said. “The mineralization of economic interest that is sought in the region and at Lac Astrid is found in Lithium-bearing spodumene – pegmatite dyke complexes.’’
Lithium One said its initial focus of exploration will be the assessment of outcropping white pegmatite with muscovite and tourmaline first described by geologists in 2011.
Lithium One agreed to earn a 100% interest in the Lac Astrid project by making cash payments of $600,000, issuing 1.2 million units and 3.0 million common shares on execution, 1.0 million shares on the first anniversary and 2.0 million on the second anniversary.
Each unit consists of one common share and one warrant that can be exercised at 40 cents for 24 months. Once the option is exercised, the optionor will retain a 3.0% net smelter return royalty on the Lac Astrid project, of which 2.0% can be purchased by the company for $2 million.
On November 1, 2022, Lithium One shares closed at 13 cents after previously trading in a 52-week range of 10 cents and 0.045.