True North Gems to buy stake in James Bay area lithium project
TSX-V-listed True North Gems has organised a subsidiary – to be named Laval Critical Elements – to acquire a 50% interest in the Cyr-Kapiwak lithium project in the James Bay area of Quebec.
Laval Critical Elements will buy the project, comprising 42 mineral claims over 2 220 ha, from Lithium One Metals.
The Key lithium property of Cyr-Kapiwak is contiguous with Alkem’s James Bay lithium mine property and 3 km from the planned mine itself.
True North says the project area is considered highly prospective for lithium hosted in spodumene-bearing pegmatites, with several historic occurrences in the region.
Subject to regulatory approval, the company will acquire an undivided 50% interest in Cyr-Kapiwak by issuing one-million units to Lithium One and spending C$250 000 on exploration in 24 months.
The original vendor to Lithium One retains a 2% net smelter royalty on the property. Lithium One has the right to buy 1% of the royalty at any time for C$1-million.
Meanwhile, True North reports that its fieldwork on the Cobalt Hill and Chuchinka rare earth element (REE), although delayed by heavy snowpack, will start in the third week of July.
True North acquired the British Columbia-based projects six months ago when it found it challenging to organise exploration on its Yukon properties owing to Covid-19-related delays. The Chuchinka property is a grassroots REE property near the Wicheeda REE deposit of Defense Metals.
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