Hard-rock lithium explorer Patriot Battery on Wednesday announced that it had bought two claim blocks in the Eeyou Istchee James Bay region, expanding its land position at the Eastmain project.
The new claim blocks total 73 claims (3 851.5 ha) and are located immediately adjacent to Alkem’s James Bay lithium project, and on strike of the James Bay lithium deposit within the prospective Eastmain Greenstone Belt.
“These claims are a very complementary addition to our Eastmain project and the other noncore lithium properties the company holds. As we continue to be focused on aggressive advancement of our Corvette project, we are also evaluating opportunities and approaches for unlocking the value of these noncore assets,” said president and CEO Blair Way.
Patriot acquired a 100% interest in the new Eastmain claims by way of a purchase and sale agreement whereby the company paid an aggregate C$500 000 cash and issued 120 000 common shares. There are no royalty rights associated with the acquisition.
Collectively, the Eastmain project, now consisting of four blocks totaling 86 claims (4 538.0 ha), forms part of the company's noncore lithium asset portfolio which includes the Pontax (100%), Lac du Beryl (100%) and Hidden Lake (40%) properties. To date, lithium pegmatite has been confirmed at Hidden Lake and Pontax, with significant lithium exploration potential present throughout its noncore property portfolio.