20:05:59 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Lithium One Metals Inc
Symbol LONE
Shares Issued 35,380,500
Close 2023-02-06 C$ 0.68
Market Cap C$ 24,058,740
Recent Sedar Documents

Lithium One to acquire Bugatti property in Quebec

2023-02-06 11:51 ET - News Release

Mr. Dominic Verdejo reports

LITHIUM ONE ACQUIRES BUGATTI LITHIUM PROPERTY IN THE JAMES BAY DISTRICT

Lithium One Metals Inc. has entered into an option agreement to acquire the Bugatti lithium property in the James Bay region of Quebec, subject to the acceptance of the TSX Venture Exchange. The 7,363-hectare property is located 30 kilometres southwest of the Pontois-Corvette lithium projects owned by Patriot Battery Metals and 29 km southwest of Lithium One's Taycan lithium property. The acquisition further increases the company's dominant land position in the rapidly growing James Bay lithium district, bringing its total holdings to 13,860 ha in Quebec and 25,950 ha in Northwestern Ontario, for a total of 39,810 ha in its Canadian lithium portfolio.

Acquisition highlights:

  • The Bugatti lithium property -- the property is located approximately 29 km southwest of Lithium One's Taycan lithium property, and 30 km southwest of the Pontois-Corvette lithium projects, where recent drilling has intersected grades up to 3.34 per cent Li2O (lithium oxide) over 52.5 metres.
  • The James Bay lithium district -- located in the Canadian province of Quebec, James Bay is one of the country's fastest-growing lithium districts with 10 advanced-stage projects and numerous early-stage occurrences. Of particular note, the Whabouchi mine is one of the largest bulk-tonnage lithium deposits in the world with a mineral resource of 36.6 million tonnes (Mt) at 1.3 per cent Li2O, and a proposed mine life of 33 years. Additionally, the James Bay lithium mine has a mineral resource of 40.3 Mt at 1.4 per cent Li2O and is proposed to produce an average of 321,000 t of spodumene concentrate per year over a 19-year mine life.
  • Strategic acquisition expands dominant position -- the Bugatti lithium property adds 7,363 ha of prospective ground to Lithium One's dominant land position in prime lithium districts. The company holds 13,860 ha of lithium properties in the James Bay region of Quebec and 25,950 ha in Northwestern Ontario for a total of 39,810 ha in its strategic Canadian lithium portfolio.
  • Prospective geology for lithium exploration -- Bugatti lithium property is situated on a highly prospective LCT pegmatite area, spanning from Corvette Lake to the Adina lithium project, with multiple mapped pegmatites on the property.
  • Planned work program -- in spring 2023, the company will begin a comprehensive exploration campaign, with an initial focus on prospecting, mapping and sampling pegmatites at both the Bugatti and Taycan lithium properties.

Bugatti lithium property

The Bugatti lithium property comprises 140 mining claims covering 7,363 ha in the James Bay lithium district. It is road accessible and approximately 30 km southwest of the Pontois-Corvette project, where recent drilling has intersected grades up to 3.34 per cent Li2O over 52.5 m. It is also 75 km away from the Adina lithium project owned by Winsome Resources, which has intersected up to 1.34 per cent Li2O over 107.6 m. The property is on the edge of the La Grande greenstone belt and is underlain by tonalite and gneiss with mapped pegmatites on the property.

Terms of option agreement

In order to exercise the option, the company must pay a total of $170,000 and the issue 4.5 million common shares, as follows:

  • $20,000 upon execution of the option agreement;
  • $75,000 and 1.5 million common shares upon acceptance of the option agreement by the TSX-V;
  • $75,000 and two million common shares on or before the date that is six months after acceptance of the option agreement by the TSX-V; and
  • One million common shares on or before the first anniversary of acceptance of the option agreement by the TSX-V.

Under the terms of the option agreement, the company must issue an additional one million common shares on achieving certain milestones during exploration. The property will be subject to a 2-per-cent net smelter returns royalty, 1 per cent of which the company can buy back for $1-million.

The option agreement is subject to the acceptance of the TSX-V.

The technical content of this news release has been reviewed and approved by Francois Gagnon, PGeo, senior exploration geologist for Dahrouge Geological Consulting Ltd., and a qualified person under National Instrument 43-101 -- Standards Of Disclosure For Mineral Projects, has prepared and reviewed the content of this press release.

About Lithium One Metals Inc.

Lithium One Metals is a Canadian exploration company specializing in the acquisition and development of high-potential lithium properties in Ontario and Quebec. Its team of experienced geologists and prospectors are at the forefront of the search for the next generation of lithium deposits.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.