Discovery Lithium Inc. [CSE-DCLI; OTCQB-DCLIF; FSE-Q3Q0] has entered into an earn-in option agreement with Apex Critical Metals Corp. [CSE-APXC; OTCQB-APXCF] and DG Resource Management Ltd. (DGRM) to acquire an 80% interest on the West James Bay property portfolio.
The portfolio includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay region. DGRM is a private, Edmonton-based, specialty metals exploration company that has notably generated several significant discoveries, including Patriot Battery Metals’ Corvette (Quebec), Hidden Lake (Northwest Territories) and Pontax (Quebec) projects.
The newly optioned project portfolio is strategically located within the James Bay region of central Quebec. The James Bay region is North America’s most prospective district for high-grade spodumene pegmatite, with recent discoveries confirming the potential for some lithium-cesium-tantalum (LCT) pegmatite systems to collectively exceed 100 million tonnes. Recent LCT pegmatite discoveries include such notable projects as Corvette by Patriot Battery Metals, James Bay Lithium by Arcadium Lithium, Rose Lithium by Critical Rare Earths and the Whabouchi project.
Discovery Lithium president and CEO Michael Gheyle commented: “We are thrilled to announce this agreement with Apex Critical Metals Corp. and DG Resource Management. This agreement, which allows us to acquire an 80% interest on the West James Bay property portfolio, bolsters our project portfolio in Quebec. The portfolio’s strategic location within the James Bay region, a globally recognized area for its investment attractiveness and high-grade spodumene pegmatite, positions Discovery in an area containing some of the richest lithium spodumene deposits in the world. With multiple underexplored projects located near other significant deposits, we are well funded to fulfill the cash expenditures on this newly optioned project and anticipate a very busy year on the exploration front, potentially continuing the trend of bolstering James Bay’s lithium discoveries through future exploration efforts. This agreement is a testament to our commitment to advancing domestic energy freedom through regional lithium discovery, and we look forward to a productive summer filled with exploration.”
Mantle and Bruce Lake project(s): Situated within the Yasinski Lake greenstone belt, the Mantle project aligns with several significant lithium discoveries. Spanning 5,049 hectares (~ 12,476 acres) across 89 claims in the James Bay area, Quebec, the project is adjacent to recent LCT pegmatite discoveries of Q2 Metals Corp. and Ophir Gold Corp. This underexplored region has seen a surge in LCT pegmatite exploration, with several active exploration projects within the area.
Bruce Lake lies immediately north of Q2 Metals’ Mia project, where recent drilling identified several spodumene-bearing pegmatites.
Cirrus East project: The Cirrus East project, less than 3 km from newly discovered spodumene-bearing pegmatites, comprises 44 claims across 2,252 hectares (~5,565 acres) within the James Bay area. The easternmost claims are in close proximity to the Cancet West lithium pegmatite discovery of Fin Resources Ltd. and approximately 15 km from the Warhawk pegmatite of James Bay Minerals.
Cirrus West project: Comprising 333 claims across 16,953 hectares (~41,892 acres) within the James Bay area, the Cirrus West project is proximal to several known lithium occurrences, including the Warhawk pegmatite. The project is underlain by favourable host lithology, including metasediments and metavolcanics of the Lac Guyer greenstone belt.
Neptune project: Known for its anomalous lithium in stream/sediment samples, the Neptune project consists of 78 claims across 4,009 hectares (~9,906 acres) within the James Bay area. The region hosts several tourmaline-bearing pegmatites and is home to notable lithium explorers such as Azimut Exploration Inc. and Brunswick Exploration Inc.
Alto project: Situated less than 10 km from recent pegmatite discoveries, the Alto project comprises 79 claims across 4,136 hectares (~10,221 acres) within the James Bay area. The project is west of Ophir Gold’s Pilipas project and Quebec Precious Metals’ newly discovered Ninaaskumuwin spodumene pegmatite, which is described as a 175-metre-long by 42-metre-wide outcrop.
Opus project: Located just north of Lebel-sur Quevillon village, the Opus project consists of 61 claims across 3,413 hectares (~8,434 acres) within the James Bay area. The project is within a short distance of the 1055 road and is crossed by a forest path. Historical geochemical data show 18 lithium anomalies up to 963 parts pr million within and near the property.
Upon and subject to the terms of this agreement, Apex and DGRM will grant Discovery Lithium the sole and exclusive right and option to acquire, as to 40% from DGRM and as to 40% from Apex, an undivided 80% earned interest in the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects, free and clear of any encumbrance, subject only to the royalty. To maintain the option in good standing, Discovery Lithium will make a share issuance within five days of signing the agreement of five million shares and incur a minimum expenditure of $1 million on or before the date that is six months from the effective date.
Discovery Lithium holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of ~164,283 hectares (~405,952 acres) located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising ~16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Quebec, including the prolific lithium district of the James Bay region. Additionally, the company is actively advancing its ESN project for gold exploration in Nevada and evaluating the Koster Dam project in central British Columbia through a joint venture with Cariboo Rose Resources.
