Patriot Battery Metals has acquired a 100% interest in two blocks, expanding its land position at its Eastmain project in the Eeyou Istchee James Bay region, Quebec, Canada.
The two new blocks cover a total of 73 claims. The blocks are located immediately adjacent to Alkem’s James Bay lithium project, and on strike of the James Bay lithium deposit within the Eastmain Greenstone Belt.
The hard-rock lithium exploration company acquired the new Eastmain claims from an undisclosed party by way of a purchase and sale agreement.
As part of the deal, Patriot paid an aggregate cash sum of C$500,000 ($360,914) and issued 120,000 common shares in the capital.
Patriot Battery Metals president and CEO Blair Way said: “These claims are a very complimentary addition to our Eastmain project and the other non-core 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 these non-core assets hold for our shareholders.”
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By GlobalData
The Eastmain project now comprises four blocks covering 86 claims.
These 4,538-hectare claims form part of Patriot Battery Metals’s non-core lithium asset portfolio, which includes the Pontax (100%), Lac du Beryl (100%) and Hidden Lake (40%) properties.
In a press statement, Patriot said: “To date, lithium pegmatite has been confirmed at Hidden Lake and Pontax, with significant lithium exploration potential present throughout its non-core property portfolio.”
Patriot Battery Metals also owns a 100% stake in the Corvette property, which is also in the Eeyou Istchee James Bay region.
The property comprises the CV5 spodumene pegmatite and other multiple spodumene pegmatite clusters.
