- Champion Electric Metals (CSE:LTHM) will acquire the Griesbach Lithium Project in the James Bay territory of Québec
- The newly acquired pegmatite-rich claims are within the company’s existing property package
- As part of the agreement, Champion Electric acquired 55 claims for 1.7 million common shares
- Champion Electric Metals Inc. opened trading at $0.15 per share
Champion Electric Metals (CSE:LTHM) will acquire the Griesbach Lithium Project in the James Bay territory of Québec.
The newly acquired pegmatite-rich claims are within the company’s existing property package.
The company now controls 1,036 claims representing 529.17 square kilometres in James Bay.
As part of the agreement, Champion Electric acquired 55 claims for 1.7 common shares. Half of the common share consideration included in the agreement incorporate a voluntary escrow of 18 months from the date they were issued. The vendors also retain a 2 per cent net smelter royalty (NSR). The company has the option to repurchase 1 per cent of the NSR from the vendors for C$1 million.
Earlier this week, the company announced identified three high-priority complementary critical metal electromagnetic bedrock conductors located within mapped ultramafic rocks of the Lac Guyer greenstone belt in the James Bay area.
Champion Electric Metals Inc. is an exploration company engaged in advancing its prospective lithium properties in Québec and cobalt properties in Idaho.
Champion Electric Metals Inc. opened trading at $0.15 per share.
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