- Clarity Gold (CLAR) signs option agreement to acquire a 50 per cent interest in the Lithium381 property
- The deposit is a lithium-bearing pegmatite, which is slated to start construction in Q1 2023
- 3 km from the KM 381 service station on James Bay Road (Route 109), providing logistical support also making it accessible year-round
- Closing of the Transaction remains conditional upon, without limitation, approval by the board of directors and more
- Clarity Gold (CLAR) is up 12.00 per cent, trading at C$0.14 at 10:47 am EST
Clarity Gold (CLAR) has signed an option agreement with Genius Metals, earning a 50 per cent interest in 21 mineral claims in Northern Quebec.
“This option agreement marks Clarity’s step towards diversifying its mineral portfolio into the exciting lithium space,” stated Clarity CEO James Rogers.
“We are excited to begin exploring such a well-positioned project with favourable underlying geology adjacent to a world-class lithium deposit,” added Rogers.
The property is located in Northern Quebec, Canada, around 3 km from James Bay Road.
Twenty-one mineral claims on the 1107-ha property are contiguous with Allkem Limited’s James Bay Lithium property.
The deposit is a lithium-bearing pegmatite, slated to start construction in Q1 2023.
The property has not previously been explored for lithium-bearing pegmatites.
Still, it is underlain primarily by amphibolite facies metasedimentary and minor metavolcanic rocks of the Lower Eastmain Group of the Eastmain Greenstone belt in the northeastern part of the Superior Province, the same host rocks of the adjacent James Bay Lithium Deposit.
Guy Goulet, CEO of Genius Metals, said, “Genius is pleased to partner with a group like Clarity that is willing to commit rapidly to exploring this prospective property.”
“The proximity to such an advanced project makes Lithium381 a prime lithium exploration target,” added Goulet.
Closing of the transaction remains conditional upon, without limitation, approval by the board of directors and more.
The parties agree to pay their pro-rata share of exploration expenditures going forward, failing which their respective interest will be diluted.
The company will be the initial operator of the property in the future.
Clarity Gold is a Canadian mineral exploration project generator company focused on the acquisition, exploration and development of precious and base metals projects.
Clarity Gold (CLAR) is up 12.00 per cent, trading at C$0.14 at 10:47 am EST.