- Lithium One Metals (LONE) has signed an option agreement to acquire the Bugatti Lithium Property
- The Bugatti Lithium Property, located in the James Bay region of Quebec, covers 7,363 hectares and consists of 140 mining claims
- To exercise the option, the company must pay a total of $170,000 and issue 4,500,000 common shares
- Lithium One Metals is a Canadian exploration company specializing in the acquisition and development of high-potential lithium properties in Ontario and Quebec
- Lithium One Metals Inc. opened trading at $0.54
Lithium One Metals (LONE) has signed an option agreement to acquire the Bugatti Lithium Property.
The Bugatti Lithium Property, located in the James Bay region of Quebec, covers 7,363 hectares and consists of 140 mining claims.
It is 30 km southwest of the Pontois-Corvette lithium projects owned by Patriot Battery Metals and 29 km southwest of LONE’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.
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.
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.
To exercise the option, the company must pay a total of $170,000 and issue 4,500,000 common shares.
The property will be subject to a 2.0-per-cent net smelter returns royalty, 1.00-per-cent of which the company can buy back for $1,000,000.
Lithium One Metals is a Canadian exploration company specializing in the acquisition and development of high-potential lithium properties in Ontario and Quebec.
Lithium One Metals Inc. opened trading at $0.54.