- Lithium One (LONE) has optioned property adjoining Patriot Battery’s (PMET) Corvette discovery in Quebec
- The target property, known as the Lac Astrid Lithium Project, contains 70 underexplored mineral claims over 3,600 hectares in the James Bay mining area
- Consideration includes $600,000 in cash and the issuance of 1,200,000 units and 3,000,000 common shares
- Lithium One Metals explores and develops gold and lithium projects in Canada
- Lithium One (LONE) is up by 8.7 per cent, trading at $0.25 per share
Lithium One (LONE) has optioned property adjoining Patriot Battery’s (PMET) Corvette discovery.
The arm’s-length option agreement with Glenn Griesbach allows Lithium One to acquire the Lac Astrid Lithium Project in northwestern Quebec.
Lac Astrid contains 70 underexplored mineral claims covering 3,600 hectares in an area of active hard rock lithium pegmatites in the James Bay mining area.
The project lies 11 km east of Patriot’s Corvette lithium discovery, within the 50 km CV Lithium Trend Patriot describes as an emerging spodumene pegmatite district.
Mineralization at Lac Astrid is found in lithium-bearing spodumene-pegmatite dyke complexes. Lithium One’s initial exploration focus will be the outcropping white pegmatite with muscovite and tourmaline first described by MERN geologists in 2011.
Lithium One may acquire Lac Astrid by making aggregate cash payments of $600,000 and issuing an aggregate of 1,200,000 units (comprised of one common share and one warrant exercisable at $0.40 for two years) and 3,000,000 common shares.
The optionor would retain a 3-per-cent net smelter returns royalty, 2 per cent of which Lithium One may purchase for $2,000,000.
Lithium One is also conducting a non-brokered private placement for gross proceeds of up to $1.25 million.
Each unit will be priced at $0.25 and consist of one common share and one-half of one warrant.
Each warrant shall be transferrable and entitle the holder to an additional common share priced at $0.40 for two years, subject to acceleration if the shares trade at $0.50 or above for 10 consecutive trading days.
The company intends to use the proceeds for mineral exploration and general working capital.
Lithium One Metals explores and develops two major lithium projects in the James Bay area of Quebec. It also holds interests in three gold projects in Newfoundland and Quebec.
Lithium One (LONE) is up by 8.7 per cent, trading at $0.25 per share as of 11:36 am EST.