Source: Lithium One Metals Inc.
  • Lithium One Metals (LONE) has acquired the Taycan Lithium Project in James Bay, Québec
  • The project is comprised of 70 mineral claims covering 36 sq. km. within the prolific Corvette lithium camp
  • Previous early-stage exploration, including government mapping from 2011, found white pegmatite outcrops with muscovite and tourmaline, which are prospective for hosting high-grade lithium
  • Lithium One Metals Inc. (LONE) was up 3.53 per cent, trading at $0.44 per share at 10:30 am ET

Lithium One Metals (LONE) has acquired the Taycan Lithium Project in James Bay, Québec.

The project comprises 70 mineral claims covering 36 sq. km. within the prolific Corvette lithium camp.

The project is near Patriot Battery Metals’ (TSXV:PMET) Corvette Lithium Discovery and falls within the 50 km wide spodumene pegmatite district known as the CV Lithium Trend. The project also includes the standalone Lac Astrid claim.

Previous early-stage exploration, including government mapping from 2011, found white pegmatite, and outcrops with muscovite and tourmaline, which are prospective for hosting high-grade lithium. The company will launch an exploration campaign in spring 2023, with an initial focus on prospecting, mapping, and sampling pegmatites.

Lithium One’s Chief Executive Officer, Dominic Verdejo, commented that the location and geology of the Taycan Lithium Project highlight the potential for the company to make a new discovery in Canada’s emerging lithium industry.

“We are extremely pleased to have secured this acquisition. Our experienced technical team is already developing a series of aggressive work programs, the first of which is expected to commence in early 2023.”

The company acquired the project by issuing 1,200,000 units to the optionor and paid $100,000. Each unit consists of one common share of the company and one transferable share purchase warrant.

The optionor will retain a 3 per cent net smelter returns royalty on the project, with the company having the option to purchase 2 per cent for the payment of $2,000,000.

Lithium One Metals Inc. (LONE) is engaged in the acquisition, exploration, and development of oil and gas properties.

Lithium One Metals Inc. (LONE) was up 3.53 per cent, trading at $0.44 per share at 10:30 am ET.


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