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Musk Metals acquires Pakeagama Lithium claims

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Global Mining Review,

Musk Metals Corp. has entered into an agreement to acquire a 100% interest in the Pakeagama Lithium claims, located in the ‘Electric Avenue’ pegmatite field of northwestern Ontario.

The property consists of four contiguous mining claims covering approximately 1490 hectares. Musk’s Pakeagama property is contiguous to Frontier Lithium’s claim group and only 3 km south of the PAK and SPARK lithium deposits.

The nearby PAK Lithium deposit contains one of North America’s highest-grade, large tonnage, hard-rock lithium resources in the form of a rare low-iron spodumene. The PAK deposit has a mineral reserve in the proven and probable categories of 5.77 million t, averaging 2.06% Li2O, and hosts a rare technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3).

The Spark Deposit, located 2.5 km northwest of the PAK, was the winner of the ‘2019 Discovery of the Year Award’. The deposit has a mineral resource estimate of 3.2 million t, averaging 1.59% Li2O (indicated), and 12.2 million t, averaging 1.36% Li2O (inferred). Frontier Lithium recently completed a Preliminary Economic Assessment that outlines a life of project revenue of CAN$8.52 billion over 26-year total project life, and a chemical plant producing 23 174 tonnes of battery-quality lithium hydroxide monohydrate (LiOH-H2O) per year.

Musk Metals CEO and Director, Nader Vatanchi states, “Musk’s second lithium project acquisition is situated next to one of North America’s highest-grade, large tonnage, hard-rock lithium resources in Ontario’s Electric Avenue. Musk Metals has continued to diversify its portfolio of highly prospective exploration projects to include the Pakeagama lithium property as the company continues to maximise shareholder value by participating in the battery revolution.”

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Lithium mining news Canadian mining news