Vision Lithium Inc. has announced the signing of definitive property purchase agreements for the arm’s length acquisition of a 100% undivided interest in 215 contiguous mining claims in the province of Quebec, Canada, from four different vendor groups, which, together with an additional 105 claims staked by the company, will be collectively referred to as the Cadillac lithium property.
Pursuant to the purchase agreements, Vision Lithium will pay to the vendors aggregate cash consideration of $102 427.92, issue a total of 4.3 million common shares of the company, and will grant each vendor group a 2% net smelter return royalty on the claims comprising the property to be acquired from such vendor group.
The claims acquired from the vendors cover 12 331 ha. (123 km2) and, together with the claims staked by the company, the property comprises a total of 320 claims covering 18 378 ha. (184 km2). The property is located approximately 10 km south of the historic mining town of Cadillac and approximately halfway between the major mining centres of Rouyn-Noranda and Val-d’Or, in the province of Quebec, Canada. The property is easily accessible by year-round, well-maintained roads, and a regional powerline runs parallel to the road through the property. The property hosts at least four pegmatite dikes which are spaced approximately 100 m apart and traced for at least 300 m along strike. Lithium crystals have been observed in all four dikes on the property, with large lithium crystals visible in some areas. In 2016, two high grade grab samples were taken from the property that returned 2.67% and 7.34% Li2O.
Yves Rougerie, President & CEO, comments:
“The Cadillac lithium project is an exciting addition to our growing portfolio of lithium properties. The property is located 10 km south of the Trans-Canada highway and only metres from the secondary road, ensuring easy access for logistics, materials, and qualified manpower. The property hosts a cluster of close-spaced parallel lithium-bearing dikes. Spodumene has been observed in the outcropping dikes and we believe there are likely more dikes in the cluster. The dikes have seen surprisingly little historical exploration with only a handful of samples and no drilling to date. We believe the potential for additional lithium discoveries within the main cluster area is excellent and the larger property also has tremendous upside potential for discovery. The entire area acquired and staked is very large at almost 200 km2. We plan to aggressively explore the property over the winter by drilling the main cluster of dikes and to plan and complete field work next summer over the large tract of land.”
Read the article online at: https://www.globalminingreview.com/mining/03122021/vision-lithium-to-acquire-new-lithium-property-in-quebec/