Yorkton Ventures Inc. has acquired 12 mineral claims in five blocks, accounting for a total area of 656 ha., known together as the Sirmac East Project, in the James Bay area of Quebec.
The Sirmac East Lithium Project is located roughly 170 km northwest of Chibougamau, Quebec, and is accessible via a network of highways and forestry roads. A 700kV powerline runs through the area.
The project is contiguous with Vision Lithium’s Sirmac Property, Winsome Resources’ Sirmac-Clapier Project, and Troilus Gold’s Troilus Gold Project.
The project area is considered highly prospective for lithium hosted in spodumene-bearing pegmatites, with at least two historic lithium occurrences (Sirmac Lithium and Clapier Lithium) mapped in the western part of the region. In the northeast part of the region, at least one lithium-bearing boulder has been found on land with provincial park status, however the position of this boulder indicates that the area between the boulder location and the Sirmac lithium deposit (as well as the Clapier lithium showing) has strong potential for further discoveries.
Geologically, the Sirmac East Lithium Project is located in the northeast part of the Superior geological province, in the Frotet-Evans volcano-sedimentary belt. Four lithologies are present in the project area: quartz-biotite-hornblende schists, amphibolitised flows or mafic sills, spodumene-bearing pegmatites, and a syenite pluton measuring approximately 6 km in diameter. The structural trend is roughly east-west. Numerous granitic pegmatite dykes, with thickness ranging up to 100 m have been identified in the area. Lithium mineralisation in the region is associated with granitic, rare element-spodumene-bearing pegmatites. Immediately west of the Sirmac East Project is the Sirmac Lithium deposit with an estimated 314 328 t grading 2.04% Li2O (Wrightbar Mines Ltd, 1994).
The terms of the purchase are $25 000 cash and 250 000 company units on acceptance of the agreement by the TSX Venture Exchange. The company units are comprised of 250 000 common shares and 250 000 warrants exercisable at $0.60 for 18 months from the agreement date. A 2% NSR is retained by the vendor, of which one-half of the NSR (1% NSR) can be acquired for the cash sum of $1 million at any time.
Read the article online at: https://www.globalminingreview.com/mining/13012022/yorkton-ventures-acquires-the-sirmac-east-lithium-project/