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Azincourt Energy announces expansion of the Big Hill Lithium Project, Canada

Published by , Editorial Assistant
Global Mining Review,

Azincourt Energy has announced that it has entered into a mineral property purchase and sale agreement with Atlantis Battery Metals, pursuant to which the company will acquire additional ground adjacent to the company’s Big Hill Lithium Project, located in southwestern Newfoundland, Canada.

The newly acquired ground consists of two mineral licences, 035707M and 035708M, made of 153 and 151 claims, respectively, with each mineral claim covering 25 ha. The combined lands package for these two licences covers a total of 7600 ha., which will double the existing Big Hill project from 7500 ha. to 15 100 ha. The new licences lie approximately 25 km eastward and 6.5 km south of the Benton/Sokoman Kraken Lithium discovery.

Three high quality targets have been located on the newly acquired licences. These targets include the NE-trending, dike system, the Moly Zone, and the Connoire Bay Brook Zone.

Pursuant to the terms of the purchase agreement, the aggregate purchase price payable by Azincourt to Atlantis consists of 5 000 000 common shares of the company (the Consideration Shares). Azincourt will also be issuing 500 000 common shares to an arms-length third-party as a finder’s fee in connection with the acquisition (the Finder Shares). Azincourt and Atlantis are at arms-length. Upon issuance, the Consideration Shares and the Finder Shares will be subject to a four month hold period as prescribed by applicable securities laws. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange.

“We’re pleased we will be able to double the size of Big Hill,” said President and CEO of Azincourt, Alex Klenman. “With the recent discovery of the previously unidentified pegmatite field, we felt it was a good time to increase the size of the project ground. This is a significant exploration opportunity, in the right neighbourhood, with compelling geological attributes. We’re excited to move forward with exploration plans and will announce the next phase of work shortly.”

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Lithium mining news Canadian mining news