Discovery Alaska Ltd (ASX:DAF) has entered into three separate Heads of Agreements (HOAs) with 1Life Holdings Ltd for the exclusive rights to acquire three lithium projects within the highly prospective James Bay lithium district of Quebec, Canada.
The three projects are:
- Mia Adjacent Lithium Project: 120 square kilometre project area, adjacent to Mia-1 & 2 lithium prospects, with historically mapped pegmatites;
- Lac C Lithium Project: 22 square kilometre project area, southwest of Winsome Resources Ltd (ASX:WR1)’s Cancet Lithium Project, with pegmatite outcrops; and
- Corvette East Lithium Project: 40 square kilometre project area, 18 kilometres east of Patriot Battery Metals Inc (TSX-V:PMET, OTCQX:PMETF, ASX:PMT)’s Corvette Lithium Project, with multiple pegmatite outcrops.
Location map showing the Mia Adjacent, Lac C & Corvette East Lithium projects.
“Highly sought-after lithium prospective projects”
The three projects comprise a total of 354 tenement claims covering ~182 square kilometres within the highly prospective James Bay lithium district of Quebec.
Discovery Alaska director Jerko Zuvela said: “The company has identified these strategic and highly sought-after lithium prospective projects in the well-renowned James Bay lithium district.
“This is a significant opportunity to utilise our exploration and development experience to rapidly progress exploration works at these projects, all located within a Tier 1 jurisdiction close to significant lithium prospects.”
Due diligence period
The HOAs allow Discovery Alaska to conduct due diligence works at each project for a 75-day period (from 4 March 2023), including exploration activities.
Discovery Alaska intends to conduct due diligence works and start exploration planning works to target prospective sites identified from historical activities, to develop a comprehensive lithium exploration program for the three projects during the 75-day due diligence period.