In a strategic move to bolster its landholdings, Intra Energy Corporation Ltd (ASX:IEC) has finalised a binding agreement to acquire 12 mineral claims in the James Bay region of Québec, Canada, a region which is rapidly establishing itself as a hard rock lithium exploration ‘hot spot’.
These new claims, covering 12 square kilometres, are adjacent to the company's newly acquired Llama Lithium Project, increasing the project's total area to 75 square kilometres.
Last month, the company identified 108 new outcropping pegmatite targets at the Llama Lithium Project, adding value to the prospectivity in the region.
Subsequently, IEC kicked off its maiden ground exploration program at the project aiming to gain a better understanding of the project’s geology and identify high-priority drill targets.
The new claims have been acquired from the Canadian Mining House following a recommendation from Dahrouge Geological Services, IEC’s geological services partner.
Meanwhile, IEC has also identified multiple pegmatite dykes up to 5 metres wide during field mapping that is targeting lithium at the Yalgarra Nickel-Copper-Platinum Group Elements (PGE) Project in Western Australia.
Bolster exploration plans
IEC managing director Benjamin Dunn said: “The acquisition of these claims is a strategic addition for IEC and bolsters our exploration plans and ground position in the James Bay Region of Canada.
“The proximity of the new claims to our existing land package and the potential continuation of the geology was too exciting an opportunity for us to pass up and we think as we investigate these opportunities further, they will help drive shareholder interest and value.”
New claims location map - new tenements in grey.
Regional prospectivity
Following a comprehensive desktop study including a review of historical data and detailed analysis of high-resolution satellite imagery, the company's geological consulting partner, Dahrouge Geological Consulting (DGC), discovered a number of white patches indicative of pegmatite outcrops at Llama Lithium Project.
Subsequently, the company is undertaking the first stage of exploration activities with the aim of identifying high-priority drill targets.
While limited historical exploration has been conducted on the tenement area comprising the new claims and to the knowledge of the company, no lithium exploration has historically occurred on the property.
$IEC Intra Energy identifies 108 new pegmatite targets at Llama Lithium Project in Canada https://t.co/EIppyOynP2 @IEC_Australia #IEC #ASX #ASXNews— Proactive Australia (@proactive_au) August 7, 2023
Acquisition particulars
The consideration for the acquisition comprises a cash payment of C$120,000 and the issue of 40 million fully paid ordinary shares in IEC.
The consideration shares will be issued utilising the company’s Listing Rule 7.1 placement capacity and will be subject to voluntary escrow for a period up to and including March 30, 2024.
Given the new claims are adjacent to IEC’s existing holding in the area, they will automatically be included in all future exploration activities on Llama.
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