Vision Lithium has agreed to acquire a 100% undivided interest in 215 contiguous mining claims in the province of Quebec, Canada.
The property purchase agreements have been signed with four vendor groups.
These new claims, along with a further 105 claims staked by Vision Lithium, will be collectively called the Cadillac lithium property.
The four vendor groups involved in the deal are 9248-7792 Quebec, Prospect Or and Stéphane Leblanc; Fancamp Exploration; 9219-8845 Quebec, Réjean Raymond and Steve Labranche; and Denis and Mireille Tremblay.
Under the agreement, the vendors will receive $102,427.92 in aggregate cash and a total of 4,300,000 Vision common shares.
Additionally, the firm will pay a 2% net smelter return royalty on the claims to each vendor group.
Vision Lithium president and CEO Yves Rougerie said: “The property is located 10km 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.”
The claims to be acquired from the vendors, alongside the claims staked, include 320 claims spanning an area of 18,378ha.
Located nearly 10km south of the historic mining town of Cadillac, the property comprises at least four pegmatite dikes, which are traced for at least 300m along strike.
Rougerie added: “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 square kilometres. We plan to aggressively explore the property over the winter by drilling the main cluster of dikes and to plan and complete fieldwork next summer over the large tract of land.”
The deal, which is subject to various closing conditions including the nod of the TSX Venture Exchange, is scheduled to close in the coming days.
In March, Vision Lithium acquired a 100% undivided interest in the non-surveyed, unpatented mining claim from Messrs James C Campbell and Peter C Dunlop.
Earlier this year, the Canadian Government decided not to approve new or existing coal mining projects to reduce their impact on the environment.