Resource exploration company Azincourt Energy has signed an agreement with Atlantis Battery Metals to buy more ground, comprising two mineral licences, next to its Big Hill lithium project in Newfoundland, Canada.

The purchased ground contains the 035707M mineral licence with 153 claims and the 035708M licence with 151 claims.

Together, they occupy a total of 7,600ha, with each mineral claim spanning 25ha.

With this land now under Azincourt’s ownership, it can expand its Big Hill lithium project from its existing 7,500ha to 15,100ha.

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By GlobalData

As per the agreement, Azincourt will issue five million of its shares to Atlantis, as aggregate purchase consideration. The company will also issue 500,000 shares to an arms-length third party as a finder’s fee related to the deal.

After the shares are issued to both Atlantis and the arms-length party, they will be under a four-month hold. The deal awaits approval from the TSX Venture Exchange.

Three targets have already been detected within the new land packages. These are the NE-trending dike system, the Moly Zone and the Connoire Bay Brook Zone.

Azincourt president and CEO Alex Klenman said: “We are pleased we will be able to double the size of Big Hill. 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 are excited to move forward with exploration plans and will announce the next phase of work shortly.”

The Big Hill project is a lithium-caesium-tantalum (LCT) exploration property.

The project has three contiguous exploration licences with 100 claims each, totalling 300 claims. The claims are spread across 7,500ha of land.

It is located next to the Kraken Lithium and Hydra caesium discoveries. Three licences have been staked for potential spodumene-bearing pegmatites.

The Kraken field is said to have a mineral resource of 1.04% lithium oxide (Li₂O) over 15.23m, 0.95% Li₂O over 8.4m and 1.16% Li₂O over 5.5m.