Battery Age Minerals, an ASX-listed company focused on battery minerals, has signed an option agreement with Ombabika Group to acquire a 100% interest in the Falcon Extension property in Thunder Bay, Ontario, Canada.
The Falcon Extension property is located immediately next to Battery Age’s 90%-owned Falcon Main and solely-owned Falcon North properties.
Through the acquisition of the adjacent extensional properties, the Falcon Main and Falcon North properties will be consolidated, adding another 20km² of “highly prospective exploration ground” to the Falcon Lake project.
It will also ensure that the total properties owned by Battery Age will form one major land package totalling 51km².
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
This acquisition secures land that has returned drill results of 31.75m at 1.45% lithium oxide (Li2O), which was part of Battery Age’s maiden drill programme.
The extension also offers potential for new proximal discoveries and to expand exploration potential at Falcon Lake.
As part of the agreement, the company is acquiring 40% initially with an option to earn up to a 100% interest over a period of two years.
Battery Age Minerals managing director Gerard O’Donovan said: “This is an outstanding acquisition opportunity for us to expand the scale of the Falcon Lake Project. Building on the excellent results generated by our summer fieldwork programme – both through drilling and from our regional prospecting – this adds another exciting dimension to the discovery opportunity at Falcon Lake.
“To add 69% more land in an extremely fertile area strategically positions us to further explore this highly prospective asset and continue to add to the scale of Falcon Lake. We now have a continuous project that extends over an area of 50km² in a Tier-1 jurisdiction, and we have proven through drilling that we have thick mineralised intercepts from shallow depths. We are ideally placed to continue to prove up a fantastic project.
“This acquisition aligns with our strategy to grow our land holding in Ontario and the best place to start is adjacent to your existing mineralised asset.”
The Falcon Lake lithium project includes a total of 214 mining claims and covers 4,280 hectares (42.8km²) of land within the Caribou Lake-O’Sullivan Greenstone Belt.