ABE Resources has completed the acquisition of 100% undivided interest in the Sirmac lithium property from Nemaska Lithium.
The deal was closed according to the terms and conditions of the asset purchase agreement between the parties initally announced on 14 December last year.
The property includes 24 map-designated mining claims with a total area of 1,100ha, located approximately 180km north-west of Chibougamau in Québec, Canada.
An updated independent technical report on the Sirmac lithium property was prepared on 19 January for ABE in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
In 2012, Nemaska completed 73 NQ-sized drill holes on the Sirmac lithium property totalling 3,379.2m and conducted extensive mechanical stripping and channel sampling of the no5 dyke.
Québec-based SGS Canada (SGS) has used results of the work to calculate an NI 43-101, within-pit, mineral resource estimate (MRE) in 2014.
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ABE president and CEO Yves Rougerie said: “We are very excited to start working and to begin to realise the vast potential of this property. Our next step is to conduct a mag survey, which will help us identify the numerous other pegmatites on the property. Certainly, dyke no5 is a large pegmatite and a very obvious target to begin work on.
“Since Nemaska Lithium first went on the property, there has been a lot of logging activity, which has provided us with better access to the property and enabled us to see other pegmatites which were previously not visible and should be explored.
“Better sight lines combined with a mag survey should generate numerous additional targets for exploration. Our goal is to build a large world-class deposit on this property.”
It is reported that the recommended work programme’s first phase in the technical report includes a resampling of historic drill-core intervals for QA/QC purposes and twinning of a number of historic holes as part of a programme to validate and potentially increase the estimate.
According to the company all available data should be integrated into a 3D model of the Sirmac lithium property using geoscience analyst or similar software in order to better understand and advance the geological/structural model of intrusions comprising the no5 dyke complex.