Canadian mineral exploration company Genius Metals has signed an agreement to acquire a 100% stake in the Paka lithium property in James Bay, Québec, Canada.

Located 15km south of the Trans-Taiga government road in the prospective Archean La Grande greenstone belt, the Paka property comprises 189 contiguous claims that cover an area of more than 97km².

Under the deal terms, Genius Metals will acquire a 100% interest in the Paka property by making a cash payment of $60,000 at the closing of the transaction to private vendor Jean-David Moore.

Genius Metals will also issue six million common shares at the closing of this transaction.

Furthermore, the vendor will receive a 2% net smelter returns royalty on production from the property.

In a press statement, Genius Metals said: “Mr Moore who was already a shareholder of the company will effectively become the largest shareholder in Genius Metals with a total of 8.49 million shares representing approximately 9.9% of the outstanding shares of the company once the company has completed the current financing.”

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The transaction is subject to receipt of all necessary regulatory and other approvals.

Genius Metals president and CEO Guy Goulet said: “We are pleased to conclude the acquisition of this highly prospective lithium property and increase our commitment to lithium exploration in the prolific James Bay Territory.

“Mr Moore represents a strategic partner to the company as he has many years of experience in the industry with notable exploration success to his pedigree.”

Genius Metals said many granitic outcrops were identified, often pegmatitic, on the Paka property and the surrounding areas, according to the database from the Ministère des Ressources Naturelles du Québec.

The company plans to assess the outcrops as priority targets for their potential lithium content and undertake a property-wide prospecting campaign to identify and sample lithium-bearing pegmatites at the property.