Canada-focused mineral exploration firm Manning Ventures has signed a deal to acquire a 100% interest in the Bounty Lithium Project in Quebec from SCD Investment.
Under the agreement, Manning Ventures will pay $25,000 in cash and grant a 2% net smelter return royalty on the property to SCD.
The Bounty property comprises 89 mineral claims and is said to host several known pegmatite outcrops.
It covers a total area of 4,659ha in the James Bay Region of west-central, Quebec.
Manning Ventures said that the property was staked as a result of its ‘prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralisation’.
In a press statement, the firm said: “It was selected as a result of a regional targeting method, which included the review of pegmatite occurrences across Quebec with the appropriate indicator-mineralogy and indicator-chemistry for hosting spodumene-bearing pegmatites, within favourable host-rocks.”
Manning has identified 29 target areas based on the targeting criteria.
Manning Ventures CEO Alex Klenman said: “This acquisition adds to the profile of Manning Ventures into the energy storage sector.
“Quebec remains a top jurisdiction to explore for lithium-bearing pegmatites, and with the recent acquisition, in an area that has a streamlined permitting process, and nearby infrastructure. We look forward to developing it in the coming months.”
Manning Ventures is planning to undertake an aggressive exploration programme at the property. The company is also looking at opportunities in the battery mineral sector.
Earlier this year, lithium developer Sayona Mining agreed to purchase a 60% holding in the Canada-based Moblan lithium project from Lithium Royalty for $86.5m.