Australia’s Omnia Metals Group has agreed to acquire 100% of the issued capital in Canadian exploration company Dixie Gold.

The move is expected to significantly expand Omnia’s portfolio of lithium, gold and uranium projects across Canada.

The acquisition includes several key projects including the Phoenix Lithium Project in the Northwest Territories, the Torp Lake Lithium Project in Nunavut, the Red Lake Gold Project in Ontario and the Isko Gold Project in Quebec.

The Phoenix Lithium Project spans 14.5km² and features numerous documented spodumene pegmatites. Omnia plans to initiate drilling at the site promptly after the acquisition’s completion.

Covering 10km² of area, Torp Lake Lithium project benefits from its proximity to key infrastructure and B2Gold‘s Goose project. Discovery drilling is planned here as well.

The Proposed Transaction sees Omnia take ownership of the Red Lake Gold project in Ontario, which covers 253km², as well as the 97km² Isko Gold project in Quebec.

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By GlobalData

As part of the proposed deal, Omnia will also take an interest in the Preston Lake joint venture, which owns the Preston Lake Uranium Project in Saskatchewan’s Athabasca Basin.

The Preston Lake Uranium Project, operated by Orano Canada, is adjacent to NexGen Energy’s Rook 1 Project and covers a 496km² exploration area.

These new projects complement Omnia’s existing 600km² Lac des Montagnes Lithium Project in Quebec’s James Bay region.

The acquisition is subject to standard conditions including formal agreement negotiations, shareholder approvals and acceptance by the TSX Venture Exchange.

Upon completion, Dixie Gold will become Omnia’s wholly owned subsidiary.

The company also anticipates launching multiple drilling campaigns in 2024 with a focus on the Phoenix and Torp Lake Lithium Projects.

Omnia Metals executive director James Warren said: “This strategic acquisition will be transformational for Omnia, with the addition of two prospective lithium projects in Canada reinforcing our commitment to becoming a leading global lithium explorer.

“Following an extended period of due diligence, our understanding of these assets and their prospectivity is extremely strong, providing confidence to begin drilling once the acquisition is complete.

“There is a clear pathway to produce a significant Mineral Resource Estimate at the Phoenix Lithium Project, and early results from the extremely exciting, blue-sky Torp Lithium Project indicate that the company could be onto a significant discovery opportunity.”