Australian miner Recharge Metals has concluded the deal to acquire the Express Lithium Project in the James Bay Region of Québec, Canada.
The firm paid C$250,000 to the vendors, DG Resource Management (DGRM), Ikigai Strategic Investments and Hale Court Holdings.
It also offered them 22.5 million Recharge shares, around 6.18 million options exercisable at $0.20 each within three years from the issue date, and 22.5 million performance rights that will be divided into shares.
Besides, the miner closed a A$3m ($1.99m) share placement, which will fund exploration at Express.
This placement involved the issuance of 30 million shares at A$0.10 apiece.
The project is located 12km south-east of Allkem’s James Bay Deposit and 15km north-east of Cygnus Metals’ Pontax Lithium Project. It includes 139 mineral claims in a 73.5km² area.
This area is claimed to host several documented pegmatite outcrops. The nearby Allkem’s project is claimed to have around 37.2Mt at 1.3%.
The company had already begun exploration of the project with oversight from DG. The focus is on identifying pegmatites ahead of a helicopter-assisted field programme.
The main block has muscovite and tourmaline-bearing pegmatite and the smaller claim block is underlain by Chambois Greenstone Belt.
Outcropping pegmatites can be seen from satellite imagery and high-priority pegmatites were identified from government mapping.
Though the site was termed as ‘the Spodumene Suite’ by Quebec’s Ministry of Natural Resources and Forests (MERN), the place was never explored for lithium.
Recharge Metals managing director Felicity Repacholi-Muir said: “Following shareholder approval at last week’s GM, we are delighted to have concluded the acquisition of the Express Lithium Project. Our immediate focus is now on the planned exploration programme at Express with oversight from Dahrouge Geological.
“The initial exploration activities are focused on identifying pegmatites on the ground ahead of our helicopter-assisted field programme. We look forward to providing further updates over the coming weeks.
“The James Bay lithium region recently saw its first commercial lithium production, giving strong proof of concept for the potential of the area. We are excited to now start exploring our highly prospective tenements as the first step to creating significant investor value, like our successful neighbours.”