Rockland Resources has signed an option agreement with an undisclosed firm to acquire a 100% interest in the Wapistan Lithium Project in Canada.

Located within the James Bay region of Quebec, the project consists of 219 claims spanning over two claim blocks, specifically Wapistan East and West.

Under the option agreement, Rockland will issue 10.8 million of its shares and make a $400,000 cash payment to the vendor over a 12-month period.

Rockland will also grant a 2% net smelter return (NSR) to the vendor.

The proposed transaction is subject to receipt of all necessary regulatory approvals, including that from the Canadian Securities Exchange.

Rockland CEO Mike England said: “We are extremely excited to acquire such a large land package covering one of the most promising greenstone belts in the James Bay Region of Quebec. Recent exploration by both Q2 Metals and Ophir Gold has shown the western part of the belt to host a number of spodumene-bearing pegmatites.”

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By GlobalData

Dahrouge Geological Consulting has been selected to complete a comprehensive property-wide compilation of the Wapistan Project’s historical data.

The firm will also generate exploration targets for the upcoming field season by reviewing and interpreting high-resolution satellite images.

The Wapistan Project is located between 8km and 30km easterly from the lithium prospects and spodumene-bearing pegmatites of the nearby Q2 Metals Mia and Radis properties. The project has not undergone prior exploration for lithium or critical elements.