Canada-based mining exploration company Targa Exploration has concluded the previously announced deal to acquire all of the issued and outstanding shares of Pan Canadian Lithium.
The acquisition was announced earlier this month.
Targa will now own Pan Canadian Lithium’s four highly prospective lithium projects in the provinces of Saskatchewan and Ontario, with each region holding two projects.
Comprising the White Metal, Prince Albert, Slim Jim and Sky Lake projects, they cover a total area of 49,248 hectares (ha) and were identified with highly anomalous lithium pathfinder elements.
According to Targa, they display significant potential for lithium-bearing pegmatites.
The White Metal project is located 40km north of Stony Rapids in northern Saskatchewan and has eight contiguous mineral concessions spread across 38,765ha.
This project has lithium at concentrations of up to 271 parts per million (ppm).
Also located in Saskatchewan is the Prince Albert project, which covers 2,895 hectares. The lithium concentrations in the project are claimed to be more than 3,400 ppm.
Located in Quetico, Ontario, the Slim Jim and Sky Lake projects host several known lithium pegmatite deposits and occurrences.
These include the Georgia Lake and Jackpot deposits, as well as the Wisa Lake and Hearst/Lowther occurrences.
Targa closed the acquisition by offering 5.7 million of its shares to Pan Canadian Lithium’s shareholders, who now hold around a 9.9% stake in the company. The shares are subject to a four-month hold period.
Targa also acquired the company’s positive cash position of C$240,000 ($177,000) as part of the deal.
Targa CEO and president Cameron Tymstra said: “I am excited to join the Targa management team as the company prepares for an extensive field season. Jon [Ward, Targa CEO] has done a tremendous job assembling this high-potential portfolio of lithium assets across Canada and I look forward to launching the phase one exploration programmes over the coming months.”