Vision Lithium has agreed to purchase a 100% undivided interest in 40 contiguous mining claims in the province of Quebec, Canada.
The firm will acquire the claims from vendors Michèle Richard and Gabriel Béland. The claims cover an area of 2,315.5ha and, combined with an additional 31 claims, are collectively known as the Decelles property.
According to the agreement, Vision Lithium will make a $10,000 aggregate cash payment and issue 250,000 common shares to the vendors.
The vendors will also receive a 2% net smelter return royalty on the Decelles property, which covers 4,109.7ha.
The property is located 55km south of Val-d’Or, Quebec and 75km south-east of the Vision Lithium’s Cadillac Lithium property.
Vision Lithium said that the 2021 prospecting at the property suggested the presence of several pegmatitic dikes. However, no historical lithium exploration was carried out at the property.
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Vision Lithium president and CEO Yves Rougerie said: “The Decelles claims are an interesting addition to our growing portfolio of lithium properties.
“Since our acquisition of the 332-claim Cadillac property, almost 1,300 new claims have been staked by third parties to the East, South and West of our property.
“The Decelles claims are located at the eastern end of this recent staking frenzy. The whole area is underlain by the Pontiac sediments which are intruded by a wide variety of intrusives.
“These suites of intrusives are the likely sources of the numerous pegmatites. Differentiating lithium, or LCT dikes, is the job at hand. The Decelles property itself is host to numerous large pegmatitic dikes.”
The company is planning to undertake prospecting, sampling and analysing as many pegmatitic outcrops as possible as part of exploration activity at the property.
The deal awaits the approval of the TSX Venture Exchange.