Walcott Resources has signed an agreement to acquire a 100% interest in the Route 381 Lithium Property located in Quebec, Canada.

Covering 2,126ha, the Route 381 Lithium Property comprises 40 mineral claims located in James Bay Territory, north of Matagami. It is located directly west of and adjacent to Stria Lithium’s Pontax-Lithium project.

Walcott Resources CEO David Thornley-Hall said: “With the acquisition of the Route 381 Lithium Property, we have initiated the second phase of our business model of acquiring and developing battery-material focused assets.

“The Route 381 Lithium Property is located in an exciting and prolific hard-rock lithium jurisdiction with several actively advancing lithium projects including Critical Elements Lithium Corporation’s Rose Project, the Whabouchi lithium project and Galaxy Lithium (Canada) Inc.’s James Bay Lithium Project.”

Walcott plans to commence exploration programme on the project during the 2021 field season.

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By GlobalData

The financial terms of the deal were undisclosed.

Recently, Walcott announced plans to name change to “MegaWatt Lithium and Battery Metals Corp.”

The name change and the closing of the acquisition deal are subject to the approval of the Canadian Securities Exchange.

Walcott currently holds an option to acquire a 100% undivided interest in the Cobalt Hill Property located in the Trail Creek Mining Division in the Province of British Columbia, Canada.

The Cobalt Hill Property consists of eight mineral claims covering an area of approximately 1,727.43ha.

In 2019, Sayona Mining said it plans to participate in the bidding process for the North American Lithium (NAL) operation in Québec, Canada.