Diversified explorer Coolabah Metals (ASX:CBH) reports it has acquired the Hampden Lithium Project in the James Bay and Red Lake regions of Quebec, Canada.
Under the transaction, first announced on 2 May 2023, the $5.1 million market capitalisation company secured 4 properties in Quebec and a project in Ontario from Hampden Lithium for 10 million shares and 5 million performance rights.
In Quebec, the properties secured include Carmoy, Taiga, La Grande, and Mago North, along with the McCoy Lake project in Ontario. With the acquisition complete, Coolabah reports it can begin on-ground exploration activities on identified targets within the coming weeks.
Coolabah says the Carmoy property contains a mapped pegmatite outcrop to the south and a prominent linear dyke structure visible from aerial photography. This mapped pegmatite provides an ‘obvious’ early focus for exploration activities, and as a result, the company will be targeting these features.
Carmoy lies about 15km along strike from and to the northeast of Patriot Battery Metals’ (ASX:PMT) Corvette Project, which recently reported drilling results including 159.6m @ 2.12% lithium oxide, including 25m @ 5.04% lithium oxide.
Meanwhile, Coolabah says the McCoy Lake Project lies about 75km east of Frontier Lithium’s (TSXV:FL) PAK and Spark deposits, which host 58.4 million tonnes @ 1.5% lithium oxide.
Commenting on the acquisition, Coolabah Metals Managing Director Cameron Provost says: “Following the overwhelming support from all stakeholders, we are absolutely delighted to have completed the acquisition of the Hampden Lithium Project in Canada.
“Exploration work is well underway, and the board looks forward to providing further updates in coming weeks”
The entire team has worked industriously on the Hampden Lithium Project, especially coordinating the field activities. Exploration work is well underway, and the board looks forward to providing further updates in coming weeks.”
Coolabah Metals is an ASX-listed diversified explorer focused on copper, gold, and base metal assets throughout Australia. The company is also actively exploring for critical minerals at its 2 lithium projects in Canada.
In Australia, the company’s portfolio includes the Coolabah and Nymagee projects in New South Wales, as well as the Gunpowder Creek and Carrington projects in Queensland.
On 2 May 2023, Coolabah received firm commitments to raise $1 million through a placement to fund the acquisition of Hampden Lithium.
Write to Harry Mulholland at Mining.com.au
Images: Coolabah Metals Ltd
