Libra Energy Materials (CSE:LIBR) has expanded its Canadian lithium portfolio with the addition of two projects in the Eeyou Istchee James Bay region of Québec.
Through an option agreement, the company has acquired the Cisco West and Obamska projects, both situated on the Frotet-Evans greenstone belt, where Q2 Metals (TSX-V:QTWO) is advancing its Cisco Lithium Project.
Cisco is being touted as the largest hard-rock lithium deposit in the Western Hemisphere and the fourth largest in the world.
The Frotet-Evans belt is also home to significant lithium deposits like Sirmac and Moblan, located approximately 140km and 180km east of Cisco, respectively.
“This is more than a pure closeology play to the largest hard-rock lithium deposit in the Americas. We are advancing these projects on geological merit first and foremost,” says Libra CEO Koby Kushner.
Cisco West covers an area of nearly 19,800 hectares directly contiguous and partially surrounded by Cisco. It provides Libra with approximately 45km of strike along the Nottaway Deformation Zone that transects Q2 Metals’ property.
The nearly 10,000-hectare Obamska Project covers mafic volcanic rocks associated with the Frotet-Evans belt and hosts numerous large LCT (lithium-cesium-tantalum) pegmatites outcropping at surface. Fieldwork earlier this year returned consistent lithium enrichment between 1,000 and 4,000 parts per million, according to Libra.
“We have strong reason, geologically speaking, to believe both Cisco West and Obamska are ripe for new lithium discoveries, and we look forward to testing this thesis shortly,” Kushner adds.
To acquire the right to buy 100% of these projects, Libra must pay C$300,000 ($304,681) in cash and issue approximately 8.82 million shares in the company to their two owners, both arm’s-length parties. A further C$2 million payment is required upon a resource milestone.
Libra Energy Materials is a Canadian mineral exploration company focused on discovering and developing critical minerals needed for the green energy transition.
Write to Jackson Chen at Mining.com.au
Image: Libra Energy Materials
