Patriot Lithium (ASX:PAT) has acquired both the Beyond East and North mining claims contiguous with its expanded Gorman Project in Northern Ontario from Beyond Lithium (CSE:BY).
The Beyond East and North claims comprise 61 mining claims which cover a total land area of 11.87km-square.
Patriot, which has a $16.46 million market capitalisation, says the Beyond claims form key inliers in the company’s controlled claims at Gorman, including the Berens claims recently optioned from privately held Midex Resources.
According to Patriot, the new claim blocks are also on trend with lithium-caesium-tantalum (LCT) pegmatite outcrops within Gorman and the Midex claims.
The mineralised LCT pegmatites at Gorman sit 68km to the west-northwest and along trend of Frontier Lithium’s (TSXV:FL) ‘world-class’ PAL-Spark lithium development project, one of the largest and ‘highest-grade’ lithium deposits in North America.
Key terms of the acquisition include Patriot issuing 1.1 million fully paid ordinary shares to Beyond.
Patriot will also, subject to closing, deliver a cash payment of C$2.5 million to Beyond for the filing of an initial Mineral Resource Estimate (MRE) in any part of the Borland claims exceeding 20 million tonnes of contained lithium.
The agreement and transactions contemplated by the agreements are conditional on the completion of customary due diligence investigations, Patriot obtaining all necessary security holder approvals, no material adverse change, and standard closing conditions.
Patriot Chief Executive Officer (CEO) and Managing Director Nicholas Vickery says the company holds “high hopes for the region and look forward to continuing our successful exploration campaign into 2024, including drilling at Gorman which is currently planned for Q2 this year”.
Patriot Lithium is focused on exploration within the Archean Greenstone Belts in Ontario, Canada and the prolific Black Hills lithium district of South Dakota and Wyoming, US.
Beyond Lithium is a lithium explorer in Ontario with 63 ‘high-potential’ greenfield lithium properties totalling over 195,000 hectares.
As of 30 September 2023, Patriot Lithium had $2.912 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Patriot Lithium