Lithium One Metals Inc. has announced it has entered into an option agreement to acquire an additional lithium property in the James Bay region of Quebec, subject to the acceptance of the TSX Venture Exchange. The Ferrari Lithium property is located 35 km northeast of the Pontois-Corvette Lithium Projects owned by Patriot Battery Metals and 40 km northeast of LONE’s Taycan Lithium property (Figure 1). The acquisition expands the Company’s already significant land holdings in the rapidly growing James Bay region (Figure 2). The Company now has a total of 45,010 ha in Canada, with 19,060 ha in Quebec and 25,950 hectares in northwestern Ontario and expects to commence a multi-project work program in Spring, 2023.
Acquisition Highlights
- The Ferrari Lithium Property. The 5,200 ha property is located approximately 40 km northeast of LONE’s Taycan Lithium property, and 35 km northeast of the Pontois-Corvette Lithium Projects, where recent drilling has intersected grades up to 3.34% Li2O over 52.5 m.1 The property is also on the interpreted trend with the Jarnet Lithium project owned by Arbor Metals where it was recently reported that field activities identified a series of previously unmapped pegmatites (Figure 1).2
- The James Bay Lithium District. Located in the Canadian province of Quebec, James Bay is one of the country’s fastest-growing lithium districts with ten advanced stage projects and numerous early-stage occurrences. Of particular note, the Whabouchi mine is one of the largest bulk tonnage lithium deposits in the world with a Mineral Resource of 36.6 Mt at 1.3% Li2O and a proposed mine life of 33 years.3 Additionally, the James Bay Lithium Mine has a Mineral Resource of 40.3 Mt at 1.4% Li2O and is proposed to produce an average of 321 Kt of spodumene concentrate per year over a 19-year mine life.4
- Strategic Acquisition Continues to Expand its Dominant Position. The Ferrari Lithium property adds 5,200 ha of prospective ground to LONE’s dominant land position in prime lithium districts. The Company now holds 45,010 hectares of lithium properties across Canada, with 19,060 hectares in the James Bay region including the Taycan Lithium property, which includes a mining claim surrounded by Patriot Battery Metals. Each property in LONE’s portfolio has been selected for geological prospectivity as well as proximity to existing discoveries, deposits and mines.
- Prospective Geology for Lithium Exploration. The property is located in the eastern part of the La Grande Greenstone belt and in the vicinity of government mapped pegmatites and recently identified pegmatites at Arbor Metals Jarnet Lithium property.
- Planned Work Program. In Spring 2023, the Company will begin a comprehensive Phase One exploration campaign, with an initial focus on prospecting, mapping, and sampling pegmatites at Ferrari, Bugatti and Taycan Lithium properties, to be followed in Phase Two with drill testing of the highest priority targets.
The Ferrari Lithium property is comprised of 105 mining claims running parallel to the Transtaïiga road located less than 5 km from the La Grande 4 hydropower station. The property is within the eastern part of the La Grande Greenstone Belt, composed of multiple deformed sequences of Archean volcano-sedimentary and plutonic rocks (Houlé et al. 2015). The property is in the vicinity of government-mapped pegmatites and near Arbor Metals Jarnet Lithium property where it was recently reported that the Company’s field activities identified previously unmapped pegmatite.5 The Ferrari property is located approximately 35 km northeast of the Corvette Project, where recent drilling has intersected grades up to 3.34% Li2O over 52.5 m.6