Wrightbar Mines (ME) has optioned three lithium properties in northeastern Quebec from Abitibi Lithium Corporation, a private company in Val d’Or, Que.
Abitibi will receive $25,000 in cash, 2.2 million Wrightbar shares and a 2% royalty
on gross proceeds from the sale of lithium or any lithium byproduct extracted from the properties.
One of the properties, in La Corne Twp., north of Val d’Or, has five zones of lithium mineralization. Drilling by previous operators outlined preliminary reserves in Zone A of more than two million tonnes grading 1.5% LiO2. The other two properties, Sirmac Lake and Moblan Lake, are north of Chibougamau, Que. The former contains seven mineralized zones, the largest being the No. 5 zone which hosts two million tonnes grading 2.8% LiO2. Wrightbar hopes to begin drilling the properties soon. It is also planning metallurgical studies on the deposits.
Lithium is used in aluminum-smelting and the manufacture of batteries.
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