Whabouchi Lithium Project
All information pertaining to mineral resources herewith presented are historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 reporting standards. No historical estimate should be relied upon until it can be confirmed by the Company.
The Company has entered into an agreement to acquire the Whabouchi Lithium Project (“The Property”) located in the James Bay region of Quebec. The Property lies approximately 45 kilometres southeast of the village of Nemaska which is linked by a network of all-season roads to the mining centre of Chibougamau, 300 kilometers to the south. The area is also serviced by an airport and a network of high-voltage hydroelectric transmission lines.
Paul Ogilvie, CEO, commented: “We are pleased to add a lithium property with excellent discovery potential to our electric metals portfolio. Graphite is a significant material for energy storage, and lithium is the other side of the demand curve for energy storage. Both materials need to work together as a balanced chemistry; through the charge and discharge cycles as the lithium intercalates with the graphite. The lithium that we hope to find on the property may allow us to test our own materials and further our goal to be a future supplier of minerals to the growing lithium ion battery business”.
The Property is comprised of one large block of 109 mineral claims covering 5758 hectares (57.0 km2) located on the southern margin of the volcano-sedimentary Mountain Lake belt. The Property has neighbours Hinterland Metals Inc. (C:HMI news, June 22, 2016) to the north and Durango Resources to the south. The Property is located approximately 15 kilometres southeast of Nemaska Lithium Inc.’s Whabouchi hard-rock (spodumene) lithium project. Nemaska’s Whabouchi property contains measured plus indicated resources of 27,991,000 tonnes of 1.57 per cent lithium dioxide (V:NMX news, Jan 15, 2014). Nemaska recently released a positive feasibility study that includes the construction of a mine and concentrator at Whabouchi and a hydrometallurgical plant in Shawinigan, Quebec (V:NMX news, June 9, 2016).