ASX-listed explorer Recharge Metals has agreed to acquire the Wapistan lithium project in the James Bay region of Québec, Canada, from Rockland Resources.
The Wapistan project covers 107.2km² and includes 219 mineral claims over two claim areas.
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It is located close to the Q2 Metals-owned Mia lithium project and the Radis lithium project owned by Ophir Gold.
The project is also 120km north of Recharge’s Express lithium project.
Until now, no lithium targeting or exploration has been conducted at the Wapistan location, but all the exploration was focused on gold and other metals.
Recharge Metals managing director Felicity Repacholi-Muir said: “The Wapistan Lithium Project presents Recharge with a fantastic opportunity to acquire a ‘belt-scale’ project within the James Bay area. The easy access to Wapistan, its proximity to other highly successful projects, and having geological teams available nearby that can start quickly, make this an obvious opportunity to create value for Recharge’s investors.
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By GlobalData“The company plans to be active throughout the summer field season at both Wapistan and Express once conditions permit, and we look forward to revealing the potential we see at both projects as findings warrant.”
Recharge agreed to pay C$500,000 ($374,908) in cash, along with C$200,000 in cash for the payments that Rockland made for the project’s acquisition.
It will also issue five million shares, 50% of which are subject to six months of voluntary escrow.
The project is located within the Archaean Superior Province of the Canadian Shield, which is said to host significant lithium resources.
Most of the spodumene-bearing LCT-style pegmatites in the region are hosted within greenstone belt rock types.
