American Salars has entered a mineral claims purchase agreement with an arm’s length vendor to acquire 100% ownership of the Lac Simard Nord Project, located in Quebec, Canada.
American Salars will issue 50,000 common shares to Quartier Mineral of Quebec to acquire the Lac Simard Nord project.
The new claims, spanning 286 acres across two blocks, are situated directly adjacent to Sayona Mining's Tansim Project, which is estimated to contain five to 25 million tonnes of lithium reserves.
The acquisition increases the company’s stake in Canada’s sole producing lithium camp to 3,958.75 acres at Lac Simard.
This strategic move comes as Sayona and Piedmont announced a merger to form a lithium giant valued at $623m earlier in November 2024, further cementing the region's status as a hub for lithium exploration and production.
Sayona's Abitibi Hub, including the North American Lithium Mine, has a measured and indicated resource of 111 million tonnes grading 1.14% lithium.
American Salars CEO and director R. Nick Horsley said: “This was a great opportunity to acquire strategic ground in close proximately to a known lithium showing inside Sayona's Tansim project. We will continue the hunt for low cost/high value lithium projects. Furthermore, the merger of Sayona and Piedmont shows that there is a strong appetite for M&A in the lithium space.”
American Salars' Lac Simard Nord property is underlain by a monzodiorite batholith, offering geological prospects for lithium. The area's mining-friendly environment and existing infrastructure, including a lithium concentrator and a planned conversion plant, present advantages for exploration and potential future development.
The company also holds advanced lithium resources Pocitos 1 and Candela II lithium salar projects in Argentina and a developing asset in Nevada, with a combined inferred mineral resource estimate of 1.217 million tonnes of lithium carbonate equivalent.
The expansion into Quebec's lithium sector by American Salars follows recent industry trends, with mining giant Rio Tinto investing $6.7bn to acquire Argentina-based Arcadium Lithium, positioning itself as the world's third-largest lithium miner.
