EXCLUSIVE: Lancaster Resources to Acquire Lithium Project in Quebec's Prolific James Bay Region

Lancaster Resources Inc LANRF on August 29, 2023, agreed to replace the Letter of Intent entered into on July 23, 2023 to acquire 100% of the Trans Taiga Lithium Project (Property) in the Eeyou Istchee James Bay region of Quebec. 

The Property, hosting several historical pegmatite samples, lies ~120 km west of Patriot Battery Metals’ Corvette Project, ~74 km west of Winsome Resources’ Cancet Project, and a few kilometers east of Loyal Lithium’s Brisk Lithium Project.

The Property covers 1,432 hectares and is located between La Grande and Opinaca Subprovinces. 

The Corvette Project is notable for its hard rock lithium project, presenting lithium grades up to 5.10% lithium oxide (Li2O). Winsome’s Cancet reported grades up to 5.6% Li2O.

Additionally, with its six separate claim blocks, Loyal Lithium’s Brisk Project reports that Block 1, located just a few kilometers west of the Property, holds the most significant lithium potential.

The Lithium District in Eeyou Istchee James Bay, Quebec, is rapidly becoming one of the nation’s leading lithium districts, boasting ten advanced projects and multiple early-stage discoveries. 

The Whabouchi mine is one of the largest lithium deposits worldwide, with a Mineral Resource measuring 36.6 Mt at 1.3% Li2O.

With the acquisition of the Property, Lancaster diversified its exploration projects. 

Lancaster’s focus expands from its existing lithium brine exploration at the Alkali Flat Project in New Mexico to include hard rock lithium exploration in Quebec’s James Bay region. 

This strategic move enhances Lancaster’s exploration capabilities and geographical diversity, positioning it to unlock different types of lithium resources in varied geological settings.

Lancaster plans to embark on an exploration campaign on the Property to identify lithium-rich areas through geophysical programs, detailed geological mapping, and evaluate the lithium content through sampling and geochemical analysis. 

Lancaster has the exclusive option to acquire full ownership of the Trans Taiga Lithium Project for a total initial payment commitment of $115,000.

A 2% net smelter returns (NSR) royalty is due to the original property owners, which can be reduced to 1% if Lancaster opts to make a collective payment of $1,000,000.