Infinity Stone Ventures Corp (CSE:GEMS) has said it is adding to its lithium portfolio with the acquisition of the Shorty West lithium project in the Northwest Territories, Canada.
Shorty West is comprised of 410 hectares across two claim blocks located directly adjacent to Li-FT Power Ltd’s Yellowknife lithium project, which contains 14 different spodumene-bearing lithium pegmatite systems.
Infinity Stone said that historic channel sampling produced average grades from 1.10% - 1.59% lithium dioxide (Li2O) over widths of 7 metres to 40 metres, and strike extents of pegmatites visible on surface are 100 metres to 1,800 metres.
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In addition to Shorty West, the deal included claims adjacent to Infinity Stone’s Zen-Whoberi project totalling approximately 354 hectares.
"We are excited about the potential of the Shorty West project and plan to conduct further exploration and analysis to fully assess the project's potential,” Infinity Stone CEO Zayn Kalyan said in a statement.
“The proximity to Li-FT Power's project and their high-grade results from historic channel sampling give us confidence in the potential of the Shorty West project,” Kalyan added.
As per the term sheet, Infinity Stone will receive a 100% interest in and to the project upon paying $17,500 in cash and issuing 600,000 subordinate voting shares of the company to the project vendor.
Infinity Stone said it plans to conduct further exploration and analysis to assess the Shorty West project's potential.
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