Idaho Champion Gold Mines Inc (CSE:ITKO, OTCQB:GLDRF) Gold Mines Inc said it has signed binding Letters of Intent (LOIs) to acquire prospective properties in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec.
The company said the prospective properties are adjacent to the previously acquired Blanche and Charles Projects and comprise 235 claims.
"We have received valuable feedback from the recently completed desktop study of Blanche and Charles, which prompted our pursuit to increase our land package in the area. The new properties include prospective exploration targets which will be worked into our exploration plans for 2023," Jonathan Buick, Idaho Champion Gold Mines president and CEO said in a statement.
READ: Idaho Champion completes work program at lithium projects in Quebec’s pegmatite-rich James Bay district
“Armed with a contiguous large position along the La Grande Greenstone belt, rich in lithium pegmatites, we believe we now have an immediate opportunity for a discovery of magnitude," he added.
Idaho Champion Gold Mines now controls 522 contiguous claims covering 283.13 square kilometres (km2) in the La Grande Greenstone Belt, rich in lithium pegmatite and including Patriot Battery Metals' Corvette Project which recently intersected 156.9m at 2.12% lithium oxide (Li2O) - 176.4m to 333.4m - including 25.0m at 5.04% Li2O or 5.0m at 6.36% Li2O.
As part of the letters of intent, Idaho Champion will acquire 235 claims for cash consideration of $70,000, 7.5 million common shares of the company, and 250,000 warrants priced at C$0.15 for two years from the date of signing of the definitive purchase and sale agreement and claims transfer. The vendors will retain a 2% net smelter royalty. The company has the option to repurchase 1% of the net smelter royalty from the vendors for $1 million.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective cobalt properties located in Idaho, United States and lithium properties in Quebec, Canada.
Contact the author at jon.hopkins@proactiveinvestors.com