Fabled Copper Corp announced that it has entered into definitive option agreements to acquire the Ohm and Volt 1 lithium properties in Quebec.
The agreements are set to close on June 28, 2023, marking a significant step forward for the company's expansion plans.
The Ohm property spans 2,856 hectares and is located approximately 70 kilometers south of Val D'Or, with easy access from the main highway and forestry roads.
According to Fabled Copper, the property exhibits significant potential for lithium exploration, with at least 10 pegmatite outcrops documented by the vendors.
Fabled plans to initiate mapping, prospecting, and sampling activities once the northern Quebec fire restrictions are lifted. The results will inform a comprehensive exploration program focused on the identified lithium-bearing pegmatites.
In parallel, Fabled is also acquiring the Volt 1 property, comprised of nine contiguous cells totaling 504 hectares.
Situated east of the village of Miquelon, Quebec, and adjacent to Mosaic Minerals Lithium SM project, the Volt 1 property displays geological features associated with lithium anomalies within pegmatites, Fabled told shareholders.
Access is facilitated by the development of logging roads in recent years, the company noted.
Deal terms
Under the terms of the agreements, Fabled will make cash payments and issue common shares to the vendors totaling $500,000 for Ohm and $1.2 million for Volt.
The company will also assume responsibility for exploration expenses within specified timeframes. In addition, Fabled will grant a 3% net smelter return (NSR) royalty to the vendors, with an option to purchase 2% of the NSR royalty at any time for $2 million.
Vancouver, BC-based Fabled’s current property package consists of the Muskwa project and the Bronson property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
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