Intra Energy Corporation Ltd (ASX:IEC) is set to kick off geological mapping and sampling at its Llama Lithium Project in the highly prospective James Bay Lithium District in Quebec, Canada, after completing a $3.6 million capital raising announced in May.
The company plans to use high-resolution aerial imagery and magnetics to define high-quality targets for diamond drilling later in the exploration campaign which will come hot on the heels of completing its acquisition of 100% of the project.
IEC has issued 720 million shares at a $0.005 per share with the placement including a one-for-two free-attaching option exercisable at A$0.015 and expiring 24 months from the issue date.
Wentworth Securities acted as lead manager to the raise.
About Llama Project
The Llama Lithium Project comprises 123 wholly-owned mineral claims for 63 square kilometres of outcropping pegmatites in a region that hosts a number of other lithium deposits at various stages of development.
There are no historical records of geological exploration on Llama but DG Resource Management previously identified the project as being prospective for lithium after reviewing the region's pegmatite occurrences within favourable host rocks.
Llama Lithium Project location map.
About the company
Intra Energy is an environmentally responsible, diversified mining and energy group with a focus on battery, base and precious metals exploration to support a cleaner energy future.
Apart from the Llama Project, the company is focused on the development of the Yalgarra Project, a 70%-owned joint venture exploring for nickel-copper-cobalt-PGE mineralisation near Kalbarri in Western Australia.