Lightning Minerals Ltd (ASX:L1M) has successfully completed due diligence on its planned acquisition of the Dalmas and Hiver lithium projects in James Bay, Quebec, Canada, and will move to enact exploration plans.
A final definitive acquisition agreement has been executed and completion of the deal is imminent.
The company now turns its attention to Phase 1 work plans which will begin in the coming weeks prior to the onset of snowfall.
Exploration plans
A total of 165 discreet signatures that form seven exploration target areas have been identified across the two project areas — 113 targets at Dalmas and 52 targets at Hiver. This includes target areas of up to 2.7 kilometres in length at Dalmas and 2.1 kilometres long at Hiver.
Plans are underway to complete on-ground reconnaissance works before the end of November at both project areas, following up on seven high-priority target areas identified through multispectral analysis.
The company says the majority of multispectral targets appear to occur in four clustered areas at Dalmas and three at Hiver.
Identifying these target areas was a crucial step in defining a phase 1 work program consisting of rock chip sampling and ground reconnaissance which will focus on the potential identification of lithium-bearing pegmatites.
"Excellent step forward"
Lightning Minerals CEO Alex Biggs said, “Completion of due diligence on the Dalmas and Hiver Projects is an excellent step forward for the company. We now turn our focus to our phase 1 work program on both project areas, further investigating the target areas we have identified through our multispectral analysis works.
“We look forward to adding Dalmas and Hiver to our project portfolio which will give the company ground positions in two of the most promising lithium regions globally.
"The James Bay region is currently the most prolific lithium region on the planet and to acquire assets in such a prospective region is a coup for the company and presents excellent optionality and upside for the business”
Dalmas Project
The Dalmas Project is in the James Bay region of Quebec, about 150 kilometres east of Patriot Battery Metals’ Corvette Lithium Project and 45 kilometres east of Winsome Resources’ Adina Lithium Project.
A total of 113 discrete multispectral signatures have been identified within the Dalmas Project area, which broadly form four clustered areas for follow-up investigation.
These signatures have the potential to represent lithium-caesium-tantalum (LCT) pegmatites. LIghtning will conduct field verification during the phase 1 work program phase.
Hiver Project
The Hiver Project covers 32 square kilometres and is about 4 kilometres from the Trans-Taiga Road highway. The project is adjacent to Megado Resources’ Cyclone Lithium Project and in the proximity of multiple lithium exploration opportunities.
Hiver contains 52 discreet potential pegmatite signatures which have been identified. These broadly form three clustered areas for follow-up investigation.
Previously mapped outcropping pegmatite lithologies occur at one of the three priority areas.