Solstice Gold Corp. (TSX-V:SGC) has expanded its presence in the Quetico lithium district in northwest Ontario by acquiring a new promising asset.
The company has acquired 31 square kilometres of prospective land for lithium pegmatite exploration.
The Quetico district is gaining prominence due to recent spodumene discoveries in the area, demonstrating high lithium potential, according to Solstice.
Other notable properties in the district include the Georgia Lake Lithium deposit owned by Rock Tech.
The newly acquired Kamuck property is located to the east of these discoveries and features abundant pegmatite with fertility indicator minerals. Recent prospecting in the Kamuck area identified over 80% pegmatite within a promising 50-hectare area with features like coarse-grained plagioclase feldspar and abundant indicator minerals.
No prior exploration or detailed government mapping has been recorded for the Kamuck area, Solstice said.
'Timely visit' confirms hopes
CEO Pablo McDonald told Solstice shareholders that the company had tracked progress in Quetico throughout the past year and saw the focus expand from Georgia Lake to include significant spodumene discoveries to both the east and west.
“A timely field visit of the Kamuck area confirmed the favourable geology and we are looking forward to exploring this new acquisition,” McDonald said.
The addition of the Kamuck property strengthens Solstice's lithium portfolio, complementing the existing SLP Project in the English River Subprovince.
Under the terms of the option agreement with 1544230 Ontario and Gravel Ridge Resources (ASX:RID), Solstice will make cash payments of $10,000 and issue 200,000 shares to the optionors. Additional cash payments of $14,000, $20,000, and $28,000 are to be made by the first, second, and third anniversaries of the agreement, respectively. The optionors will retain a 1.5% net smelter return on the Kamuck project upon exercise of the option, including a 0.5% buyback option for $500,000.
Vancouver-based Solstice is an exploration company with district-scale gold and lithium projects in established mining regions of Canada.