Infinity Stone Ventures Corp (CSE:GEMS) said it has entered into an option agreement to acquire a 100% interest in the Taiga Lithium Project adjacent to Patriot Battery Metals’ Corvette lithium discovery in the James Bay region of Quebec, Canada.
The company said the Taiga project has four mapped pegmatites, with the largest measuring over 900 square metres (m) in size.
Samples taken from Patriot Battery Metals’ Corvette property, located approximately 1,400 m north of the Taiga property, averaged 4.6% lithium oxide (Li2O).
READ: Infinity Stone Ventures closes first tranche of financing for exploration on its Canadian energy metals portfolio
The addition of the Taiga lithium project brings Infinity Stone’s total land position in the area, being the Camaro project, to 1,282 hectares.
Infinity Stone executive chairman Michael Townsend said the company is excited to further increase its position in the rapidly expanding James Bay lithium district.
“Our team is hopeful that the identified LCT (lithium-cesium-tantalum) pegmatite trend in the corridor presents a number of occurrences trending northeast to southwest," Townsend said.
"The Taiga Lithium Project is strategically positioned with existing mapped pegmatites that present significant discovery potential given recent developments from other operators in the region.”
Option terms
Under the agreement, Infinity Stone has the option to acquire the 100% interest in the Taiga project from optionors Andrew Sostad and Christopher Sostad according to the following terms:
- cash payments totalling $305,000 in installments over three years;
- issuing a total of 3,000,000 Class A Subordinate Voting Shares of the company in tranches over the course of seven months;
- incurring a total of $550,000 in exploration expenditures over three years; and
- issuing, upon execution, a total of 1,500,000 share purchase warrants, 750,000 of which are exercisable at a price of $0.30, and another 750,000 exercisable at a price of $0.40, vesting over a period of seven months. The warrants are exercisable for three years from the applicable vesting date.
Upon completing the above terms, the company will grant the optionors a 2% net smelter returns royalty, with the company retaining the right to buy back half, or 1%, of the royalty for $1,000,000.
Infinity Stone’s mission is to be a diversified, single-source supplier for the critical energy metals being used in the clean energy revolution alongside its established Software-as-a-Service (Saas) solution portfolio.
Contact the author at emily.jarvie@proactiveinvestors.com
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