Jun 30 2016
Saint Jean Carbon Inc., a carbon science company engaged in the exploration of natural graphite properties and related carbon products, is pleased to announce the Company has entered into an agreement to acquire the Whabouchi Lithium Project located in the James Bay region of Quebec.
The Property lies approximately 45 kilometres southeast of the village of Nemaska which is linked by a network of all-season roads to the mining centre of Chibougamau, 300 kilometers to the south. The area is also serviced by an airport and a network of high-voltage hydroelectric transmission lines.
Paul Ogilvie, CEO, commented: "We are pleased to add a lithium property with excellent discovery potential to our electric metals portfolio. Graphite is a significant material for energy storage, and lithium is the other side of the demand curve for energy storage. Both materials need to work together as a balanced chemistry; through the charge and discharge cycles as the lithium intercalates with the graphite. The lithium that we hope to find on the property may allow us to test our own materials and further our goal to be a future supplier of minerals to the growing lithium ion battery business".
The Property is comprised of one large block of 80 mineral claims covering 4300 hectares (43.0 km2) located on the southern margin of the volcano-sedimentary Mountain Lake belt. The Property has neighbours Hinterland Metals Inc. (C:HMI news, June 22, 2016) to the north and Durango Resources to the south. The Property is located approximately 15 kilometres southeast of Nemaska Lithium Inc.'s Whabouchi hard-rock (spodumene) lithium project. Nemaska's Whabouchi property contains measured plus indicated resources of 27,991,000 tonnes of 1.57 per cent lithium dioxide (V:NMX news, Jan 15, 2014). Nemaska recently released a positive feasibility study that includes the construction of a mine and concentrator at Whabouchi and a hydrometallurgical plant in Shawinigan, Quebec (V:NMX news, June 9, 2016).
The terms of the purchase of the 80 mineral licenses are a payment of $5,000.00 and the one-time issuance of 2,000,000 shares of the capital stock of the Company to the vendors upon TSX.V approval of the agreement.
The Company will immediately commence a compilation of historic geological data relevant to the Property. A multiphase exploration program on the property will commence in late July or early August, beginning with prospecting for and detailed mapping of exposures of pegmatite granites, to be followed by ground geophysical surveys and then, if the initial rock sampling and geophysical results are favourable, a diamond drilling program.
Christian Derosier, P.Geo., PhD., is the qualified person (QP) as defined in National Instrument 43-101 and, acting on behalf of Saint Jean Carbon, has reviewed and approved the technical content of this news release.
Source: http://www.saintjeancarbon.com/