Jul 27 2022Reviewed by Alex Smith
Petrolympic Ltd., a Junior Canadian gold mining and oil and gas company, declared that it has entered into an option purchase agreement with Mr. Glenn Griesbach to obtain a wholly-owned interest in the Basserode Lithium and Fournière Lithium properties.
These properties are situated in the rising Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec.
The Basserode Property comprises 123 claims spanning around 7,092.8 hectares (70.1 km2). It is situated 70 km southwest of the city of Val-d’Or and 30 km south of the city of Rouyn-Noranda, and covers parts of the Basserode, Bellecombe, and Caire townships.
The Fournière Property has 25 claims spanning 1,440.9 hectares (14.4 km2). It is situated 25 km southwest of the city of Val-d’Or and belongs to the Desroberts and Fournière townships. However, both Properties are covered by a network of trails and logging roads, enabling good access and efficient exploration with decreased exploration charges.
The Basserode and Fournière Properties come under the quickly rising Cadillac-Pontiac lithium belt, where huge properties have been assembled in recent times by companies like Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc.
The Properties are embedded in a highly beneficial geological context for lithium exploration in the geological Pontiac Sub-province, which is situated south of the Abitibi Greenstone Belt and has been limited by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south.
Conventionally, there has been minimal exploration work performed in the rocks of the Pontiac, as attention has historically been on the gold and volcanogenic-type base metal deposits discovered in the adjoining Abitibi Greenstone Belt.
The Pontiac comprises approximately equal amounts of metasediments and several plutons and batholiths. Lithium mineralization has been determined at various sites in the Pontiac, inside spodumene-bearing pegmatites dykes that tend to cut both the intrusive rocks and metasediments.
In opposition to other sources of lithium like clays and brines, spodumene-bearing pegmatites consist of higher-grade lithium deposits having lower levels of impurities and more metallurgical processes in a simple manner.
Preliminary discussions are ongoing for a Phase 1 exploration program to determine prospective pegmatite dykes. This consists of a suggested high-definition magnetic and radiometric survey in conjunction with an interpretive survey using high-definition LIDAR data, to be tracked by mapping, prospecting, and rock sampling surveys.
In accordance with the Agreement, the Company could obtain a 100% interest in the claims that consist of the Basserode and Fournière properties by (i) creating aggregate cash payments of $35,000 more than one year; (ii) issuing an aggregate of 1,000,000 common shares of the Company over one year.
Also by (iii) issuing 500,000 common share purchase warrants of the Purchaser to the Optionor at the next flow-through financing (if such financing happens) at the same strike price and conditions as for the investors in such flow-through financing.
On exercising the Option by the Company, the Optionor will maintain a 2.0% net smelter returns royalty on the two properties, 1.0% of which might be purchased by the Company for $1,000,000.
Petrolympic is pleased to add the Basserode and Fournière lithium Properties to our expanding portfolio of potentially highly rewarding exploration projects in Quebec.
Mendel Ekstein, CEO, Petrolympic Ltd.