MAX Power Mining Corp. has acquired a significant block totaling 100 km2 (247 claims) that is adjacent to Eureka Lithium and Orford Mining, increasing its footprint in the Raglan West Lithium Camp in Nunavik, northern Quebec, by more than 80%. The community of Salluit, Quebec, is located about 30 km to the southwest of this area.
Raglan West Lithium Property Map, Quebec, Canada. Image Credit: Max Power Mining Corp
Notably, these claims, which are now 100% owned by MAX Power, were staked in early February 2023 by a Shawn Ryan-led syndicate, immediately after Orford Mining started a rush for claims with its “Radiant Property” claims (126 km2), which featured numerous pegmatite dykes and unusually high lithium and cesium values in lake sediments that were in the 99th percentile for Quebec according to the Quebec government database.
The top third of Quebec is covered by Nunavik, which is gaining attention for its high-grade lithium potential outside of the Cape Smith Belt prospective for nickel, gold, and copper and where exploration, including MAX’s recently launched field program, is not affected by the forest fire situation affecting the James Bay district.
Glencore has one of the top nickel mines in the world (Raglan) within this belt, highlighting Nunavik’s geological promise, while privately-owned KoBold Metals, which just received $195 million (US), is also actively looking for battery metals currently.
Raglan West Lithium Camp
In the Raglan West Lithium Camp, where there is a significant lithium-cesium geochemical anomaly and an abundance of historically mapped but untested pegmatites that are trending north and northeast, MAX Power now fully owns two major claim blocks totaling 222 total km2.
On Orford’s Radiant Property, the number of high-priority prospects with lithium pegmatite potential has tripled, according to preliminary data from a recent remote sensing data program, the findings of which were announced on June 16th, 2023.
This new claim block acquisition includes multiple historic pegmatite showings as well as favorable geology, structure, and geochemistry. Combined with the eastern block, MAX Power is a major force in the emerging Raglan West Lithium Camp where we will have boots on the ground shortly.
Peter Lauder, Senior Geologist and Exploration Manager, MAX Power Mining Corp.
Acquisition Details
With a consortium of six sellers led by Shawn Ryan and others, the company entered into a purchase and sale agreement for 100% of the property in exchange for 1 million common shares and $66,960 in cash.
In addition, Shawn Ryan has been given a 1% net smelter royalty (NSR) by the company in connection with the property. According to applicable Canadian securities rules, there is a four-month hold period on all common shares issued in connection with the agreement. All agreements are subject to Canadian Securities Exchange clearance.
According to the Agreement, the Vendor will get the following bonus shares:
- If a drill hole in the 2023 drill program at Raglan West encounters a core length of at least 100 meters grading at least 2.0% Li2O, the company will pay a one-time bonus of 1,000,000 share
- 500,000 share one-time bonus payment if a drill hole in the 2023 drill program at Raglan West encounters a core length of at least 50 meters grading at least 1.5% Li2O, independent from the aforementioned 100-meter core length
Source: https://www.maxpowermining.com/