SYDNEY, AUSTRALIA: Olympio Metals Limited (ASX:OLY), a company that explores for critical minerals in Australia and Africa, has announced that it has signed an option to acquire 100% of the Cadillac Lithium Project from Vision Lithium (TSX.V:VLI), a Canadian company that focuses on lithium exploration and development.
The Cadillac Lithium Project is located in the Abitibi Terniscamingue region of Quebec, about 70 km west of Val-d’Or. The project consists of 332 claims covering 190 km2 and hosts several outcropping spodumene-bearing pegmatites, which are a source of lithium. The project is adjacent to the Lixus and Rissana offshore licences, which contain the significant Anchois gas discovery and development project.
Vision Lithium has completed 35 holes for 4,597 metres on the project and identified multiple low-risk gas prospects with high-grade lithium values. The best drill results include 3.14% Li2O over 4.5 metres and 2.67% Li2O over 6.0 metres. Vision Lithium has also used LiDAR to identify over 500 potential pegmatite targets on the project.
Under the terms of the option agreement, Olympio Metals can acquire 100% of the Cadillac Lithium Project by issuing new shares to Vision Lithium equivalent to 19.9% of its issued capital. The option is valid for six months and is subject to due diligence and regulatory approvals. Vision Lithium will also have the right to nominate one director to Olympio Metals’ board.
Olympio Metals’ Managing Director, Sean Delaney, commented: “Olympia was attracted to the Cadillac Project not only because of the outcropping spodumene-bearing pegmatites at surface, but more importantly in the drilling completed and reported by Vision Lithium. The lithium grades at surface from the channel sampling and in the drill core at depth shows the project has potential for bulk tonnage spodumene mineralisation. Quebec is shaping up as globally significant for lithium exploration. We are excited to have acquired a project of this quality and welcome Vision Lithium as a significant shareholder.”
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