Galan Lithium Limited (ASX: GLN) and Redstone Resources (ASX: RDS) have entered into an exclusive binding agreement to acquire 100% of the Camaro-Taiga-Hellcat property blocks collectively covering 5,187ha located in James Bay, which host to several advanced lithium projects and new lithium discoveries in Quebec, Canada.
The joint venture also includes an option to acquire 1,415ha in Ontario’s Electric Avenue near Frontier Lithium’s PAK Lithium Project. All projects will be housed within a 50/50 unincorporated joint venture between the two.
“Galan is very pleased to invest in the world-renowned James Bay Lithium district in Québec, Canada. In joint venture with Redstone, who will be the manager. Galan is very experienced in lithium exploration and looks forward to the joint venture initiating exploration in the region,” Galan’s managing director, Juan Pablo Vargas de la Vega said.
“Securing an option in a premier lithium district of North-West Ontario (is) also pleasing to Galan. Both projects are low entry cost ventures into Canada.”
The 5,187ha James Bay lithium projects are located adjacent to Patriot Battery Metals’ (PMET) Corvette property, approximately 235km east of Radisson, Quebec. The projects contain three property blocks: Taiga, Camaro, and Hellcat. These projects cover 3,850ha and PMET’s newly discovered CV13 pegmatite cluster is located 1.5km north of the Camaro Project.
In addition, Galan and Redstone have secured an option to acquire 100% of the PAK South and PAK Southeast claims located approximately 170km north of Red Lake, Ontario, in the Red Lake Mining Division. The PAK South and PAK Southeast properties cover 1,258ha and 157ha, respectively, and several pegmatite units have been identified in regional mapping by the Ontario Geological Survey (OGS).
Galan and Redstone will form an unincorporated joint venture (JV), with Redstone to be the JV manager. Under the terms of the agreement and the JV, subject to the prior approval of the holders of fully paid ordinary shares on the capital of RDS and within five days of such approval, Redstone will issue to Galan the lower of (i) 50M RDS shares and (ii) that number of RDS shares equal to C$500,000 divided by the volume weighted average price for RDS Shares traded on the ASX for the five trading days prior to the date of such approval.
For further information, please visit: www.galanlithium.com.au & www.redstone.com.au
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