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Idaho Champion Goes Full Battery Acquiring Lithium Projects in James Bay Region

Sep 20, 2022

Idaho Champion has entered into a binding memorandum of understanding with Quebec Precious Metals Corporation to acquire a 100% interest in two prospective lithium pegmatite projects in the Eeyou Istchee James Bay territory of Quebec.

The Projects (covering approximately 162 km2) include historic findings of pegmatite and sit to the north of the Patriot Battery Metals' ("Patriot") Corvette project (recently intersected intervals included 1.25% Li2O and 118 ppm Ta2O5 over 96m (CV22-035); see Patriot's news release dated July 28, 2022) and also located in close proximity to infrastructure in a developing potential lithium pegmatite district that has shown high prospectivity for lithium mineral resources.* The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties, and proximity to projects containing lithium resources offers no assurance that the rock types or lithium resources reported by Patriot and others extend onto the Projects and such proximity is not necessarily indicative of the mineralization reported by third parties with projects in the district.

Together with its existing Cobalt assets located in Idaho, this pending acquisition pivots Idaho Champion's strategy to focus on making a meaningful impact in the North American battery metals sector.

"Battery makers worldwide face significant challenges in order to meet the extraordinary demand and technological advances ahead of the 2035 EV mandates. Combined with the geopolitical climate, we are presented with an excellent opportunity to aggressively uncover materials important to meet these demands," stated Jonathan Buick, President and CEO. "The Blanche and Charles projects place the Company right in the mix within a fast-growing lithium pegmatite district. The projects were originally explored for precious and base metals, but more recently, evidence of pegmatites has led to a re-assessment of the lithium discovery potential that warrants more work. Additionally, we would like to welcome QPM as cornerstone shareholders with approximately 7.4% of our outstanding shares post-transaction. We look forward to exploring these assets together."

*James Bay Lithium - (Indicated Mineral Resource: 40.33 million tonnes grading 1.4% Li2O), owned by Allkem Limited (NI 43-101 Technical Report, Feasibility Study, James Bay Lithium Project Québec, Canada, by G Mining Services, January 11, 2022); Rose - (Probable reserves: 26.3 million tonnes grading 0.87% Li2O and 138 ppm Ta2O5), owned by Critical Elements Lithium Corporation (Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022); Whabouchi - (Measured and Indicated "in Pit" Mineral Resource: 37.356 million tonnes grading 1.48% Li2O), owned by Livent Corporation and Investissment Québec. (NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018).

QPM's Chief Executive Officer, Normand Champigny commented: "The Projects are clearly underexplored for lithium. In light of the recent discoveries in the area, we welcome the opportunity to become a significant shareholder of Idaho Champion while working with them to become successful explorers in the James Bay region. This transaction is consistent with our strategy to monetize non-core assets."


Tags: Quebec / Deals & Financial / Battery Metals / All Articles