Published: September 20, 2022 |

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

The projects (covering approximately 162 km) include historic findings of pegmatite and sit to the north of the Patriot Battery Metals’ Corvette project, 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.

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,” said 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,” added Buick.

“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,” said QPM’s Chief Executive Officer, Normand Champigny.

Blanche Project

Blanche is comprised of 256 claims totaling approximately 130 km. The project lies within a volcano-sedimentary belt striking ENE. The Blanche project is mainly composed of a broad east-northeast trending mafic band, interpreted as an metamorphosed basalt hosted within tonalitic rocks and interbedded with narrow sections of magnesian basalt and komatiites, iron formations (silicate and/or oxidized facies) and metasedimentary rocks.

The project is bordered to the south and north by felsic intrusive rocks, which have been described as hornblende-biotite tonalite, and tonalitic gneiss, tonalite, granodiorite and quartz monzogranite in the north. The metamorphic grade ranges from upper greenschist facies to middle amphibolite facies.

Charles Project

The Charles project is comprised of 61 claims covering approximately 31 km. Less is known about this project, but the area exhibits variable topography, ranging from slightly to very hilly. Several hills associated with felsic intrusives and iron formations are present and have been shaped by glaciers that had an ENE-WSW direction. A number of outcrops are exposed. Within the northern and central parts of this project, there is a thick glacial sediments containing boulders of granite and pegmatite.

About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused gold exploration company that is committed to advancing its 100 percent owned highly prospective mineral properties located in Idaho, United States. Idaho Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder, and a contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.

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