Musk Metals Acquires Pontax South and Ile Interdite Lithium Properties, Canada
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Canadian company Musk Metals has agreed to acquire two lithium properties strategically located in James Bay, Quebec, from two undisclosed vendors.
The transaction involves the Pontax South and Ile Interdite properties.
Under the deal, Musk Metals will acquire the two lithium properties by making a $50,000 (C$66,000) cash payment to the arm’s length vendors upon the closing of the next hard dollar financing.
Musk Metals will also issue 1.5 million of its common shares to each of the two vendors, as well as grant a 2 percent underlying royalty.
The Pontax South property comprises 105 claims covering 5,603 hectares (ha) and is located immediately adjacent to the south of the Li-Ft Power-owned Pontax project, which comprises the extensive lithium anomaly.
The Ile Interdite property comprises 20 claims covering a total area of 1,089ha. It extends more than 5km along the Nottaway River Shear Zone.
“The Ile Interdite property hosts an important beryl showing that was identified in the 1960s by the same group of Quebec government geologists who reported spodumene at both Whabouchi and Cyr deposit’s locations. Beryl is a relatively rare pathfinder mineral for lithium, often observed in pegmatites. At Ile Interdite, beryl is disseminated in a pegmatite,” Musk Metals said in a statement.
Subject to applicable regulatory approvals, the transaction is due to be closed no later than 31 July 2023.
Appointment of Benoit Moreau as VP Exploration
Musk Metals has retained Benoit Moreau, as its VP of Exploration to oversee exploration initiatives for its portfolio of highly prospective, discovery stage mineral properties. Benoit Moreau, P.Eng., holds a B.Sc. in geology from the Université de Montréal, a B.Eng. (mining) from École Polytechnique (Montréal) and a MBA from the Université du Québec. Moreau has more than three decades of various experience in exploration, project development and process engineering as well as asset evaluation and acquisitions. Over the last 15 years, Moreau was mostly involved in strategic and critical minerals such as Rare Earths, Graphite, Tin, Tungsten, and Lithium.
Musk Metals is an exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada’s top mining jurisdictions. The company’s properties are in the Allison Lake Batholith of Northwestern Ontario, and the Chapais-Chibougamau, Abitibi, and James Bay regions of Quebec.
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