- Azincourt Energy (TSXV:AAZ) enters into option agreement for the Big Hill Lithium Project in Newfoundland
- The company entered into an option agreement with Atlantis Battery Metals where it has been granted the option to acquire up to a 75 per cent interest in the property
- This includes three exploration licenses spanning 300 contiguous mineral claims
- The Big Hill Lithium Project is a 7,500 hectare lithium cesium-tantalum exploration property along the Hermitage Flexure
- Shares of Azincourt Energy (AAZ) are unchanged at C$0.04
Azincourt Energy (AAZ) has entered into an option agreement for the Big Hill Lithium Project in Newfoundland.
The company entered into an option agreement with Atlantis Battery Metals, which will acquire up to a 75 per cent interest in the property.
This includes three exploration licenses spanning 300 contiguous mineral claims within the property.
The Big Hill Lithium Project is a 7,500 hectare lithium-cesium-tantalum exploration property along Newfoundland’s Hermitage Flexure.
“The area is underexplored for lithium, and thanks to the highly impactful Kraken find we feel it’s extremely prospective for additional, substantial discoveries. The project has size, numerous priority targets, and the potential for many more. With year-round access this project gives us the ability to be active outside of our normal, limited, winter drilling window at the East Preston uranium project in Saskatchewan,” Alex Klenman, CEO of Azincourt, said in a press release.
The company will acquire up to 60 per cent interest in the property by completing a series of cash payments and share issuances. The company will also be required to incur certain expenditures on the property.
The company will then have the option to acquire an additional 15 per cent interest in the property by completing a one-time cash payment equivalent to the fair market value of the interest at the time.
The property sits roughly five kilometres south of the Benton/Sokoman JV partnership discovery of the Kraken Lithium Pegmatite Field.
The Kraken Lithium Pegmatite Field features a range of granitic dykes and unmapped pegmatites in different rock types with a strike length of up to 40 kilometres.
Meanwhile, the Big Hill Lithium Project has numerous granite dykes that can be seen cutting the Burgeo granite.
Recent prospecting has identified four known target areas with structural disaggregation of stratigraphic blocks and apparent folding and late shear faulting.
Shares of Azincourt Energy (AAZ) are unchanged at C$0.04.