- Cullinan Metals (CSE:CMT) is set to acquire 100 per cent interest in lithium mineral properties in Quebec
- The company previously entered into a letter of intent to acquire the properties
- Under the terms of the letter of intent, Cullinan Metals has the right to conduct a full due diligence investigation on the properties
- Shares of Cullinan Metals are down 3.33 per cent to C$0.29 as of 9:43 a.m. ET
Cullinan Metals (CSE:CMT) is officially set to acquire 100 per cent interest in several lithium mineral properties in Quebec.
In a news release, the Vancouver-based company stated it had previously entered into a letter of intent back in July to acquire the properties known as James Bay Pegmatite, James Bay Spodume, VS Lithium, VN Lithium and Wells Lake.
Under the terms of the agreement, Cullinan Metals will have the right to first conduct a full due diligence investigation on the properties, including undertaking preliminary sampling and exploration work as allowed by applicable mining laws.
“With all the discoveries in the James Bay region and established lithium deposits in the Abitibi area, we wanted our shareholders to have exposure in this area,” Marc Enright-Morin, CEO of Cullinan Metals, said in a statement.
The company said the James Bay Pegmatite and James Bay Spodumene properties are in the Superior geological province.
Meanwhile, the VS Lithium and VN Lithium are on the Archean Preissac-Lacorne batholith.
Cullinan Metals is focused on the development of energy metals., including copper, graphite and lithium assets.
Shares of Cullinan Metals are down 3.33 per cent to C$0.29 as of 9:43 a.m. ET.
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