- Battery Metals Corp. (CSE:FE) has commenced its 2024 winter diamond drilling program at the Augustus lithium property in Québec
- The initial phase of the drill program will consist of 1,000 to 1,500 metres of diamond drilling, with plans to extend meterage based on receiving additional drill permits
- The 2024 drilling program will focus on step-out drilling at the main Augustus zone to further expand its footprint and explore newly identified targets
- FE Battery Metals stock (CSE:FE) last traded at $0.060
FE Battery Metals Corp. (CSE:FE) has commenced its 2024 winter diamond drilling program at the Augustus lithium property in Québec.
In a news release, the team said the initial phase of the drill program, contracted to Forage Pelletier Ltd. of Chapais, will consist of 1,000 to 1,500 metres of diamond drilling, with plans to extend meterage based on receiving additional drill permits.
The 2024 drilling program will focus on step-out drilling at the main Augustus zone to further expand its footprint and explore newly identified targets near the North American Lithium Mine owned by Sayona Mining. These new targets were identified through high-resolution magnetic airborne surveys and on-the-ground prospecting.
The company has also signed an option agreement on the Lac Coulombe property to acquire 89 mineral claims, covering 53.36 square kms of land located approximately 100 km south of Québec City.
Transaction details
Under the Lac Coulombe option agreement, the company holds an option to acquire a total interest in the mining claims by completing the following:
- Issuing the following common shares in its capital stock to the optionor, subject to the approval of the regulatory bodies as follows:
- 250,000 shares, issued upon the execution of the option agreement
- An additional 750,000 shares issued on or before the first anniversary
- The company incurring the following exploration expenditures on the property as follows:
- $250,000 on or before the first anniversary of the deal
- An additional $1,250,000 on or before the second anniversary of the Effective Date
The optioner will hold a 1.0 per cent GMR from any future production.
The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the Canadian Securities Exchange.
About the Augustus lithium property
FE holds a 100 per cent interest in the Augustus lithium property, located in the Landrienne and Lacorne townships in Québec. The property spans more than 150 square kms, consisting of more than 750 mining claims situated approximately km northwest of Val d’Or. The company has completed extensive exploration activities, including diamond drilling, metallurgical test work, airborne and ground geophysical surveys, and geochemical sampling on the property.
About FE Battery Metals
FE Battery Metals Corp. focuses its work on identifying, exploring, and advancing early-stage lithium pegmatite projects in Canada. The Augustus property is the company’s flagship asset located nearby Val d’Or, where historical prospects and a previously active lithium mine have been mapped.
FE Battery Metals stock (CSE:FE) last traded at $0.060.
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(Top photo via FE Battery Metals.)