The Big Hill is a 7,500ha Lithium-Cesium-Tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, that contains a total of 300 contiguous mineral claims, and four known target areas
Big Hill Lithium Project, Newfoundland, Canada. (Credit: Azincourt Energy Corp.)
Azincourt Energy has signed an option agreement with Atlantis Battery Metals to acquire up to a 75% stake in three exploration licenses, collectively known as the Big Hill Lithium project.
The Big Hill is a 7,500ha Lithium-Cesium-Tantalum (LCT) exploration property located in southwestern Newfoundland, Canada, that contains a total of 300 contiguous mineral claims.
Under the terms of the option agreement, Azincourt can acquire a 60% stake in the project by making cash payments and share issuances and funding certain expenditures for the project.
The company can acquire an additional 15% stake in the project by completing a one-time cash payment, within thirty business days.
If the company chooses to exercise the option to acquire additional interest, the fair market value will be determined by a mutually agreeable independent third-party valuator.
Azincourt Energy president and CEO Alex Klenman said: “The potential at Big Hill is significant. 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.
The Big Hill lithium property is primarily located in the Burgeo granite with large enclaves of older mafic paragneiss, along with numerous granite dykes cutting the Burgeo granite.
The project has four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting.
Known as the River, Road, MK, and Ridge targets, they will focus on the initial exploration, with initial soil and rock assay results and other geological information expected by mid-June.
In addition, extrapolation and evaluation of multiple shear fault orientations provide information that shows potential for lithium-bearing pegmatite mineralisation.
Furthermore, the area around the Big Hill lithium project has seen extensive mineral exploration over the past several decades, said the Canadian company.
Klenman added: “The team at the optionor, Atlantis Battery Metals, has extensive exploration success in the lithium space and will provide ongoing technical support.
“We share the belief that Big Hill is a meaningful exploration opportunity, and their ongoing technical involvement was an important consideration in making the deal.
“We’re excited to utilise their expertise going forward. Overall, this is a great opportunity for Azincourt, and we look forward to announcing immediate exploration plans in the coming weeks.”