Petrolympic is among public companies aggressively and systematically conducting grassroots exploration for lithium in Canada using state-of-the-art exploration technology to identify high-potential targets
Petrolympic acquires new Lithium Properties in Québec. (Credit: Albert Hyseni on Unsplash)
Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to announce it has acquired 52 mining claims covering about 6,981 acres (2,825 hectares), adjacent to the eastern edge of the Moblan Deposit owned by Sayona Mining Limited. These claims are located in the James Bay-Eeyou Istchee area of Quebec, approximately 125 km North of the town of Chibougamau, Quebec, Canada and are accessible year-round by the Route du Nord. This new project is located in a proven lithium mining province which hosts established, world-class lithium resources including the Whabouchi mine to the North and the North American Lithium project to the South.
The first group of claims is called the Li-1 Property. It is part of the Troilus Belt and consists of two blocks totalling 24 claims. Contiguous to the Li-1 Property are the Troilus Lithium Project (wholly owned by Q One Mining, under option by Liatam Mining from Australia), the Troilus Gold property recently sold to Sayona Mining for $40 million (press release November 16, 2022) and the Moblan Lithium Property owned by Sayona Mining, the latter having a resource estimate of 12.03 Mt @ 1.4% Li2O (not 51-101 compliant).
The second group of claims is called the Li-2 Property and consists of 28 claims. It is adjacent to a project currently developed by Brunswick Exploration. It is located South of the Whabouchi lithium project, which is expected to be one of the richest lithium spodumene deposits in the world, both in terms of volume and grade. The project is being developed by Nemaska Lithium as an open-pit and underground operation.
Regional efforts are currently underway to develop the area as a lithium hub in Northern Quebec, with the strong support of Quebec’s governmental Plan for the Development of Critical and Strategic Minerals. Furthermore, it benefits from strong infrastructures and its development is well advanced compared to other areas evaluated for lithium.
Both Properties are located in the western Superior Province and lie within the eastern part of the Opatica Sub-province, in the Archaean Frotet-Evans greenstone belt. The initial phase of our exploration program, which we plan to start as soon as access conditions will allow us, will focus on mapping the presence of lithium-bearing pegmatites in the Properties. Pegmatite dykes have already been historically mapped within the Li-2 Property area and are described associated with granites and paragneiss.
The Company is determined to build an extensive portfolio of mining properties focused on strategic minerals, particularly lithium. With the addition of these two properties Petrolympic now holds 200 claims prospective for lithium in Quebec, covering approximately 28,063 acres (11,357 hectares) divided into 2 separate projects (Abitibi and Troilus). Other projects may be added to this portfolio in the future.
Source: Company Press Release