The property is easily accessed less than 20km South of the Northern Trans-Canada highway between Rouyn-Noranda and Val d'Or in the heart of the Abitibi mining region in northwestern Quebec, Canada
Vision Lithium options Cadillac lithium property to ASX-listed Olympio Metals. (Credit: Finnrich from Pixabay)
Vision Lithium Inc. (TSXV: VLI) (OTCQB: ABEPF) (FSE: 1AJ2) (the “Company” or “Vision Lithium”) reports that it has signed an option agreement (“Agreement”) with Olympio Metals (ASX: OLY) (“Olympio”) of West Perth, Australia whereas Olympio can acquire an undivided 100% interest in the Cadillac Lithium property over a one-year period. The property is easily accessed less than 20km South of the Northern Trans-Canada highway between Rouyn-Noranda and Val d’Or in the heart of the Abitibi mining region in northwestern Quebec, Canada.
Yves Rougerie, President & CEO of Vision Lithium comments: “We are very pleased to partner with Olympio Metals to advance the Cadillac project. The known mineralized lithium dikes on the property exhibit good continuity and grade which suggests excellent potential for positive results from additional drilling as well as new discoveries elsewhere on this very large property. Its location in the heart of the Quebec Abitibi mining region is also a distinct advantage whereby exploration costs will be much lower than more northern projects.”
Subject to the terms and conditions of the Option Agreement, Olympio Metals agrees to pay the following consideration to Vision Lithium for the acquisition of the Assets under the Option:
Upfront consideration of:
- C$500,000 in cash; and
- 10,000,000 fully paid ordinary shares of Olympio Metals to be paid and issued within 5 Business Days after the receipt of the approvals; and
- C$500,000 in cash to be paid within 30 days of the Approval Date.
The following amounts to be paid and/or expended before one year:
- C$500,000 in cash; and
- a further C$500,000 in cash (as further reimbursement for exploration expenditure incurred by Vision Lithium during the period of its ownership of the Property); and
- Olympio having incurred at least C$500,000 in Expenditures on the Property during the Option Period.
The Agreement is subject to Olympio fulfilling all their financial and other obligations set out within the Agreement, Olympio will only then own 100% of the Assets.
The Cadillac Lithium property hosts a series of close-spaced, steeply dipping sub-parallel spodumene/lithium bearing dikes in the northern part of a 190 km2 property. First time drilling in 2022 demonstrated strike and depth continuity of the known dikes and returned high grade intercepts up to 2.13% Li2O over 3.0m and 1.00% Li2O over 6.4m. Groundwork also discovered several more sub-parallel dikes in the same cluster that have yet to be explored and drilled. First year greenfield lithium exploration on this very large property in 2022 targeted many of the 500+ LiDAR-interpreted linear structures that may represent pegmatite dikes. Several areas of interest were tagged for follow-up work in 2023 and more ground proofing has yet to be done property wide.
This agreement will allow Vision to concentrate on its other major lithium exploration properties, the Sirmac property in Northern Quebec near Sayona’s Moblan deposit, and the Godslith property in Northern Manitoba. Both host impressive mineralized lithium bearing dikes with strong economic potential. Vision published an NI 43-101 PEA for the Sirmac property in February 2023 and will concentrate on this project going forward in 2023.
Source: Company Press Release