Intra Energy Corporation Limited (ASX:IEC) (“IEC” or the “Company”), is thrilled to announce its latest acquisition. The Company has secured a binding agreement to take 100% ownership of 12 mineral claims, collectively spanning 12km^2. These new claims are situated immediately adjacent to the Company’s current Llama Lithium Project in the burgeoning James Bay region of Québec, Canada.
Expansion in the James Bay Region: The newly acquired claims are located in the James Bay area, a region that is quickly gaining reputation as a hub for hard rock lithium exploration.
Increased Project Coverage: These new claims are immediately adjacent to the Company's existing Llama Lithium Project. This acquisition amplifies the total ground coverage of the Llama Lithium Project to an impressive 75km^2.
Acquisition from Trusted Partner: The new claims are a purchase from the esteemed Canadian Mining House (CMH), based on a recommendation from Dahrouge Geological Services (DGS), IEC’s trusted geological services partner.
It's noteworthy that while there has been limited historical exploration within the area encompassing the new claims, no prior lithium exploration is known to have taken place on the property. Investors keen on understanding the potential prospectivity of the region are referred to IEC's announcement from 8 August 2023 for a comprehensive description.
The Company is excited about this expansion and continues to be optimistic about the potential that the James Bay region holds for hard rock lithium exploration. IEC is committed to sustainable and innovative exploration endeavors and this acquisition underscores that commitment.
The consideration for the acquisition comprises:
- a cash payment of C$120,000; and
- the issue of 40,000,000 fully paid ordinary shares in IEC (“Consideration Shares”).
IEC Managing Director, Benjamin Dunn, commented:
“The acquisition of these claims are a strategic addition for IEC and bolster our exploration plans and ground position in the James Bay Region of Canada. The proximity of the new claims to our existing land package and the potential continuation of the geology was too exciting an opportunity for us to pass up and we think as we investigate these opportunities further they will help drive shareholder interest and value.”
Intra Energy Corporation (ASX: IEC) is an environmentally responsible, diversified mining and energy group with a core focus on battery, base and precious metals exploration to support the global decarbonisation and electrification for the clean energy future.