Cosmos Exploration acquires lithium project near Patriot Battery Metals’ discovery in Canada
Cosmos’ new project is 20km east of Patriot Battery Metals’ CV5 discovery in Quebec’s James Bay lithium province.
Cosmos Exploration (ASX: C1X) has struck a deal to acquire the Corvette Far East Lithium project in Canada’s fast-emerging James Bay lithium province.
The Perth-based explorer has reached an agreement with a consortium of private prospectors to acquire the project for $300,000 in cash plus 4.5 million Cosmos shares and 1 million performance rights.
Cosmos is also raising $2.14 million through a share placement at $0.16 each, with both the Corvette acquisition and the raising subject to shareholder approval in February next year.
Close to ‘world-class lithium discovery
Cosmos said the Corvette Far East project represented a “significant addition” to its existing portfolio of drill-ready nickel-copper-platinum group element and gold projects in WA and NSW.
Corvette Far East is only 20km east of Patriot Battery Metals’ (ASX: PMT) CV5 discovery within its Corvette project, which Cosmos describes as “world-class”.
Cosmos’ new project also lies within the same greenstone belt as Patriot’s discovery. It is underexplored and host to large scale-mapped pegmatites and is believed prospective for lithium over 15km of strike.
The company has interpreted the prospective greenstone host rocks within Corvette Far East to represent a ‘dismembered’ section of the exact same greenstone belt that hosts Patriot’s CV5 discovery where recent drill intercepts of up to 159m at 1.6% lithium have been recorded.
‘Exceptional’ acquisition
Cosmos executive chairman Jeremy Robinson says Corvette Far East represents an “exceptional acquisition” and adds further weight to the company’s existing portfolio.
“The project is strategically located along strike from North America’s largest lithium project, in the heart of one of the world’s most exciting and fastest growing lithium provinces,” he said.
“We look forward to exploring and drilling at this project next year following on from our maiden drill program at Orange East in NSW early next year.”