Cosmos picks up new Canadian lithium project along strike from Patriot Battery Metals
Cosmos has picked up the highly prospective Corvette Far East Lithium Project in James Bay, Quebec, for cash and shares.
The company says the project is an outstanding addition to its portfolio, being just 20km along trend from Patriot Battery Metals (ASX:PMT) Corvette (CV5) lithium discovery where recent drill intercepts of up to 159m at 1.6% Li2O have been announced.
The project is also within the same greenstone belt, where historic large-scale mapped pegmatites remain unexplored, and is prospective for lithium over 15km of strike.
Cosmos Exploration (ASX:C1X) will now undertake a conditional $2.14M placement at $0.16 to underpin the acquisition.
The company is confident there are favourable geological structures for further lithium discoveries in the region.
“This is an exceptional acquisition for Cosmos shareholders which adds further significant weight to our exploration portfolio,” executive chairman Jeremy Robinson said.
“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.
“We look forward to exploring and drilling at this project next year following on from our maiden drill program at Orange East.
“With the addition of Corvette Far East, we now have three exceptional exploration opportunities, each of which is capable of delivering transformational discoveries for our shareholders.”
Conditional to the approval of the project acquisition, experienced geologist and vendor Leo Horn will join the Board of Cosmos, adding further technical and geological capability to the company.
The Project represents a significant addition to the company’s existing exploration portfolio, which includes the drill-ready Byro East Nickel-Copper-PGE Project in WA and the Orange East Gold Project in the Lachlan Fold Belt in NSW.
Cosmos intends to initiate exploration activities at Corvette Far East in the New Year, with a view to establishing drill targets for a maiden drill program commencing in the Spring.
This article was developed in collaboration with Cosmos Exploration Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.