Recharge has expanded its James Bay lithium holdings, snapping up the 107km2 Wapistan project. Pic via Getty Images.
Recharge expands its James Bay lithium holdings with Wapistan acquisition
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Recharge has expanded its landholding in the emerging James Bay lithium province in Quebec following its acquisition of the Wapistan project about 120km north of its flagship Express project.
The 107.2km2 Wapistan lithium project, which takes the company’s total James Bay footprint up over 180km2, is located just 10km east of Q2 Metals’ Mia lithium project where outcropping lithium has been confirmed at two prospects and Ophir Gold’s Radis project.
Importantly, it overlies 30km of the same greenstone belts which host lithium mineralisation at Mia and Radis.
More broadly, the James Bay region has seen a remarkable amount of attention with fellow Australian Discovery Alaska picking up three early-stage projects, one (Mia Adjacent) of which is located close to Wapistan.
While no lithium targeting or exploration has been carried out at Wapistan, the sheer volume of nearology is reason enough for Recharge Metals (ASX:REC) to be keen to get to grips with its new project.
Firm commitments to raise funds
The company has already received firm commitments from sophisticated and professional investors to raise C$1m ($1.1m) through a placement of almost 5.79 million shares priced at 19c each to fund the acquisition of Wapistan and for initial exploration there.
“The Wapistan Lithium Project presents Recharge with a fantastic opportunity to acquire a ‘belt-scale’ project within the James Bay area,” managing director Felicity Repacholi-Muir said.
“The easy access to Wapistan, its proximity to other highly successful projects, and having geological teams available nearby that can start quickly, make this an obvious opportunity to create value for Recharge’s investors.
“The company plans to be active throughout the summer field season at both Wapistan and Express once conditions permit, and we look forward to revealing the potential we see at both projects as findings warrant.”
Initial exploration will use LIDAR and orthophotos to delineate target areas for field appraisal, much like the company did at the Express project.
Wapistan project
The Wapistan lithium project comprises 219 mineral claims over two contiguous claim blocks in the heart of the prolific James Bay region.
Most spodumene-bearing lithium-caesium-tantalum style pegmatites in the James Bay region are hosted within greenstone belt rock types such as the Yasinski Group greenstones present within the project – 20km at Wapistan East and about 11km at Wapistan West.
The James Bay Road (State Route 109) runs through the Wapistan East block, extending north to Radisson and south to Matagami, where it connects to Quebec’s regional road and railway network.
Established access roads link Wapistan West to Wapistan East and provide year-round access in and around the western block.
Additionally, the regional La Grande Airport is located just 25km south of Radisson and
40km to the north of the project, providing access to major cities throughout Quebec with regularly scheduled flights.
Power is available from Hydro-Québec powerlines which run through the Wapistan East block.
This article was developed in collaboration with Recharge Metals, 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.
