Business
Battery X Metals to Expand Lithium Portfolio with Proposed Acquisition of Y Lithium Project in Northern Saskatchewan
Strategic move expands company's lithium portfolio and growth potential Vancouver, British Columbia--(Newsfile Corp. - September 29, 2023) - Battery X Metals In
About this update from Battery X Metals Inc.
[{"type":"text","content":" Strategic move expands company's lithium portfolio and growth potential Vancouver, British Columbia--(Newsfile Corp. - September 29, 2023) - Battery X Metals Inc. (CSE: BATX) (OTCQB: BATXF) (\"Battery X Metals\" or the \"Company\") is pleased to announce that it has entered into a share exchange agreement (the \"Agreement\") to acquire (the \"Acquisition\") 100% of the issued and outstanding shares in YY Resources Inc. (\"YY Resources\"), which holds 100% ownership of the Y Lithium Project, a strategically located property in Northern Saskatchewan's Bailey Lake region. This proposed acquisition will expand the company's lithium exploration portfolio and aligns with its commitment to lithium resource exploration. The Y Lithium Project encompasses a total of 5,856 hectares in four (4) staked claims, divided into two (2) areas-the west claim block and the north claim block. Notably, these staked claims grant exclusive mining rights, and there are no underlying royalties or property payments due. Key Highlights of the Y Lithium Project: Historical Lithium Showing: The staked claims encompass the area north, south, and west of a historical lithium discovery at Bailey Lake, initially uncovered in boulders and outcrop formations in 2004. High Lithium Content: Analysis of a sample from the Y Lithium Project by the Saskatchewan Geological Survey revealed exceptional lithium content. The sample contained 3,470 ppm lithium, equivalent to 0.741% Lithium Oxide (Li2O) (Harper, C.T. et al, Summary of Investigations 2004, Volume 2, Miscellaneous Report 2004-4.2, Paper A-7). This substantial lithium concentration, along with the presence of other valuable elements, underscores the project's potential as a significant source of essential materials for advanced energy storage technologies. Spodumene Confirmation: A geological reassessment conducted in 2017 confirmed the presence of spodumene, a lithium-bearing mineral, in large angular boulders or blocks at the Bailey Lake site. Based on the 2017 site visit results, it was concluded that lithium-bearing pegmatites are present in the vicinity, and the glacially transported blocks did not travel great distances (Ramaekers et al., Saskatchewan Geological Survey, Open House 2017 Abstract Volume). Favorable Geology: The property boasts favorable geological features, including greenstones and leucogran...