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Lithium One Acquires Bugatti Lithium Property in the James Bay District
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2023) - Lithium One Metals Inc. (TSXV:...
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[{"type":"text","content":"Lithium One Acquires Bugatti Lithium Property in the James Bay DistrictVancouver, British Columbia--(Newsfile Corp. - February 6, 2023) - Lithium One Metals Inc. (TSXV: LONE) (FSE: H490) (the \"Company\" or \"LONE\") is pleased to announce it has entered into an option agreement (the \"Option Agreement\") to acquire the Bugatti Lithium Property in the James Bay region of Quebec, subject to the acceptance of the TSX Venture Exchange. The 7,363 ha property is located 30 km southwest of the Pontois-Corvette Lithium Projects owned by Patriot Battery Metals and 29 km southwest of LONE's Taycan Lithium property (Figure 1). The acquisition further increases the Company's dominant land position in the rapidly growing James Bay lithium district, bringing its total holdings to 13,860 ha in Quebec and 25,950 ha in northwestern Ontario, for a total of 39,810 ha in its Canadian lithium portfolio.Acquisition HighlightsThe Bugatti Lithium Property. The property is located approximately 29 km southwest of LONE's Taycan Lithium property, and 30 km southwest of the Pontois - Corvette Lithium Projects, where recent drilling has intersected grades up to 3.34% Li2O over 52.5 m.1The James Bay Lithium District. Located in the Canadian Province of Quebec, James Bay is one of the country's fastest growing lithium districts with ten advanced stage projects and numerous early-stage occurrences. Of particular note, the Whabouchi mine is one of the largest bulk tonnage lithium deposits in the world with a Mineral Resource of 36.6 Mt at 1.3% Li2O, and a proposed mine life of 33 years.2 Additionally, the James Bay Lithium Mine has a Mineral Resource of 40.3 Mt at 1.4% Li2O and is proposed to produce an average of 321 Kt of spodumene concentrate per year over a 19 year mine life.3 Strategic Acquisition Expands Dominant Position. The Bugatti Lithium property adds 7,363 ha of prospective ground to LONE's dominant land position in prime lithium districts. The Company holds 13,860 ha of lithium properties in the James Bay region of Quebec and 25,950 ha in northwestern Ontario for a total of 39,810 ha in its strategic Canadian lithium portfolio.Prospective Geology for Lithium Exploration. Bugatti Lithium property is situated on a highly prospective LCT pegmatite area, spanning from Corvette Lake to the Adina Lithium project, with multiple mapped pegmatites on the p...