The Property consists of 104 mineral claims covering four blocks, totalling approximately 5,536 hectares (13,681 acres) near Eastmain, Quebec.
The Pontax River Lithium Property encompasses the southwestern portions of an approximately 100 km long belt of meta- volcanics, which may be considered part of the Eastmain River Volcanic Belt. The Eastmain belt is host to numerous gold occurrences, while the region is centrally located to a number of high profile lithium deposits (Galaxy Resources James Bay Deposit, Nemaska’s Whabouchi Deposit, and Critical Element’s Rose Deposit).
The Property lies between 5 and 30 kilometres southwest of, and on trend, from Stria Lithium’s Pontax Lithium Showing (spodumene-bearing pegmatite), which was discovered in 2007. Stria Lithium subsequently advanced the discovery with seven drill holes, returning a best intercept of 0.97% Li2O over21.0 m, including 1.43% Li2O over 13.0 m, from drill hole 09-555-05. The Company’s Pontax Property is also about 30 kilometres south of the James Bay Deposit, which is reported to contain indicated resources of 11.8 million tonnes (Mt) at 1.30% Li2O, and inferred resources of 10.5 Mt at 1.20% Li2O at a 0.75% Li2O cut-off (Galaxy Resources; Technical Report dated December 30, 2010).
The Property was acquired to follow up on several outcrops of white pegmatite that were identified during a gold and base metal exploration campaign along the Pontax Greenstone Belt in 1975. A review of high- resolution satellite imagery has identified the locations of historically defined pegmatite outcrops as well as indicating numerous other potential pegmatite occurrences not previously mapped.
In addition, the northernmost part of the Property covers pegmatite outcrops identified as tourmaline- bearing pegmatite during a 1999 government mapping campaign. These pegmatite outcrops are approximately 1 kilometre away from a spodumene- and tourmaline- bearing pegmatite outcrop that was identified in the same regional mapping survey.
In general, historic exploration of the Property for gold, lithium, and other commodities is considered minimal. Moreover, the Property has not been explored for lithium by any reported historic exploration campaigns.
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company’s properties.