CDN Maverick Capital Corp. (CSE: CDN) (OTCQB: AXVEF) entered into an agreement with certain arms-length vendors to acquire the Northwind Lake Property in the Red Lake mining division of Ontario.
Announced Wednesday, the property is approximately 10 kilometers north of the Frontier Lithium Inc. (TSXV: FL) PAK deposit, which holds some of North America’s highest grade lithium pegmatites.
The Northwind Lake Project encompasses several mineral claims that span approximately 7,040 hectares. The acquisition will be accomplished by issuing 500,000 common shares and making cash payments totalling $100,000 to the vendors. Also, the payment structure involves an initial payment of $50,000 upon closing, with the remaining balance to be paid after 120 days.
The PAK deposit has a mineral resource of 7.23 MT of 1.87 per cent Li20 Measured + Indicated Resource and 2.76 MT of 2.22 per cent Li20 Indicated Resource, and hosts rare technical/ceramic grade spodumene with low inherent iron.
“With this acquisition, Maverick will increase its foothold in the lithium space: capitalizing on the enthusiasm for localized supply chains; one of the fundamental drivers for the lithium market,” said Maverick CEO, Adam Cegielski.
“Ontario specifically, is injecting more and more funds as part of their mandate to make their province ‘the first jurisdiction on everybody’s mind’ according to the Minister of Energy, Northern Development and Mines Greg Rickford. We hope to be a part of this momentum.”
Shares of CDN Maverick climbed 0.9 per cent to $1.18 on Wednesday on the Canadian Securities Exchange.
Territorial map with property displayed. Image via CDN Maverick.
Read more: Champion Electric Metals surveys lithium and base metal targets in Quebec
Read more: Sigma Lithium CEO to discuss ‘Green Brazil’ with President Lula
High demand in battery metals leads to high demand in lithium
The increase in demand for electric batteries has transferred into a growth in demand for battery metals like lithium.
Earlier this week, Albemarle Corporation (NYSE: ALB) achieved a significant milestone by becoming the first lithium producer to undergo an independent third-party audit based on the rigorous standards established by the Initiative for Responsible Mining Assurance (IRMA).
Albemarle’s brine operations in northern Chile received an IRMA 50 level of performance, making it the third mine site globally to successfully complete and publicly disclose an IRMA audit report.
Sayona Mining Limited (SX:SYA) (OTCQB:SYAXF) has announced its intention to initiate a definitive technical study for the production of battery-grade lithium carbonate (Li2CO3) from spodumene concentrate. Depending on the timing and results of this study, the commissioning of the carbonate plant could potentially take place as early as 2026.
The company recently conducted a positive preliminary carbonate technical study for its flagship North American Lithium (NAL) Project located in Québec, Canada.
Green Technology Metals (ASX: GT1), an Australian lithium exploration company operating in northwestern Ontario, entered into a direct agreement with LG Energy Solutions in May.
LG Energy Solutions signed an offtake agreement to receive 25 per cent of the spodumene concentrate production from GT1’s flagship Seymour Project in Lake Nipigon, Ontario.
.
Follow Joseph Morton on Twitter
joseph@mugglehead.com
