Spey Resources (CSE: SPEY) is enhancing its involvement in the Canadian lithium space. The firm this morning indicated it will be acquiring Lithium Energy Metal Corp, whom holds four lithium projects within Quebec.
The projects are found in the James Bay region of Quebec, marking the firms first properties within the country, and adding to its current lithium holdings that include the Pocitos Salar in Argentina, as well as the Incahuasi Salar. The acquisition is set to include the following projects.
- Salomon Project – 100 claims covering 5,155 hectares within two separate blocks
- Trieste Project – 50 claims covering 2,575 hectares within two blocks
- West Lac Corvette Project – 10 claims covering 513 hectares
- 454 Block Project – 10 claims covering 513 hectares
Of the projects, the 454 Block is said to sit attop the Archean Langelier Complex, and contain foliated tonalite with hornlende-biotite magnetite. The remaining three properties meanwhile are said to contain Mesoarchean rocks, with the Trieste and Salomon project specifically said to contain mylonites and amphibolites.
In exchange for the properties, the company has agreed to issue 8.9 million common shares to the shareholders of Lithium Energy Metals, with closing of the acquisition subject to due diligence being completed.
Spey Resources last traded at $0.21 on the CSE.
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