Cazaly Resources Limited (ASX: CAZ) has finalised the agreement terms to acquire up to 100% of the Sundown lithium project, located in the James Bay lithium province, Quebec, Canada.
The Sundown project represents a significant acquisition for the company, comprising 510 mining claims covering an area approximately 260 sq. km and possessing over 200 documented outcropping pegmatites.
The large tenement holding is strategically positioned between Allkem’s James Bay deposit with a lithium reserve of 37.2Mt @ 1.3% Li2O, and Patriot Battery Metals Corvette Lithium Discovery which is host to 70 lithium bearing pegmatites over a 214 sq. km land package.
Further recent success in the region includes Critical Elements’ Rose deposit (37.2Mt @ 0.94% Li2O), Nemaska’s Whabouchi deposit (36.6Mt @ 1.3% Li2O and Winsome Resources’ Cancet exploration target with 15-25Mt @1-2% Li2O.
We are excited to be able to announce the completion of the acquisition of this special asset,” Managing Director, Tara French, said.
“Through Sundown, Cazaly now possesses a major plot of land in an emerging lithium province with significant exploration potential courtesy of relatively untested, outcropping pegmatites.
“We are nestled in amongst some other major lithium projects and while our in-country exploration team have been delayed by the damaging forest fires, we cannot wait to get boots on the ground to start confirming targets once the area has been deemed safe for entry.”
