{kanada_flagge}Strong interest in lithium hard rock projects in Quebec may finally be paying off for Genius Metals Inc (TSXV:GENI;FRA:0FU). Just before Christmas, the company optioned 50 percent of its Lithium381 property in James Bay, Quebec, to partner Clarity Metals Corp (CSE: CMET, OTC: CLGCF, FSE: 27G). Meanwhile, Clarity has already completed initial exploration work. This announcement alone was enough for Clarity shares to nearly double (from CAD 0.25 to CAD 0.41) yesterday amid heavy trading (5.5 million shares). Genius has not shown a comparable reaction so far. The market values of Clarity (CAD0.32) and Genius = CAD075) are currently CAD8.7 million and CAD5.3 million, respectively.
{kanada_flagge}Strong interest in lithium hard rock projects in Quebec may finally be paying off for Genius Metals Inc (TSXV:GENI;FRA:0FU). Just before Christmas, the company optioned 50 percent of its Lithium381 property in James Bay, Quebec, to partner Clarity Metals Corp (CSE: CMET, OTC: CLGCF, FSE: 27G). Meanwhile, Clarity has already completed initial exploration work. This announcement alone was enough for Clarity shares to nearly double (from CAD 0.25 to CAD 0.41) yesterday amid heavy trading (5.5 million shares). Genius has not shown a comparable reaction so far. The market values of Clarity (CAD0.32) and Genius = CAD075) are currently CAD8.7 million and CAD5.3 million, respectively.
The 21 mineral claims comprising the 1107 ha property are adjacent to Allkem Limited‘s (TSX:AKE) James Bay lithium property, which includes the Allkem lithium deposit (40.8 Mt @1.40% Li2O as an indicated resource) formerly known as the Cyr deposit (Figure 1). The property is located in the James-Bay Eeyou Istchee area of Quebec, Canada, approximately 3 km from the KM381 service station that provides infrastructure for the area.
Figure 1: Lithium 381 is located in the immediate vicinity of the project of the Canadian-Australian lithium company Alkem. Alkem plans to be in production with its project by 2025. It would then be one of the first successful lithium projects in Canada.
As part of its earn-in agreement, Clarity has already measured induced polarization and the resistivity with a line spacing of 100 m and 25 m dipole-dipole measurements. Similarly, remote sensing survey, including Synthetic Aperture Radar (“SAR”) and Sentinel & Aster multispectral data acquisition, processing, analysis, and interpretation, has been performed. Furthermore, a triaxial magnetometer survey covering 160 linear kilometers with a line spacing of 75 m took place.
The results of the three surveys are still pending. Upon receipt and interpretation of the results, Genius and Clarity will identify targets to be drill tested in early 2023.
For its 50% interest in the Lithium381 property, Clarity Metals Corp must spend $750,000 on exploration work and issue 720,000 common shares of its capital to Genius Metals by December 31, 2024.
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