{kanada_flagge}The race for the next lithium discovery in Canada is on. Competition is growing by the day and all of a sudden, time is of the essence. In this respect, it is significant that Genius Metals Inc (TSXV: GENI; FRA: 0FU) and its 50% partner Clarity Metals (CSE: CMET) have been granted a drilling permit for the Lithium381 property in the James Bay Territory of northern Quebec.
{kanada_flagge}The race for the next lithium discovery in Canada is on. Competition is growing by the day and all of a sudden, time is of the essence. In this respect, it is significant that Genius Metals Inc (TSXV: GENI; FRA: 0FU) and its 50% partner Clarity Metals (CSE: CMET) have been granted a drilling permit for the Lithium381 property in the James Bay Territory of northern Quebec.
The property is directly adjacent to Australian lithium company Allkem Limited’s (ASX: AKE) James Bay Lithium Mine, which is considered one of the next lithium projects in Canada to enter production in the foreseeable future. Allkem’s James Bay Lithium Project hosts an Indicated Resource of 40.8 Mt @1.40% Li2O (NI 43-101 Technical Report, Feasibility Study, James Bay Lithium Project, Québec, Canada; January 11, 2022) and on January 16, 2023, the Canadian government approved the construction of the James Bay Lithium Mine to operate over a 20-year period. Surveys recently completed on Genius’ property indicate that this target is located in a similar geological setting to the adjacent Allkem James Bay Lithium Project.
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The two 50/50 partners, Genius and Clarity, are currently reviewing contractor applications for an initial drill program of up to 2,000m. Guy Goulet, CEO of Genius Metals, stated, “We look forward to commencing drill testing of this high-resistivity target on the Lithium381 property.”
Genius Metals signed an option agreement with Clarity Metals Corp. on Dec. 6, 2022, allowing CMET to earn a 50% interest in the Lithium381 property. Clarity is required to spend CAD 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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