Canadian firm Spey Resources has agreed to purchase all of the shares of Lithium Energy Metal (LEM), which owns four projects in the James Bay Region of Quebec, Canada.
The assets owned by LEM include the 454 Block Project, West Lac Corvette Project, Trieste Project and Salomon Project.
As part of the deal, Spey Resources will issue an aggregate of 8.9 million of its common shares to the LEM shareholders.
The 454 Block Project comprises ten contiguous claims that encompass foliated tonalite with hornblende-biotite magnetite.
Covering an area of 513ha, the claims are located within the Archean Langelier Complex, which is said to be the oldest rocks in the Le Grand sub-province of the regional Superior Province.
The West Lac Corvette Project is made of ten contiguous claims that cover Mesoarchean rocks of the Rouget Formation and the southern margin of the Mesoarchean tonalite pluton (post de Le Moyne).
The Trieste Project includes two separate contiguous blocks with mylonite and amphibolite rocks of the Mesoarchean Trieste Formation that were derived from basalts. It contains a total of 50 claims.
Furthermore, Salomon Project includes 100 claims in two separate continuous blocks. It comprises Mesoarchean mylonites and amphibolites, as well as younger Neoarchean metamorphic wackes and arkoses.
The deal is subject to due diligence review, and some customary conditions, including regulatory approval.
Spey Resources currently has two option agreements to acquire a 100% stake in the Candela II and Pocitos II lithium brine projects, as well as a 20% stake in the Pocitos I lithium project in Salta Province, Argentina.
The firm also has an option to acquire a 100% undivided interest in the Silver Basin Project in the Revelstoke Mining Division of British Columbia, apart from an option to acquire the Kaslo Silver project in the Canadian province.