Redstone Resources

Redstone Expands Canadian Lithium Footprint

JV with Galan Lithium to acquire highly prospective suite of lithium projects in James Bay Province and Northwest Ontario

Redstone Resources Ltd (ASX: RDS) (“Redstone” or the “Company”) is pleased to announce it has entered into an exclusive binding agreement to acquire 100% of the Camaro, Taiga and Hellcat Projects (the James Bay Lithium Projects) as part of a 50/50 unincorporated joint venture (JV) with ASX‐listed Galan Lithium Ltd (ASX: GLN) (Galan).


HIGHLIGHTS:

  • Redstone enters joint venture with Galan Lithium (ASX:GLN) to acquire 100% of Taiga, Camaro and Hellcat Lithium Projects in the heart of the world class James Bay Lithium Province (see Figure 2)
  • Initial exploration on James Bay Lithium Projects completed by Axiom Exploration identified 28 prospective pegmatite dykes
  • New James Bay Lithium Projects cover 5,187 hectares adjacent to the Patriot Battery Metals( TSXV:PMET) CV8 pegmatite discovery – which has returned average sampling grades of 4.6% Li2O
  • Patriot’s CV8 pegmatite discovery is located only 1.4 km north of the Taiga Project and the newly‐discovered CV13 pegmatite cluster is located 1.5 km north of the Camaro Project
  • Redstone and Galan have also secured an option to acquire 100% of the PAK East and PAK Southeast Lithium Projects located in Ontario's “Electric Avenue” (see Figure 3)
  • PAK Lithium Projects cover 1,415 hectares and are adjacent to Frontier Lithium Inc's (TSXV:FL) PAK Lithium Project
  • Frontier’s PAK Lithium Project contains North America's highest‐ grade resource and second largest in North America by size
  • New acquisitions (see Figure 1) build on Redstone’s existing Canadian lithium portfolio which includes option agreements to acquire the Radisson East and Sakami Lithium Projects in James Bay and the Attwood Lake Project in Northwestern Ontario
Redstone will be the manager of the JV.

The James Bay Lithium Projects collectively comprise 5,187 hectares of tenure located in the world‐class James Bay Lithium Province, host to several advanced lithium projects and new lithium discoveries in Québec, Canada. Encouragingly, the new James Bay JV projects are located adjacent to Patriot Battery Metals (TSXV:PMET) emerging CV8 and CV13 pegmatite discoveries.

Further, the JV has also secured an option to acquire 100% of the PAK East and PAK Southeast Lithium Project (the PAK Lithium Projects) comprising 1,415 hectares in Ontario's Electric Avenue near Frontier Lithium Inc's (Frontier) PAK Lithium Project.

Highlighting the prospectivity of the Electric Avenue province, Frontier recently reported an intersection of 108.4m of continuous pegmatite averaging 2.12% Li2O from its Spark Pegmatite5 (see Frontier’s TSX‐V announcement dated 25 September, 2023).

COMMENTING ON THE LITHIUM ACQUISITIONS AND JOINT VENTURE WITH GALAN, REDSTONE CHAIRMAN MR RICHARD HOMSANY SAID:

“Redstone is delighted to be partnering with Galan to further solidify its exposure to the highly sought after, Tier‐1 mining jurisdiction, that is the James Bay Lithium district in Québec, Canada, and securing an option in northwest Ontario, another premier lithium area. Redstone has recently commenced operating in Canada and will be the manager of the Joint Venture. Galan is a highly experienced lithium exploration business that will bring to the table considerable technical depth and expertise as we aim to accelerate our exploration efforts in the region. Galan is exploring Greenbushes South Lithium Project, that hosts the emplacement of the lithium‐bearing pegmatite at Greenbushes, and which is approximately 3 km to the south of the Greenbushes mine.

These new Canadian assets are a welcome addition to our existing copper and lithium portfolio, and further strengthen our strategy of becoming a leading critical metals explorer and developer. Our technical team is also very encouraged by the quality of the areas the JV projects and nearby high calibre discoveries, with the James Bay Lithium Projects being adjacent to the Patriot Battery Metals high‐ grade CV8 pegmatite discovery, and the PAK Lithium Projects situated in Ontario's Electric Avenue.

Redstone has very quickly secured a highly valuable position in two of the world’s premier lithium exploration hotspots and we are now focused on accelerating our exploration strategy and unlocking value for shareholders.”

Figure 1: Location of the Projects the subject of the JV between Redstone Resources and Galan Lithium Limited. The PAK Lithium Projects are located in Northwest Ontario and while the Taiga‐Hellcat‐Camaro lithium projects are located in James Bay, Quebec, Canada

JAMES BAY LITHIUM PROJECTS – TAIGA, CAMARO AND HELLCAT

The James Bay Lithium Projects comprise three property blocks, namely Taiga, Camaro, and Hellcat.

Covering 5,187‐hectares of tenure the James Bay Lithium Projects are located adjacent to Patriot Battery Metals’ Corvette Project in the James Bay Region of Québec, approximately 235 kilometres east of Radisson, Québec and 245 kilometres northeast of the Cree village municipality of Nemaska.


Click here for the full ASX Release

This article includes content from Redstone Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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