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Power Metal Resources PLC on Friday announced the acquisition by staking of the North Wind lithium project in Ontario, Canada.
Power Metals is a London-based exploration company, with projects in Africa, Australia and North America.
Power Metals said a total of 278 mining claim cells were registered by electronic staking through the Ontario Mining Lands Administration System, covering a total area of 5,788.5-hectares. This cost the company C$13,900, or around £8,500.
The mining cells are 100% owned by Power Canada, a wholly owned subsidiary of Power Metal.
Chief Executive Officer Paul Johnson noted: ‘The addition of the North Wind lithium project is a significant boost for Power Metal Resources as it provides the company with a new and potentially high-impact lithium focused opportunity.’
Power Metal said the 5,788.5 hectares stretches over a 16 kilometre long trend of ‘highly anomalous’ lithium-in-lake sediment results.
The project is considered to be prospective for lithium, caesium and tantalum beaing pegmatite occurrences.
It is located less than 25 kilometres northwest of Beardmore, Ontario, and is ‘criss-crossed by multiple access roads’ which connect to the Trans-Canada highway.
Johnson said: ‘We consider that lithium as a commodity has a particularly bright future with high demand and constrained supply. In fact, the significant move higher in the lithium price has sparked considerable interest in available exploration properties around the world, and particularly those in safe jurisdictions.’
Shares in Power Metal Resources were 0.1% higher at 1.58 pence each in London on Friday afternoon.
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