- ACME Lithium (ACME) signed a deal to acquire the Bailey Lake Pegmatite Discovery Area in northeastern Saskatchewan
- The company will purchase a total interest in a core block of 13 contiguous mineral claims encompassing 259 sq. km. and five additional contiguous claims of 158 sq. km. from Gem Oil Inc.
- The large project claims area contains multiple indications of spodumene-bearing pegmatites with potentially economic-grade lithium
- ACME Lithium Inc. (ACME) is up 10.23 per cent, trading at C$0.48 per share as of 3:05 pm ET
ACME Lithium (ACME) signed a deal to acquire the Bailey Lake Pegmatite Discovery Area in northeastern Saskatchewan.
The company will purchase a total interest in a core block of 13 contiguous mineral claims encompassing 259 sq. km. and five additional contiguous claims of 158 sq. km. from Gem Oil Inc. Together, the claims comprise 416 sq. km.
The large project claims area contains multiple indications of spodumene-bearing pegmatites with potentially economic-grade lithium. Spodumene-bearing pegmatites with evolved mineralogy are found on surface in outcrop and boulder trains.
Historically reported sampling by Gem Oil includes up to 3950 ppm Li in the Bailey Lake region. In comparison, historically reported sampling by the Saskatchewan Geological Survey logged results up to 3470 ppm Li at Misaw Lake region to the east of Bailey Lake.
Till sampling in the region by the Saskatchewan Geological Survey reported numerous sites with elevated lithium and lithium pegmatite-associated elements.
The company’s President and CEO, Steve Hanson, stated that this move was a part of an aggressive strategy in identifying, acquiring, and exploring high-quality lithium properties in both Canada and the United States.
“The Bailey Lake Pegmatite Discovery area is an underexplored region with great potential and provides an important entry for ACME into the Province of Saskatchewan.”
ACME Lithium (ACME) is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies.
ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County, Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.
ACME Lithium Inc. (ACME) is up 10.23 per cent, trading at C$0.48 per share as of 3:05 pm ET.
