QUEBEC – Quebec City-based Nemaska Lithium has sold its 100% interest in the Sirmac lithium property to ABE Resources of Val d’Or, Que. The property, 180 northwest of Chibougamau, consists of 24 map designated mining claims covering about 1,000 hectares.
Gary H.K. Pearse of Equapolar Consultants examines the No.5 pegmatite dyke at Sirmac in October 2010. (Image: Nemaska Lithium)
ABE paid for the property with $250,000 in cash and 15 million common shares valued at $0.40 each for a total consideration of $6 million. The transaction makes Nemaska the largest shareholder of ABE with 19.18% of the outstanding shares.
Nemaska explored the Sirmac property from 2010 to 2012. A historic measured resource of 185,000 tonnes averaging 1.40% lithium oxide, an indicated resource of 79,000 tonnes averaging 1.40%, and an inferred resource of 40,000 tonnes at 1.10% was estimated.
In connection with the purchase, ABE received a 43-101 compliant technical report dated Jan. 18, 2018. The report recommends resampling historic drill core intervals and twinning a number of historic holes to possibly increase the resource numbers. A 3D model of the deposit could then be created. A detailed geological mapping, prospecting and sampling program are also recommended.
For additional information about the Sirmac lithium property, visit www.ABEresources.ca.