Cazaly Resources Completes Sundown Lithium Project Acquisition in Canada

THE DRILL SERGEANT: Cazaly Resources (ASX: CAZ) kicked off lithium week at Diggers & Dealers by announcing it has finalised agreement terms to acquire up to 100 per cent of the Sundown lithium project, located in the James Bay lithium province, Quebec, Canada.

In the lead up to the company’s presentation at The Resources Roadhouse Steak Sandwich Showdown in Kalgoorlie, Cazaly informed the market of the Sundown project being an important acquisition.

The Sundown project comprises some 510 mining claims covering an area approximately 260 square kilometres and possessing over 200 documented outcropping pegmatites.

The large tenement holding is strategically positioned between Allkem’s (ASX: AKE) James Bay deposit with a lithium reserve of 37.2 million tonnes at 1.3 per cent lithium oxide (Li2O), and Patriot Battery Metals (ASX: PMT) Corvette lithium discovery, which is host to 70 lithium bearing pegmatites over a 214sqkm land package.

Further recent success in the region includes Critical Elements’ Rose deposit (37.2Mt at 0.94% Li2O), Nemaska’s Whabouchi deposit (36.6Mt at 1.3% Li2O) and Winsome Resources’ (ASX: WR1) Cancet exploration target with 15-25Mt at 1-2% Li2O.

“We are excited to be able to announce the completion of the acquisition of this special asset,” Cazaly Resources managing director Tara French said in the company’s ASX announcement.

“Through Sundown, Cazaly now possesses a major plot of land in an emerging lithium province with significant exploration potential courtesy of relatively untested, outcropping pegmatites.

“We are nestled in amongst some other major lithium projects and while our in-country exploration team have been delayed by the damaging forest fires, we cannot wait to get boots on the ground to start confirming targets once the area has been deemed safe for entry.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE