Rio Tinto takes option on more James Bay lithium properties
In a development that underscores the growing global demand for critical minerals, mining giant Rio Tinto has set its sights on Quebec’s Eeyou Istchee James Bay region.
Through its subsidiary Rio Tinto Exploration Canada (RTEC), the mining major will be searching for lithium on the Corvet and Kaanaaya properties, owned by TSX-V-listed Azimut Exploration.
Azimut has signed two option and joint venture (JV) agreements with RTEC, contemplating an aggregate value of up to C$115.7-million in expenditures and cash payments.
The exploration programmes under the agreements will focus on identifying lithium/cesium/tantalum pegmatites, but both properties also have strong potential for intrusion-related gold/copper and magmatic nickel/copper/cobalt mineralisation.
The Corvet property comprises 877 claims over 424 km2 and the Kaanaaya property comprises 421 claims over 216 km2.
Rio Tinto has previously said that it was actively searching for lithium assets, as it expected demand for the metal used in the batteries that power electric vehicles to remain high for a long period of time.
Last month, RTEC entered into an option agreement with Midlands Exploration to acquire ten properties with lithium potential in the James Bay region. The properties include a total of 2 009 claims, covering a surface area of more than 1 000 km2.
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