- Winsome Resources (WR1) agrees to buy the Tilly project in Canada, 20 kilometres from its Adina project in the world-class James Bay lithium region
- The acquisition, worth a potential C$470,000 (A$800,000), increases WR1’s landholding within James Bay to more than 850 square kilometres
- The Tilly project comprises 91 claims spanning a land area of 47 square kilometres
- Winsome believes Tilly has the potential to host lithium mineralisation and will carry out exploration at the project as part of its Adina program in the next 12 months
- Shares in WR1 are up 1.09 per cent to $1.40 at 12:45 pm AEST
Winsome Resources (WR1) has agreed to acquire the Tilly project in Canada, located 20 kilometres from its Adina project in the world-class James Bay lithium region.
The acquisition, worth a potential C$470,000 (A$521,000), increases Winsome’s landholding within James Bay to more than 850 square kilometres.
Winsome Resources Managing Director Chris Evans said the proximity of Tilly to its successful Adina project made it a welcome addition to the company’s lithium portfolio.
“In the case of Tilly, the proximity and similar geological setting to Adina means that the initial work programmes can be integrated with the activity we are planning at Adina next field season, and any discoveries could be added into the development pathway for Adina,” Mr Evans said.
The Tilly project comprises 91 claims over a land area of 47 square kilometres. Winsome will fork out C$70,000 cash and further payments in shares to fund the acquisition.
The company will also need to spend C$250,000 on exploration in the area over the next two years.
The project is in close proximity to tonalites and other intrusive rocks that are believed to be the source rocks for lithium-caesium-tantalum (LCT) pegmatites at Adina and elsewhere in the area.
For that reason, Winsome said it believed Tillly had the potential to host lithium mineralisation.
Shares in WR1 were up 1.09 per cent to $1.40 at 12:45 pm AEST.