- Pure Resources (PR1) secures 319 claims in the Superior province of Quebec, Canada
- The claims cover 160 square kilometres and cover part of the Laforge Greenstone Belt, which hosts the Corvette pegmatite discoveries
- Pure says the greenstone belt is of “particular interest” to the company due to it having similar geological characteristics to lithium belts in Canada and globally
- The company will soon begin a mapping and sampling program to identify outcropping pegmatites, which will be targeted in follow-up exploration programs
- Company shares are up 27.66 per cent to 30 cents at 11:10 am AEDT
Pure Resources (PR1) has spiked on the ASX after securing 160 square kilometres of claims in the Superior province of Quebec, Canada.
The company’s subsidiary, PR1 Canada, has received approval for the 319 claims, which lie 35 kilometres from the La Grande-4 hydroelectric generating station that’s part of Hydro-Québec’s James Bay project. PR1 said the claims could be accessed by a network of roads that serviced the hydroelectric project.
The claims also cover part of the 70-kilometre-long Laforge Greenstone Belt, which has structural and lithological similarities to the nearby La Grande Greenstone Belt that hosts the Corvette pegmatite discoveries.
PR1 Executive Chair Patric Glovac said the approved claims followed a global review for “future-facing” metal opportunities.
“The Laforge Greenstone Belt was of particular interest as it was recognised that the geology is analogous to lithium belts in Canada and globally,” Mr Glovac said.
“We believe these claims, whilst greenfields, are situated in the same geological province
and exhibit analogous rock types, structural setting and geophysical properties as observed at the Corvette Lithium Trend 65 kilometres to the southwest.”
Pure Resources considers the approvals to be a “genuine opportunity” to discover a significant lithium deposit in a tier-one jurisdiction.
The company has engaged Apex Geoscience to complete a two-week helicopter mapping and sampling program to further investigate the potential of the Laforge claims. This work will aim to identify outcropping pegmatites, which will be targeted in follow-up exploration programs.
Pure is also reportedly considering other opportunities to expand its tenement holding within the region.
Company shares were up 27.66 per cent to 30 cents at 11:10 am AEDT.