Loyal Lithium Limited (ASX: LLI) has entered into binding agreements with two independent parties to secure the controlling interest in the Hidden Lake Lithium Project, located 45km east of Yellowknife, Northwest Territories, Canada,
Binding agreements have been executed with:
• Youssa Pty Ltd to acquire a 60% interest in 1,660 hectares (five contiguous claims) of the Project, and
• DG Resource Management Ltd (DGRM) to acquire a 100% interest in 841 hectares (one claim) of the Project.
Patriot Battery Metals will retain 40% of 5 contiguous claims (1,660 hectares) with a Joint Venture (JV) arrangement to be formed with Loyal Lithium.
If completed, the Acquisition will result in a formal change of nature for the company, from a gold exploration company to a lithium exploration and development company.
“The acquisition of the Hidden Lake Lithium Project is a game-changer for Loyal Lithium. We are delighted to collaborate with our new joint venture partner, Patriot Battery Metals, and bring a fresh approach to this remarkable spodumene project,” Managing Director, Adam Ritchie, said.
“The Yellowknife region has a proud history of lithium exploration, dating back to the 1950’s. However, the district has been relatively overlooked in recent times until Li-FT Power secured its potentially world-class Yellowknife Lithium Project in late 2022. Yellowknife is a well-established mining city with experienced mining services and workforce.
“Loyal Lithium is looking forward to fostering relationships with the local stakeholders and becoming an important part of this emerging lithium district.
“The exploration work conducted to-date has been very encouraging with all of the spodumene rich dykes remaining open along strike and at depth. Additionally, the metallurgical pilot plant performance to date is exceptional and is a direct product of the consistency and purity of the Hidden Lake ore. I have no doubt that Hidden Lake will provide desired feedstock to many potential downstream partners.”
“In partnership with the Yellowknife community, we intend to responsibly explore and develop this project further through the utilization of innovative exploration techniques and utilizing our extensive lithium mining and processing expertise.”
The Hidden Lake Lithium Project consists of six contiguous claims, totalling 2,500 hectares and is located approximately 45km east of Yellowknife, Northwest Territories, Canada – just north of Highway 4.
Yellowknife has a proud history of mining with a well-established workforce supporting numerous active regional mines including Rio Tinto’s Diavik Diamond Mine and Vital Metals’ Nechalacho REE Mine. Notable infrastructure connects Yellowknife to the rest of Canada:
o Domestic Airport – daily connections to Calgary, Vancouver and Edmonton o All weather roads – south into Alberta and British Colombia
o Heavy rail terminal and seaport – Hay River
o Hydroelectric power network – 2030 plans to extend to the Lithium Belt
For further information please visit: https://loyallithium.com/
