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Champion Electric Metals announced a binding letter of intent (LOI) with Prestwick Capital for the Baner Gold Project in Idaho.
Prestwick acquires a 100% interest in Baner Gold Project by making cash payments and issuing securities totaling $950,000, 1.3 million common shares, and warrants for 600,000 shares over 2.5 years.
Prestwick holds an exclusive right to manage the project and must maintain it in good standing.
The transaction is contingent on Prestwick's due diligence, TSX Venture Exchange approval, and meeting Initial Listing Requirements for a Mining Issuer.
Champion Electric shifts focus to lithium and cobalt operations.
Champion Electric Metals announced its maiden drill program results, intersecting lithium at the Western Prospect on its James Bay, Quebec property. Key findings include 10.0 meters at 0.42% Li2O, with notable intervals such as 3.0 meters at 0.62% Li2O. Another drill hole intersected 1.85 meters at 0.56% Li2O. These results indicate the edge of a mineralized system, which the company aims to explore further. Associated pathfinder elements like tantalum, cesium, niobium, and rubidium were also present. The exploration team has identified two pegmatite corridors, suggesting significant potential for further lithium mineralization.