Pinnacle Minerals Ltd (ASX: PIM) has announced its strategic acquisition of a 75% stake in the Adina East Lithium Project. Nestled in the highly coveted lithium district of James Bay, Quebec, the acquisition reinforces Pinnacle’s commitment to tapping into the world’s premier lithium resources.
The company’s key focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: WR1.ASX) and adjacent to the Trieste Lithium Project (Loyal Lithium: LLI.ASX) and the Tilly Lithium Project (WR1.ASX).
Pinnacle’s other exploration assets in Australia are prospective for Rare Earth Elements, Mineral Sands and Kaolin.
The acquisition is in partnership with Waratah’s E&D Fund, a testament to Waratah’s confidence in the project’s potential. Waratah Capital Advisors Ltd, a global asset management powerhouse, oversees more than $4B CAD in assets.
Lithium Royalty Corp. Involvement
Holding a 2.0% gross revenue royalty on the Adina East Project, Lithium Royalty Corp. (LRC – LIRC.TSE) expands its portfolio, which includes noteworthy projects such as Allkem’s Mt. Cattlin, Sigma Lithium’s Grota do Cirilo, Core Lithium’s Finniss, and Winsome Resources’ Adina Project.
Upcoming Exploration
Satellite and radar insights have identified 60 potential targets, set to be investigated via rock chip sampling and mapping. Fieldwork is scheduled for October/November 2023, centering on mapped pegmatite occurrences and Sentinel 2 and SAR generated targets.
Pinnacle Minerals Managing Director, Nic Matich said, “This acquisition not only provides an exceptional lithium exploration opportunity for Pinnacle Minerals but brings with it a partnership with Waratah and Lithium Royalty Corp,”
“This partnership is anticipated to allow Pinnacle to expand and grow the Company’s critical mineral portfolio further,” Matich said.
“Preselling a 25% offtake for US $500,000 shows the “offtakers” confidence in the Project and bolsters our cash reserves in a climate where the dilutive effect of raising capital is destructive to junior explorers. Lithium Royalty Corp. has royalties in 32 projects globally highlighting its global expertise in the sector.” he said.
Meanwhile, Pinnacle was excited to welcome Mr. Bill Witham as the new Executive Chairman. He brings to the table vast technical and lithium exploration expertise that will undoubtedly steer the project to new heights.
The project’s geological and structural settings are favorable for discovering both lithium and gold, especially given its adjacency to the Trieste Greenstone Belt extension.
Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology minerals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of battery and technology metals projects in Canada, Western Australia and South Australia.
