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About Discovery Lithium Inc.
Discovery Lithium Inc. (CSE: DCLI, OTCQB: DCLIF, FRA: Q3Q0) is a Canadian mineral exploration company dedicated to advancing the discovery and development of lithium-rich resources in North America. Headquartered in Vancouver, British Columbia, the company operates across several prolific mining regions, including Quebec's James Bay lithium district, Northwestern Ontario, Nevada, and British Columbia. Discovery Lithium's primary focus is on lithium exploration, a critical mineral for the rapidly expanding electric vehicle (EV) and renewable energy industries, aligning with global efforts to achieve energy independence and sustainability.
Core Business and Operations
Discovery Lithium specializes in the acquisition, exploration, and development of mineral claims, targeting regions with high potential for lithium-bearing spodumene pegmatites. The company holds a 100% interest in over 164,283 hectares (~405,952 acres) of mineral claims in Northern Quebec, including the Serindac Lake and Vaubert Lake properties. These assets are strategically located within the Nunavik region and the prolific James Bay lithium district, recognized for its world-class lithium deposits.
In addition to its Quebec holdings, Discovery Lithium has secured a significant presence in Northwestern Ontario through the acquisition of the Eagle Lake and Whitefish Lake claims, comprising 2,923 mineral claims over approximately 61,093 hectares (~150,964 acres). These properties are situated within a region known for its rich geological features, including Archean-aged greenstone belts, which are key hosts for lithium pegmatites.
The company is also diversifying its portfolio with gold exploration projects, such as the ESN Project in Nevada and the Koster Dam Project in British Columbia, the latter being developed through a joint venture with Cariboo Rose Resources. This strategic diversification enhances the company's resilience and potential for long-term value creation.
Strategic Positioning in the Lithium Industry
Discovery Lithium's operations are strategically aligned with the growing demand for lithium, driven by the global transition to clean energy and the increasing adoption of EVs. The James Bay region, where many of the company's projects are located, is considered one of North America's most prospective districts for high-grade spodumene pegmatite. Recent discoveries in this area, such as the Corvette Lithium Project and the Mia Lithium Project, underscore its potential.
The company's recent acquisition of the Sakami and Radisson East Lithium Properties further strengthens its position in this competitive landscape. Covering over 89.7 km2, these properties are centered around Archean-aged Guyer greenstone structures, which are highly prospective for lithium exploration. Discovery Lithium's focus on under-explored regions with favorable geological conditions positions it as a key player in the early-stage lithium exploration market.
Exploration Expertise and Industry Impact
Discovery Lithium leverages advanced geological techniques and strategic partnerships to identify and prioritize exploration targets. Collaborations with firms like Dahrouge Geological Consulting Ltd. enhance its technical capabilities, enabling efficient exploration of its extensive property portfolio. The company's emphasis on data-driven exploration, including airborne magnetic surveys and geochemical sampling, demonstrates its commitment to scientific rigor and operational excellence.
By focusing on domestic lithium resources, Discovery Lithium contributes to North America's energy independence and supports the development of a sustainable supply chain for critical minerals. Its activities align with broader industry trends, including the localization of raw material sources for battery manufacturing and renewable energy technologies.
Competitive Landscape
Discovery Lithium operates in a highly competitive environment, with notable peers such as Patriot Battery Metals, Winsome Resources, and Q2 Metals Corp. The company's strategic acquisitions and focus on under-explored regions provide a competitive edge, allowing it to capitalize on emerging opportunities in the lithium market. Its diversified portfolio and joint ventures further differentiate it from competitors, offering multiple avenues for value creation.
Discovery Lithium has announced a non-brokered private placement offering of up to 10 million units at $0.10 per unit, aiming to raise gross proceeds of up to $1 million. Each unit consists of one common share and one transferable share purchase warrant, exercisable at $0.15 per share for 24 months from issuance. The proceeds will be used for general working capital and property exploration. The offering is subject to regulatory approvals and includes a four-month statutory hold period for issued securities.
Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has completed its non-brokered private placement, raising $550,014.79 through the issuance of 10,000,249 units at $0.055 per unit. Each unit includes one common share and one warrant, exercisable at $0.10 per share for 24 months. The proceeds will fund property exploration and working capital. The company also announced board changes, with Nate Schmidt, who has 12 years of exploration experience including lithium projects in James Bay, joining as director, while Jaap Verbaas has resigned from the board.
Discovery Lithium (CSE:DCLI)(OTCQB:DCLIF) announces a non-brokered private placement offering of up to 10,000,000 units at $0.055 per unit, aiming to raise gross proceeds of up to $550,000. Each unit includes one common share and one warrant, exercisable at $0.10 per share within 24 months. The company will cancel its previously announced August 28, 2024 offering. Proceeds will fund working capital and property exploration. The offering requires regulatory approvals and includes a four-month statutory hold period. Finder's fees may apply.
Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has closed its acquisition of the Eagle Lake and Whitefish Lake mining claims in Northwestern Ontario. The acquisition includes 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres), located about 350 km northwest of Thunder Bay. As per the sale agreement with Zimtu Capital Corp., Discovery Lithium acquired a 100% interest in the claims for 2,000,000 common shares issued upon closing and a cash payment of $432,778.50 to be paid within 180 days. The company also granted a 1% net smelter returns royalty to the vendor upon achieving commercial production and assumed certain third-party payment obligations related to the claims.
Discovery Lithium Inc. (CSE:DCLI, OTCQB:DCLIF) has announced a non-brokered private placement to raise up to $1,350,000. The company plans to issue up to 18,000,000 units at $0.075 per unit. Each unit consists of one common share and one warrant, exercisable at $0.10 per share for 24 months. This offering replaces the previously announced July 19, 2024 offering. Proceeds will be used for general corporate purposes and working capital. The closing is subject to regulatory approvals, and securities issued will have a four-month hold period. Finder's fees may be paid in connection with the offering.
Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has entered into a definitive agreement to acquire the Sakami and Radisson East Lithium Properties in Quebec's James Bay lithium district. The properties cover an 89.7km2 area with potential for lithium exploration, centered around Archean-aged Guyer greenstone structures. Key points:
1. The Sakami Property has ~37km of under-explored strike length, while Radisson East has ~15km.
2. The acquisition involves 2,000,000 common shares issued to the vendor over 12 months.
3. A 2% net smelter returns royalty will be granted upon commercial production.
4. The deal is subject to CSE acceptance, with shares having a four-month hold period.
CEO Mike Hodge states this acquisition enhances their exposure to important greenstone structures for lithium exploration in Quebec.
Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has announced a non-brokered private placement to raise up to $1,000,000. The company plans to issue up to 10,000,000 units at $0.10 per unit. Each unit consists of one common share and one share purchase warrant, exercisable at $0.15 per share for 24 months. The company may increase the offering by up to 25% based on market conditions and demand. Proceeds will be used for general corporate purposes and working capital. This offering replaces the previously announced May 24, 2024 offering. The closing is subject to regulatory approvals, and securities issued will have a four-month hold period.
Discovery Lithium Inc. (CSE:DCLI, OTCQB:DCLIF) has appointed Mike Hodge as its new President and CEO, effective July 18, 2024. Hodge, a seasoned executive with over 20 years of experience in mining exploration and development, was previously a Director at the company. He replaces Michael Gheyle, who resigned from his positions as CEO, President, and director on July 17, 2024.
Hodge's extensive background includes leadership roles from field operations to the boardroom, with a focus on strategic growth and sustainable practices. His appointment is expected to drive innovation and excellence in Discovery Lithium's operations, particularly in advancing domestic energy freedom through regional lithium discovery.
Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has entered into a definitive agreement to acquire the Grove Lake and Whitefish Lake mining claims in Northwestern Ontario. The acquisition includes 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres), located about 350 km northwest of Thunder Bay. The purchase terms involve a cash payment of $432,778.50 within 180 days of closing and the issuance of 2,000,000 common shares to the vendor, Zimtu Capital Corp. Additionally, Discovery Lithium will grant a 1% net smelter returns royalty to the vendor upon achieving commercial production. The completion of the acquisition is subject to CSE acceptance, and the issued shares will have a four-month hold period.
Discovery Lithium announced its upcoming 2024 exploration program in Quebec.
The company has contracted Dahrouge Geological Consulting to evaluate newly optioned West James Bay properties, focusing on Lithium-Caesium-Tantalum pegmatite potential.
Properties include Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus, and Bruce Lake, each with strategic locations near recent lithium discoveries.
This assessment will include data compilation, surface exploration, and advanced techniques like airborne magnetic surveys and LiDAR.
Additionally, Colton Griffith has joined the board of directors, replacing Ryan Arthur.
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