Cygnus grows lithium ground in James Bay region

Cygnus has added to its lithium exploration ground in the James Bay region of Quebec, Canada, outlaying about C$700,000 cash and issuing nearly 7.5 million shares in staged transactions for two options (reports MiningNews).

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It has pledged to spend $1 million on each project over the three-year term of the option. 

The vendors are Canadian Mining House, Anna Rosa Giglio and Steve Labranche.

The deals comprise the 118sq.km Sakami ground along trend from Winsome Resources' Cancet and Patriot Battery Metals' Corvette project, while expanding its position around its Auclair project twelve-fold to 337sq.km, with the new areas hosting visual intersections of pegmatite and spodumene.

Cygnus now holds more than 750sq.km of ground in four projects in Quebec.

Cygnus has about 185 million shares on issue and cash at the end of December of A$13.6 million.

The junior includes much-feted corporate execs David Southam and Steve Parsons on its board.

In addition, the well-known, well-journeyed North American executive Kevin Tomlinson was appointed to the board earlier this month.

Share in Cygnus were up 16% to A21.5c in late trade, on what was a sizzling session for the lithium sector in the wake of major Albemarle expressing a strong interest in buying Australian project developer Liontown Resources.

At that price Cygnus is capitalised at about $40 million.

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