Tucana Lithium is a mineral exploration company that lists on the OTC Markets. At present, the company is focusing on the acquisition and development of mining properties throughout North America. They recently acquired 100 percent interest in the Abigail Lithium Property located in the James Bay, Quebec area. The company's plans include a $2.5 million exploration and development program with the goal of completing an economic pre-feasibility study on the Abigail property to advance the project to the feasibility stage.
The Abigail property is made up of 222 map-designated cells totaling 11,844 ha or 118.5 squared km. This property is attached to the world class Whabouchi Lithium deposit held by Nemaska Exploration (NMX.V). Tucana's key objective for the Abigail property is to develop a world class lithium project that will capitalize on the growing demand for lithium batteries.
The Abigail property is easily accessible, which greatly enhances the economics of the project. A Hydro-Quebec powerline has been built along the "Route du Nord" in the region of the Abigail property, and the Nemiscau airport is located 20 km west of the property, serviced by Air Creebec and chartered flights. The village of Nemaska and the Relais Routier CCDC, located respectively 35 and 15 km to the west of the Abigail property, may be used to house workers and service the property. Additionally, the Abigail property is covered by the cellular networks.
In March of this year, Tucana Lithium announced that they renewed 71 mineral claims on the Abigail property based upon the exploration work reported in the summer of 2011. These claims will expire between March and May 2014. Furthermore, they dropped 85 mineral claims located on the northern perimeter of the property. Tucana based their decision on the results from the exploration program in the summer of 2011 and a review of the airborne magnetic survey.
In May, Tucana Lithium announced that they entered into an Asset Purchase Agreement with Alain Champagne and other parties to acquire a 100 percent interest in the Lac Kame and EM-1 Properties located in the James Bay, Quebec region. The property is made up of 37 map-designated cells totaling 1,961 hectares. Tucana's primary interest with the newly acquired claims will be magnetic anomalies for kimberlite based upon the airborne magnetic survey released in October 2011
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