Intra Energy Corporation Ltd (ASX:IEC) MD Ben Dunn tells Proactive the company is set to kick off geological mapping and sampling at its new Llama Lithium Project in the highly prospective James Bay Lithium District in Quebec, Canada, after completing a $3.6 million capital raising. The company plans to use high-resolution aerial imagery and magnetics to define high-quality targets for diamond drilling later in the exploration campaign.
IEC has issued 720 million shares at a $0.005 per share with the placement including a one-for-two free-attaching option exercisable at A$0.015 and expiring 24 months from the issue date.
The Llama Lithium Project comprises 123 wholly-owned mineral claims for 63 square kilometres of outcropping pegmatites in a region that hosts a number of other lithium deposits at various stages of development.
There are no historical records of geological exploration on Llama but DG Resource Management previously identified the project as being prospective for lithium after reviewing the region's pegmatite occurrences within favourable host rocks.
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Intra Energy Corporation Ltd
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