Rock Tech Lithium announced that it has entered into an option agreement to acquire a 100% interest in the Victory Project, a lithium exploration property in Northwestern Ontario.
The Victory Project covers 9,875 hectares and is located approximately 45 kilometers east of Kenora.
Rock Tech said the acquisition supports its strategy of building a made-in-Ontario lithium supply chain anchored by its Georgia Lake Project and connected to the proposed Red Rock Converter.
The Victory Project hosts two known spodumene-bearing lithium-cesium-tantalum pegmatite occurrences at surface: the Last Resort pegmatite and the Bounty pegmatite.
Selective grab samples from the Last Resort pegmatite returned values of up to 5.11% Li2O, while samples from the Bounty pegmatite returned values of up to 3.48% Li2O.
The two known spodumene-bearing occurrences are located approximately six kilometers apart, defining a broad area of exploration interest.
Rock Tech said the property benefits from proximity to key infrastructure, including the Trans-Canada Highway, nearby CPKC rail access, electrical transmission infrastructure, and a natural gas pipeline.
The Last Resort pegmatite is Rock Tech’s initial priority target. It has been mapped at surface over approximately 200 meters of strike length and up to about 30 meters in width.
The Bounty pegmatite has been mapped at surface over approximately 375 meters of strike length and up to about 60 meters in width.
Neither occurrence has been drill-tested, and Rock Tech said additional exploration will be required to evaluate the extent, continuity, grade, and significance of the mineralization.
Under the option agreement, Rock Tech may acquire a 100% interest in the Victory Project by making aggregate payments of CAD $600,000 in cash and issuing CAD $400,000 in Rock Tech common shares over a 24-month period.
The vendors will retain a 2.0% net smelter return royalty on the project. Rock Tech will have the right to purchase 1.0% of the royalty for CAD $1 million at any time before a construction decision.
The transaction remains subject to customary conditions, including acceptance by the TSX Venture Exchange.
Rock Tech said it intends to advance the Victory Project through staged exploration focused on validating known spodumene-bearing occurrences, testing extensions along strike, and evaluating the underexplored corridor between Last Resort and Bounty.
The company noted that the Victory Project is an early-stage exploration property and does not currently host a mineral resource estimate or mineral reserve estimate.
KEY QUOTES:
“The Victory Project is a natural fit within our strategy of building a made-in-Ontario lithium supply chain. Ontario has the resources, infrastructure and existing industrial base to become a leader in battery materials, including for the EV, advanced manufacturing and defence sectors. This strategic acquisition gives Rock Tech exposure to a prospective spodumene-bearing property with strong infrastructure attributes, while the option structure allows us to test the project through staged exploration before committing the majority of the acquisition consideration.”
Mirco Wojnarowicz, CEO of Rock Tech Lithium
“We have always believed the Victory Project is prospective for additional exploration, and the surface geology has consistently supported that view. Rock Tech brings an established presence in Ontario and a clear strategy for building an integrated lithium business in the province. We are pleased to see the project move into its next phase.”
Jace Angell, President of Last Resort
“Rock Tech’s Ontario strategy makes it a strong technical and strategic partner for the Victory Project. The Property is still at an early exploration stage, but the known spodumene-bearing occurrences, infrastructure setting and regional context support a systematic exploration program. We look forward to seeing the results of Rock Tech’s planned work program.”
Jason Leblanc, President of Bounty Gold
