(MENAFN- ProactiveInvestors - N.America) Cardiff Energy Corp (CVE:CRS) has acquired a lithium project at Eastmain River in Quebec, but its oil operation in Texas has been suspended.
The new project comprises 2,860 acres and 22 claims 8 km to the north of Galaxy Resources'' James Bay lithium project on the south side of the Eastmain River.Zimtu Capital Corp (CVE:ZC) is the vendor. No drilling has been carried out on the property to date, but Cardiff said that the pegamatites of the Eastmain River area are almost always spodumene bearing and enriched in light elements such as lithium. Jack Bal, Cardiff''s chief executive, added: ''The James Bay area is a world class lithium exploration ground and is being actively explored by Galaxy Resources, Nemaska Lithium, and Critical Elements.'' He said oil operations at the Clayton #1H well in Texas had been temporarily suspended until additional funding or a joint venture partner can be found.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.