Acquisition:
2015 / 04 / 28
Agreement:
Royalty
Terms:
1.5% NSR
The Seymour Lake lithium project is located within the Caribou Lake Greenstone Belt approximately 45 km northeast of Armstrong in northwestern Ontario, Canada. The property covers 15,140 ha and contains lithium mineralization hosted in spodumene-bearing pegmatite structures.
Development of the Seymour Project has been advancing, with the announcement of a positive Preliminary Economic Assessment (PEA) in December 2023. The PEA considered two development options: a mine and concentrator development from the Seymour and Root mines producing saleable SC5.5 concentrates and an integrated project with construction of a converter to produce lithium hydroxide from Seymour, Root and other spodumene concentrates.
Work is now underway on a Definitive Feasibility Study for Seymour that will enable a financial investment decision, expected in Q3 2024.
Sandstorm’s royalty covers a portion of the Seymour Lake claims including the North Aubry and South Aubry deposits, which currently comprise the first 5-6 years of mine life as envisioned by the PEA. The June 2023 Indicated Mineral Resources at North Aubrey contain 6.1 Mt at 1.25% Li2O, with additional Inferred Resources of 2.1 Mt at 0.8% Li2O (cut-off grade 0.2%). The Inferred Resources at South Aubry contain 2.0 Mt at 0.6% Li2O (cut-off grade 0.2%). Additional exploration is planned to investigate the potential for production expansion and increasing the project’s mineral resources, with a substantial drilling program anticipated in 2024.
