Tucana Lithium Corp. is a mineral exploration company that engages in the exploration of lithium properties in Canada. The Company formerly went by the name Oteegee Innovations, Inc. They changed their name to Tucana Lithium Corp. in May 2011. Founded in 2003, Tucana Lithium has their headquarters in Las Vegas, Nevada.
Tucana has acquired a 100 percent interest in the Abigail property. This property is located in the James Bay region of Quebec, Canada. More specifically, it is located in the Nemaska area. The property consists of 222 map-designated cells totaling 11,844 ha or 118.5 squared km. This Abigail property is attached to the world-class Whabouchi Lithium deposit held by Nemaska Exploration (NMX.V). Nemaska earlier announced an updated resource estimate on the Whabouchi deposit to 25 million tonnes in measured and indicated categories.
Tucana is focusing on the acquisition and development of mining properties throughout North America. With the Abigail property, their key goal is to develop a world-class lithium project that will capitalize on the fast-growing demand for lithium batteries primarily used for electric and hybrid vehicles. Their plans include a $2.5 million exploration and development program focused on completing an economic pre-feasibility study on the Abigail property. This is to advance the project to the feasibility stage.
In September 2011, Tucana Lithium announced that they obtained the airborne magnetic survey for the Abigail Property from the Ministry of Natural Resources in Quebec. The airborne survey encompasses the entire Abigail Property covered by NTS Sheets 320/12 and 320/13 in the Lac Des Montagnes and Lac Abigail region of Quebec. Tucana believes the airborne survey is a critical step in the development of the Abigail Property.
Today, Tucana Lithium announced that they received the NI 43-101 Technical Report for the exploration program in the summer of 2011 on the Abigail Property. The Report was prepared by Donald Theberge, Eng., M.B.A at the request of the Company. The report contains the results on the reconnaissance geology program conducted by Nemaska Exploration Inc. on behalf of Tucana Lithium.
The geological reconnaissance program conducted by Nemaska Exploration in the summer of 2011 involved a recording of more than 2,000 GPS points with 39 samples being taken and analyzed. On the north part of the property, the samples revealed two pegmatites with anomalous values. The first, numbered 18070, is from a pegmatite visually containing 1 percent Mo, which returned 292 ppm Mo and 466 ppm Rb. The second, numbered 18005, is from a pink pegmatite and returned 151.5 ppm Nb, 24 ppm Sm and 147.5 ppm Ta.
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