Libra Energy Materials Inc. (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) has entered into an option agreement to acquire a 100% interest in two lithium projects in the Eeyou Istchee James Bay region of Quebec, according to a company statement.

The Cisco West project covers approximately 19,788 hectares and is contiguous with Q2 Metals Corp.'s Cisco lithium deposit, which holds inferred resources of 295 million tonnes grading 1.36% Li₂O. Cisco West spans roughly 45 kilometres of strike along the Nottaway Deformation Zone. The Obamska project covers 9,779 hectares and hosts large lithium-cesium-tantalum pegmatites outcropping at surface, with preliminary field data showing K/Rb ratios as low as 11 and lithium enrichment between 1,000 and 4,000 ppm.

Under the option agreement with Last Resort Resources Ltd. and Bounty Gold Corp., Libra can earn a 100% interest through $300,000 in staged cash payments and the issuance of 8,823,529 common shares over three years. The optionors retain a 2% net smelter returns royalty, of which 1% may be repurchased by Libra for $2,000,000 per property. A milestone payment of $2,000,000, payable in cash or shares at Libra's election, is triggered if a mineral resource estimate of at least 50 million tonnes averaging 1.0% Li₂O or higher is filed on either property.

Both projects are accessible via the Billy Diamond Highway, with a CN railhead located approximately 150 kilometres south at Matagami.

Libra said it plans to begin surface mapping, sampling, and target prioritization programs on both projects in the coming weeks. The transaction remains subject to regulatory approval, including that of the Canadian Securities Exchange.