Australia’s Omnia Metals Group (ASX: OM1) is expanding its exploration footprint in Canada with the acquisition of local junior Dixie Gold (TSX-V: DG).
The deal hands Omnia key lithium, gold, and uranium assets including the Phoenix lithium project in The Northwest Territories and the Torp Lake lithium project in Nunavut. It also gives it the Red Lake gold project in Ontario and the Isko gold project in Quebec.
The transaction comes more than a year of due diligence and provides Omina near-term and extended pathways to advance significant exploration opportunities in Canada across multiple commodities, the company said.
Following the friendly takeover, Dixie Gold will become a wholly-owned subsidiary of Omina Metals.
“Due to the nature and scale of the acquisition, we have been working around the clock to get to this point and embark on an exciting phase of growth in 2024,” executive director, James Warren, said in the statement.
The Western Australia-based miner plans to launch multiple drilling campaigns this year, targeting both the Phoenix and the Torp Lake lithium projects. These assets expand Omnia’s existing lithium footprint, represented by its Lac des Montagnes in the James Bay region of Quebec, to more than 625km2.
