Lithium One Metals has signed an possibility settlement to buy a 100% curiosity within the Lac Astrid Lithium Venture in northwestern Quebec, Canada from Glenn Griesbach.
The challenge contains 70 mineral claims that cowl a complete space of round 3,600ha.
It’s positioned in a really energetic laborious rock lithium pegmatite space within the prolific James Bay space in Quebec, roughly 900km north-northeast of Montreal.
Underneath the arms-length possibility settlement, Lithium One holds an choice to make mixture money funds of $600,000 in three tranches and problem a complete of 1.2 million items and three million widespread Lithium One shares upon execution of the deal.
It’ll additionally problem a million Lithium One shares on the primary anniversary of the settlement, and two million shares on the second anniversary of the deal.
The share issuances and money funds improve over the time period of the deal.
Upon Lithium One exercising the choice, Glenn Griesbach will proceed to carry a 3% web smelter returns royalty on the Lac Astrid Venture.
Glenn Griesbach will use the deal proceeds for mineral exploration and common working capital functions.
The Lac Astrid Lithium property is located 11km east of Patriot Metals’ Corvette Lithium discovery, inside the 50km ‘CV Lithium Pattern’. Patriot Metals describes CV Lithium Pattern as an rising spodumene pegmatite district.
As a part of the preliminary exploration work, Lithium One Metals will deal with assessing outcropping white pegmatite with muscovite and tourmaline on the property.
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