Global Battery Metals Ltd. (GBML) has signed an option agreement with a private landholder to facilitate exploration on the Sawyer Camp Property, Michigan.
Global Battery has the right to explore the project for four years and must incur costs of US$150,000 of in-the-ground expenditures.
It also must provide rental payments of US$10,000 in the first year before continuing exploration.
Global Battery has the option to enter the lease agreement that has a primary 15-year term followed by a 15-year extension term.
There is a long-term lease agreement in place which allows for the development and operation of a mine contingent upon obtaining positive results from the preliminary work.
The property and area of interest cover two discrete magnetic highs which are potentially related to intrusions hosting nickel sulphide mineralization.
Global Battery plans to explore the property in 2022, beginning with the completion of a ground-based survey to outline potential drill targets associated with the intrusions.
The option agreement has been signed with the private landholder to provide access and secure 100 per cent of the mineral rights for the Sawyer Camp.
Global Battery Metals Ltd. (GBML) is down 2.70 per cent trading at $0.18 per share as of 11:54 a.m. EST.