- Tearlach Resources Limited (TEA) has signed an option agreement to acquire three lithium properties
- The company plans to acquire 100 per cent of the Fliszar Lithium Property, and Rose North Lithium Property and the Muscovite Lithium Property
- The vendors will retain a 2.00-per-cent net smelter return (NSR) royalty on the properties with a one-half of a percentage point buyback for $1 million.
- Tearlach is a Canadian exploration company engaged in the acquisition, exploration, and development of lithium projects
- Tearlach Resources Limited was down 0.413 per cent, trading at $2.41 at 2:01 PM ET
Tearlach Resources Limited (TEA) has signed an option agreement to acquire three lithium properties.
The company plans to acquire 100 per cent of the Fliszar Lithium Property, and Rose North Lithium Property and the Muscovite Lithium Property.
The Fliszar Property has 17 white pegmatites with biotite, muscovite, tourmaline, and garnet, according to the Sigeom website.
The Muscovite Ridge Property has 41 white pegmatites with biotite, tourmaline, and garnet, according to the Sigeom website.
The Rose North Property has 20 pink to white pegmatites with graphic textures, according to the Sigeom website.
All three properties are close to the Opinaca and La Grande Subprovincial boundaries, which is a deep-seated regional structural boundary.
The Rose North property is located 15 km north of Fury Gold Mines’s Eau Claire gold project.
“This strategic acquisition enhances our Quebec discovery potential and positions the shareholders with the best chance of success in not only Quebec but also Ontario and Nevada,” stated Morgan Lekstrom, CEO.
“The three property packages exhibit all the makings of discovery potential geology and only add to our growing profile of properties selected for that potential,” he added.
Newmont Mining’s Eleonore underground gold mine is located between the Fliszar and Muscovite Ridge Properties. The Eleonore mine is 11 km southeast of Fliszar and 10 km southwest of Muscovite Ridge.
According to the option agreement, Tearlach may acquire a 100-per-cent interest in each of the three properties from arm’s length vendors by making specified cash payments and issuing common shares.
The vendors will retain a 2.00-per-cent net smelter return (NSR) royalty on the properties with a one-half of a percentage point buyback for $1 million.
Tearlach is a Canadian exploration company engaged in the acquisition, exploration, and development of lithium projects.
Tearlach Resources Limited was down 0.413 per cent, trading at $2.41 at 2:01 PM ET.