- Surge Battery Metals (TSXV:NILI) made a significant expansion of its land holdings at the Nevada North Lithium Project
- This was accomplished through additional claim staking by the company and by way of an agreement with M3 Metals Corp. (TSXV:MT)
- The company will have increased its land position in the area to 51.8 square kilometres, up from a previous area of 25.3 square km
- Surge Battery Metals Inc. opened trading $0.52 at per share
Surge Battery Metals (TSXV:NILI) made a significant expansion of its land holdings at the Nevada North Lithium Project.
This was accomplished through additional claim staking by the company and by way of an agreement with M3 Metals Corp. (TSXV:MT).
With the additional staked lands and including the interest in the M3 Lands, the company will have increased its land position in the area to 51.8 square kilometres, up from a previous area of 25.3 square km.
The deal at a glance
The company signed a mineral property option and joint venture agreement with M3 Metals, a company engaged in the acquisition, exploration, and development of interests in mineral properties in North America.
The agreement grants Surge the option to earn up to an 80 per cent interest in the M3 Metals claim block by making option payments of as much as C$1 million.
Surge’s president and CEO Greg Reimer called the M3 agreement a strategic acquisition that ensures it controls potential extensions of the company’s existing high tenor, lithium clay deposit.
“In addition, over the last several months, Surge has completed additional staking which significantly adds to the strategic land package. These acquisitions support where our geological staff see strong indications for additional lithium-bearing clay horizons. The company will incorporate this package in its exploration activities over the coming months,” Reimer said in a news release.
The Nevada North Lithium Project
The company’s flagship Nevada North Lithium Project in Elko County consists of 303 mineral claims in the Granite Range, 73 kilometres north-northeast of Wells, Nevada.
Surge Battery Metals Inc. is a mineral exploration company focused on nickel-iron alloy in British Columbia and lithium in Nevada to supply the electric vehicle market.
Surge Battery Metals Inc. opened trading $0.52 at per share.
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