- New Age Metals (TSXV:NAM) has entered an agreement with Native Minerals (ASX:NMR)
- The company can earn up to a 75 per cent interest in the McLaughlin Lake Project
- It will acquire an initial 51 per cent interest by completing C$500,000 in exploration activities within 18 months
- Shares of New Age Metals are unchanged at C$0.05
New Age Metals (TSXV:NAM) has entered an agreement with Native Minerals where it can earn up to a 75 per cent interest in the McLaughlin Lake Project.
In a news release, the Rockport, Ontario-based company said it will acquire 51 per cent of the project by conducting at least C$500,000 of exploration and development within 18 months.
New Age Metals will then be able to earn an additional 9 per cent, for a total of 60 per cent interest, by completing an additional $500,000 within three years.
After that, the company can keep earning additional interests in the coming years, for a total of 75 per cent by the end of the fourth year of the deal.
At that time, the company will be required to complete a JORC-compliant Mineral Resource (Indicated) 10Mt at minimum 1.25% Li2O in Spodumene less than 150m, NMR Reserve the right to continue if samples are below 1.25% Li2O in Spodumene.
“This binding agreement comes at an opportune time in the lithium market. A second joint venture will add to the excellent progress NAM is making in its Manitoba Lithium division. Manitoba is becoming recognized for its critical metals potential. We are glad to have the support of NMR and this mining-friendly province,” Harry Barr, CEO of the company, said in a statement.
Located in Manitoba, the McLaughlin Lake Lithium Project sits in the Canadian Shield that is host to some of the most significant lithium resources in the world in Quebec and Ontario.
The McLaughlin Lake Pegmatite Project spans 19,245 hectares and is currently awaiting granting by the Manitoba government.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of green metal projects in North America.
Shares of New Age Metals are unchanged at C$0.05.
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