- Lomiko Metals has revealed an amended option agreement with Critical Elements Lithium related to the Bourier Lithium Project in the Eeyou Istchee James Bay territory in Quebec
- The company previously successfully earned a 49 per cent interest in the property and has agreed to now amend the terms of the second option from the option agreement
- Under the amendment, CELC will grant to the company until Dec. 31, 2025, the exclusive right and option to increase its interest in the project to 70 per cent
- Shares of Lomiko Metals are up 33.33 per cent to C$0.02 as of 9:30 am ET
Shares of Lomiko Metals (TSXV:LMR) are up on Thursday’s trading session after the announcement that it has amended its option agreement with Critical Elements Lithium (CELC) related to the Bourier project in Quebec.
In a news release, the company stated that CELC will grant Lomiko Metals, until Dec. 31, 2025, the exclusive right and option to increase its interest in the project to 70 per cent.
The company will acquire its additional interest by making a cash payment of $250,000 by issuing 2.5 million shares, by incurring or funding additional exploration expenditures totaling $2 million and by delivering an NI 43-101 compliant resource on the property.
The Bourier project, which consists of 203 claims spanning a ground position of 10,252.20 hectares, is in the James Bay territory of Quebec. A 2022 exploration program consisted of intensifying the surface rock sampling in the anomalous zones discovered during the 2021 field program, and testing new lithium-cesium-tantalum pegmatite (LCT-Pegmatite) targets.
Lomiko Metals holds mineral interest in the La Loutre graphite development in southern Quebec, which sits within the Kitigran Zibi Anishinabeg First Nations Territory.
Shares of Lomiko Metals are up 33.33 per cent to C$0.02 as of 9:30 am ET.
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