Rock Edge Resources has reached two option agreements to pick a 100% stake in additional ground at its Superb Lake Lithium Project in northwestern Ontario, Canada.
The two lithium properties covered under the option agreement are the Maun and Terrier properties. These add a further 4,090ha to Rock Edge’s existing area of 2,378ha.
Rock Edge signed the option agreement to acquire a 100% interest in the Maun Lithium Property from two third parties (optionors) by paying $81,000, as well as issuing 400,000 shares over three years.
Under the second option agreement, Rock Edge will acquire a 100% interest in the Terrier Lithium Property from the optionors by making a $75,000 payment and issuing 400,000 shares over a period of three years.
The optionors will retain a 1.5% net smelter royalty (NSR) on each of the properties.
Rock Edge CEO Charles Desjardins said: “Following our very positive Phase 1 exploration results at Superb Lake, we felt it prudent to expand our land holdings in what is becoming an important lithium-bearing pegmatite field.
“We guided our land expansion on the geological environment of our existing success coupled with studies and exploration recommendations made by the OGS in 2021-2022. We look forward to both expanding the positive results at the Superb Lake Lithium Project and getting boots on the ground on our additional landholdings.”
The 1,454ha Maun Lithium Property comprises 51 mining claims and straddles the terrane boundary between the East Wabigoon and English River subprovinces.
The Terrier Lithium Property is made of 19 mining claims and is located 8km north of the English River-East Wabigoon terrane boundary.