- Green Technology Metals (GT1) signs an option agreement to potentially buy 80 per cent of the Canadian Junior Lake project from Landore Resources in a $4.4 million deal
- GT1 will pay C$500,000 (A$544,000) for the option to snap up its 80 per cent interest for an additional C$3.5 million in milestone payments
- The project comprises 591 staked mineral claims over just under 11,000 hectares of tenure neighbouring GT1’s flagship Seymour project
- GT1 says the Junior Lake area offers “outstanding” lithium discovery potential, hosting multiple lithium-caesium-tantalum (LCT) pegmatites at surface
- GT1 shares are up 5.88 per cent, trading at 72 cents at 2:35 pm AEDT
Green Technology Metals (GT1) has signed a binding option agreement to potentially buy an 80 per cent interest in the Canadian Junior Lake project from Landore Resources in a C$4 million (A$4.4 million) deal.
GT1 will pay C$500,000 (A$544,000) for the option to snap up its 80 per cent interest. If it chooses to exercise this option, Green Technology Metals will then need to pay an additional C$3.5 million in milestone payments. The company can make these milestone payments in a mix of cash and scrip.
The Junior Lake project comprises 591 staked mineral claims over just under 11,000 hectares of tenure neighbouring GT1’s flagship Seymour project.
GT1 said the area offered “outstanding” lithium discovery potential, hosting multiple lithium-caesium-tantalum (LCT) pegmatites at surface identified from previous exploration work.
GT1 CEO Luke Cox said the new project’s proximity to the Seymour confirmed its lithium potential.
“We are excited to secure the agreement with Landore, adding a sizeable tenement package to our portfolio, and look forward to commencing exploration on the Junior Lake project, which offers the company a unique combination of a close proximity location, identified targets through previous regional exploration and early indications of similar geology to our flagship Seymour project,” Mr Cox said.
“We plan to commence exploration activities imminently at Junior Lake as we look to grow our resource base for greater Seymour and move swiftly into development.”
The Junior Lake project is currently 100 per cent owned by Landore.
The project provides GT1 with the opportunity to secure additional feedstock for a lithium concentrate plant at Seymour while also meeting further objectives to become a leading lithium-focused near-term producer.
GT1 shares were up 5.88 per cent and trading at 72 cents at 2:35 pm AEDT.