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Home > Mergers & Acquisitions > Pioneer picks up second Canadian project
Pioneer picks up second Canadian project
PIONEER Resources has signed an option agreement with International Lithium Corp to earn up to an 80% interest in the Raleigh lithium project in Ontario.
Kristie Batten13 Jul 201613:40 News
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Mavis Lake drill core samples
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TOPICS (select for more information):
LithiumPioneer ResourcesCanada
The company can earn an initial 51% by spending $C1.25 million on exploration within three years and paying ILC $250,000 in cash and shares.
Pioneer is planning to spend at least $500,000 over the next year on the reprocessing of data, target generation and drilling.
Previous drilling at Pegmatite #1 has returned 8.5m at 2.38% lithium oxide from 84m, including 2.5m at 3.99% lithium oxide.
The project hosts other undrilled pegmatite targets.
Raleigh is only 60km southeast of Pioneer’s Mavis Lake lithium project, acquired in March as part of a strategic alliance with ILC.
Pioneer managing director David Crook said the benefits of the alliance were already evident.
“The objective of the strategic alliance is to develop an operational hub for spodumene concentrate at a location with advanced infrastructure, and adding the nearby Raleigh project to the Mavis Lake lithium project greatly enhances the Dryden district as a preferred location,” he said.
“Field work has commenced at the Mavis project, and drilling is expected to commence in September 2016 with programmes planned for both Raleigh and Mavis Lake lithium projects.”
Pioneer today extended the closing date for its A2.5 million share purchase plan for a week to July 20.
The company earlier raised $3.2 million in a placement.
Shares in Pioneer gained 6% to 3.5c after reaching a high of 10c in May.
PIO Price at posting:
3.2¢ Sentiment: Hold Disclosure: Held
