Tearlach Resources has reached an option agreement with undisclosed arm’s length vendors to acquire a 100% interest in claims groups (Shelby Properties) within the CV lithium trend in Quebec, Canada.
Located adjacent to Patriot Battery Metals’ Corvette Lithium Property and Winsome Resources’ Cancet property, Shelby Properties cover 11,226ha within the La Grande Greenstone Belt along the La Grande and Opinaca Subprovince boundaries.
The Shelby Project comprises six properties that include Patriot West (two claim blocks), Patriot North, Patriot North Spodumene, Patriot North East, Patriot East and Patriot South.
According to the agreement, Tearlach holds the option to acquire a 100% interest in each of the six properties from the arm’s length vendors.
Tearlach will make cash payments and issue its common shares with milestone bonuses.
The firm will initially issue 300,000 shares to the vendor as a one-time payment.
The vendors will retain a 3% net smelter return royalty on the properties.
Tearlach CEO Morgan Lekstrom said: “These strategic acquisitions in Quebec add to our growing portfolio of high-potential lithium properties in one of the most prolific lithium jurisdictions in Canada.
Located adjacent to PMET’s Corvette deposit and Winsome’s Cancet discovery, the ‘Shelby Project’ properties are just another example of our ability to acquire potential company builder properties through a highly experienced team and access to our unique pipeline.”
“The Corvette Lithium Trend is an emerging spodumene pegmatite district discovered by PMET in 2017.”