- ACME Lithium has entered an option with GeoXplor Corporation
- ACME is acquiring a 100 per cent interest in 64 claims encompassing approximately 1,280 acres, comprising the CC, CCP and SX placer lithium claims
- The acquisition represents key prospective lithium brine targets in the Clayton Valley Basin, staked by GeoXplor over six years ago
- GeoXplor is considered to be one of pre-eminent explorers for over a decade in Clayton Valley
- ACME Lithium is down 2.44 per cent on the day, with shares trading at C$0.40 at 12:13 pm ET
ACME Lithium has entered an option with GeoXplor Corporation.
The deal will see ACME acquire a 100 per cent interest in 64 claims encompassing approximately 1,280 acres, comprising the CC, CCP and SX placer lithium claims.
The claims are located in Clayton Valley, Esmeralda County, Nevada, considered the centre of lithium development in the United States.
The project claims are contiguous to the south with the only lithium brine production operation in North America, NYSE-listed Albemarle’s Silver Peak Lithium mine, which has been in production since 1966.
The project claims are located on the north western part of Clayton Valley about 20 miles northwest of the county seat of Goldfield, Nevada with extensive infrastructure nearby. Nevada is one of the best mining jurisdictions in the world.
GeoXplor is considered to be one of pre-eminent explorers for over a decade in Clayton Valley optioning ground to advanced Lithium juniors Lithium X and Pure Energy Minerals.
The ACME acquisition represents key prospective lithium brine targets in the Clayton Valley Basin, staked by GeoXplor over six years ago.
GeoXplor will retain a 3 per cent Gross Overriding Royalty, of which ACME may buy back one-half of the royalty during the three years following commencement of commercial production on the property with a payment to GeoXplor of US$1,500,000.
ACME may exercise the Option by paying a total of US$283,500, issuing a total of 5,250,000 common shares, and incurring a total of US$2,750,000 in exploration and development expenditures over a four-year period.
ACME Lithium is a junior mineral exploration company engaged in the business of acquiring, exploring and evaluating natural resource properties. The company has a 100 per cent interest in the FLV claims, being 81 lode mining claims totalling approximately 1,620 acres in Esmeralda County, Nevada, which are prospective for lithium contained in tertiary claystones.
ACME Lithium is down 2.44 per cent on the day, with shares trading at C$0.40 at 12:13 pm ET.