- Black Tusk Resources Inc. (TUSK) has signed a $361,000 share purchase agreement to acquire 1396427 BC Ltd., which includes the PegaLith Project
- Black Tusk has made an initial cash payment of $16,000 to the current shareholders along with 4.6 million of its units
- The transaction is still subject to regulatory approval
- The project is made up of 11 connecting claims, which cover 636 hectares of land just north of Gatineau, Quebec
- Black Tusk Resources Inc. (TUSK) is up 16.67 per cent, trading at $0.07 per share as of 2:33 p.m. EST
Black Tusk Resources (TUSK) has signed a $361,000 share purchase agreement to acquire 1396427 BC Ltd., the holder of the PegaLith Project claims in Quebec.
The company has agreed to acquire all of the issued and outstanding shares of 1396427 B.C. and has made an initial cash payment of $16,000 to the current shareholders along with 4.6 million Black Tusk units.
Each unit has a price of $0.075 apiece for a total value of $345,000. One unit includes one common share and one share purchase warrant, which can be exercised at a price of $0.10 per share for a period of two years from the date of issuance.
The transaction is still subject to regulatory approval.
The project is made up of 11 connecting claims, which cover 636 hectares of land just north of Gatineau. These claims were originally staked to cover part of an extensive belt of rocks that host pegmatitic mineralogy.
Black Tusk’s geologic team is currently compiling all available data for the PegaLith project in preparation for a 2023 Phase I exploration program. The claims have good existing available access for exploration, including an initial sampling of pegmatitic outcrops for lithium.
Five historic mines are located near the claims. According to Black Tusk, the geologic summary for these historic mines suggests the presence of mica in the pegmatite, a possible source of lithium. Additionally, the historic Mine Leduc, located on the PegaLith property, contains a small lithium-bearing body from pegmatitic materials.
Black Tusk Resources Inc. (TUSK) is up 16.67 per cent, trading at $0.07 per share as of 2:33 p.m. EST.