- Lithium One Metals (LONE) has signed an agreement to acquire an additional lithium property in the Red Lake Mining Division in northwest Ontario
- The new property adds 27 sq. km. to the company’s portfolio of lithium properties in Northwest Ontario for a total of 259 sq. km.
- The company will pay a total of $90,000 and issue 2,000,000 common shares, plus an additional 4,300,000 common shares on achieving certain milestones during exploration
- The company plans to start an exploration campaign in spring 2023 with the initial focus on prospecting, mapping, and sampling pegmatites to generate drill targets
- Lithium One Metals is engaged in the acquisition, exploration, and development of oil and gas properties
- Lithium One Metals (LONE) was unchanged, trading at $0.50 per share
Lithium One Metals (LONE) has signed an agreement to acquire an additional lithium property.
The Pinto Project, located in the Red Lake Mining Division in northwest Ontario, is prospective for high-grade lithium and is 15 km south of the Root Project, owned by Green Technology Metals (OTC:GTMLF), who recently announced a 24,000 metre drill program on its Mt McCombe lithium deposit averaging 1.3 per cent Li2O.
The new property adds 27 sq. km. to the company’s portfolio of lithium properties in Northwest Ontario for a total of 259 sq. km.
Under the deal, the company will pay a total of $90,000 and issue 2,000,000 common shares, plus an additional 4,300,000 common shares on achieving certain milestones during exploration.
The company plans to start an exploration campaign, with the initial focus on prospecting, mapping, and sampling pegmatites to generate drill targets in spring 2023.
Lithium One’s CEO, Dominic Verdejo, commented that Pinto is the latest addition to this curated portfolio of lithium projects, which together comprises an extensive land position in Canada’s rapidly growing lithium districts.
“Each project has been chosen for high levels of prospectivity and also proximity to existing discoveries and deposits. Going forward, we will utilize our strengths as multi-project explorers and roll out work programs across our portfolio, with the first activity commencing this spring.”
Lithium One Metals is engaged in the acquisition, exploration, and development of oil and gas properties.
Lithium One Metals (LONE) was unchanged, trading at $0.50 per share at 12:20 pm ET.
