- New Energy Metals Corp. (ENRG) has agreed to acquire a 100-per-cent interest in twelve claims (254 cells)
- The claims total approximately 5,100 hectares and consist of the Roslyn Lithium Property located 50 kilometres northeast of Nipigon, northwestern Ontario
- New Energy has the option to acquire the property by making 4 cash payments and 3 stock issuances, totalling $2,300,000 in cash, 1,430,000 shares and $200,000 equivalent in company securities
- New Energy Metals is a Canadian-based resource company
- New Energy Metals Corp. was up 6.452 per cent, trading at $0.33 at 1:21 PM ET
New Energy Metals Corp. (ENRG) has agreed to acquire a 100-per-cent interest in twelve claims (254 cells).
The claims total approximately 5,100 hectares and consist of the Roslyn Lithium Property located 50 kilometres northeast of Nipigon, northwestern Ontario.
The Roslyn Lithium Property is located 20 kilometres southeast of the Georgia Lake Pegmatite Field and 35 kilometres southeast of where Rock Tech Lithium just published a PEA supporting the indicated mineral resource of 10.6 million tonnes grading 0.88 per cent Li2O and an inferred mineral resource of 4.2 Mt grading 1.0 per cent Li2O.
New Energy Metals has the option to acquire a 100-per-cent interest in the property from third parties by making four cash payments and three stock issuances totalling $2,300,000 in cash, 1,430,000 shares and $200,000 equivalent in company securities.
The optionors will retain up to a maximum of a three-per-cent net smelter royalty (NSR) on the property, of which 0.5 per cent can be repurchased at any time for $1,000,000.
The option agreement remains subject to approval by the TSX Venture Exchange.
The company has also engaged Lakeside Enterprises Inc. to provide content creation, distribution and advertising services.
The term of the agreement commences December 6, 2022, for two months. In accordance with the agreement, the company will compensate Lakeside with a total fee of $60,000.
New Energy Metals is a Canadian-based resource company.
New Energy Metals Corp. was up 6.452 per cent, trading at $0.33 at 1:21 PM ET.