- Newfoundland Discovery (CSE:NEWD) enters into an agreement to acquire a 100 per cent interest in the Newlands Lithium Property in Ontario
- The property comprises 11 claims over 4,962 hectares
- The acquisition will expand the company’s land holdings in the region from 10,000 hectares to roughly 15,000 hectares along the Quetico Subprovince belt
- The property is a part of an area where several lithium deposits have been
- Shares of Newfoundland Discovery (NEWD) are down 13.04 per cent to C$0.10 as of 11:39 a.m. EDT on Monday
Newfoundland Discovery (NEWD) enters into an agreement to acquire a 100 per cent interest in the Newlands Lithium Property in Ontario.
The company said the property is made up of 11 claims spanning 4,962 hectares. The acquisition will expand Newfoundland Discovery’s land holdings the area from 10,000 hectares to roughly 15,000 hectares along the Quetico Subprovince belt.
“The addition of the Newlands Lithium Property to our portfolio further solidifies our commitment to exploring and developing high-quality lithium resources in the Quetico Subprovince. This acquisition not only increases our land position significantly but also demonstrates our confidence in the region’s lithium potential,” Jeremy Prinsen, CEO of Newfoundland Discovery, said in a press release.
Under the terms of the agreement, the company will pay $ 128,000 to the optionors and issue roughly 1 million shares in the capital of Newfoundland Discovery.
The acquisition of the property puts the company close to other notable lithium deposits and projects including the Seymour Lake Lithium Project, the Georgia Lake pegmatite field and the Separation Rapids Lithium deposit among others.
Headquartered out of Toronto, Ontario, Newfoundland Discovery is a junior mining exploration company focused on exploring and developing mineral assets. Its portfolio includes three lithium prospects along the Quetico Subprovince lithium belt and a range of precious and base metal projects in Newfoundland.
Shares of Newfoundland Discovery (NEWD) are down 13.04 per cent to C$0.10 as of 11:39 a.m. EDT on Monday.