- Ophir Gold Corp. (OPHR) has signed an option agreement with Eastmain Resources Inc. to acquire the Radis Lithium Property in Quebec
- Ophir Gold needs to make a total cash payment of $350,000 and issue five million of its shares to Eastmain Resources over a three-year period
- The company may accelerate the exercise of its option at any time
- The property is made up of 152 claims over 7,850.30 hectares and has one known prospective lithium pegmatite
- Ophir Gold Corp. (OPHR) is up 4.00 per cent, trading at $0.13 per share as of 11:35 a.m. EST
Ophir Gold Corp. (OPHR) has signed an option agreement with Eastmain Resources Inc. to acquire the Radis Lithium Property in Quebec.
Ophir Gold can acquire a 100 per cent interest in the property by making a total cash payment of $350,000 and issuing five million of its shares to Eastmain Resources over a three-year period.
The company may accelerate the exercise of the option by making all required cash and share payments at any time.
Eastmain Resources will keep a 2.00 per cent net smelter royalty on the property, while Ophir Gold will have the option to purchase back three-quarters of the net smelter royalty for $1.5 million.
The property is 10 kilometres away from an all-season road and hydropower infrastructure corridor in the James Bay region of Quebec.
The property is made up of 152 claims over 7,850.30 hectares, and the greenstone belt over the area has one known prospective lithium pegmatite.
Within the same trend on the same greenstone belt is more spodumene pegmatite occurrences coming from the nearby Mia Property. Ophir Gold believes these occurrences extend towards its Radis Property.
CEO of Ophir Gold, Shawn Westcott, commented,
“Having the right greenstone geology, on trend with a significant spodumene occurrence in James Bay and having at least one known lithium pegmatite gives us a diversified asset base going into 2023.”
Ophir Gold Corp. (OPHR) is up 4.00 per cent, trading at $0.13 per share as of 11:35 a.m. EST.