- Record Resources (TSXV:REC) has entered into an agreement with a private Ontario exploration company to acquire 100 per cent interest in three lithium properties and one uranium property
- All of the properties are in Western Ontario
- The properties include the Whitemud River lithium prospect, the O’Malley property and a uranium property consisting of 10 claims
- Shares of Record Resources are down 28.57 per cent to C$0.025 as of 10:21 am ET
Record Resources (TSXV:REC) has entered into an agreement to acquire 100 per cent interest in three lithium properties and one uranium property.
The company stated in a news release that the properties include the Whitemud River lithium prospect, the O’Malley property and a uranium property consisting of 10 claims.
The Whitemud River lithium prospect includes 111 claims and is approximately 200 kilometres east of Red Lake and approximately 125 kilometres northeast of Sioux Lookout. A wide range of lithium discoveries have been delineated along the same fault system in the area.
The Whitemud River area has also returned some of the highest values of lithium with values ranging from 22.2 to 46.6 ppm. The area is underlain by tonalitic to granodioritic rocks of the Bluffy Lake batholith.
Meanwhile, the O’Malley property includes 36 claims down-trend from the Swole lithium occurrences.
With the uranium and lithium properties falling under the same agreement, the private company will receive 2.1 million shares of Record Resources over three years and a cash payment of C$64,000 payable over three years.
Record Resources has also reported that it no longer holds an option on the Doran Lake property because of the company being unable to make the cash payments required to keep the agreement in good standing. The company may be able to reacquire the property pending financing.
Record Resources is a lithium and gold exploration company focused on acquiring and developing its lithium and gold properties.
Shares of Record Resources are down 28.57 per cent to C$0.025 as of 10:21 am ET.
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