Deals this week: Alix Resources Corporation, Athabasca Nuclear Corporation, Benton Capital

21 April 2016 (Last Updated April 21st, 2016 18:30)

Alix Resources Corporation and Lithium Australia have signed a definitive agreement for joint exploration and development of the Electra Project, Sonora, Mexico, near Bacanora's Sonora Lithium Project.

Nevada Energy Metals

Alix Resources Corporation and Lithium Australia have signed a definitive agreement for joint exploration and development of the Electra Project, Sonora, Mexico, close to Bacanora's Sonora Lithium Project.

On completion of the deal, Lithium Australia will initially earn a 49% interest in the project by granting one million fully paid ordinary shares and expenditures amounting to A$40.4m to Alix Resources. The interest will further increase to 65% if Lithium Australia issues 1.5 million fully paid ordinary shares, expenditures of A$1.5m and A$25m in cash to Alix Resources.

The agreement also entails a 10% interest for Alix Resources on any of Lithium Australia's novel lithium extraction technologies (LET) used or developed at the Electra project properties and Bacanora Mineral's Sonora Lithium Project.

Athabasca Nuclear Corporation has announced the acquisition of two projects located within the Whabouchi Lithium District, Quebec, Canada, through 356 claim applications, subject to approval by the Australian Government.

The first asset, Spodumene Lake Project, is located 560m from Nemaska Lithium's proposed Whabouchi lithium mine, while the second acquired asset Dumont Lithium project is located approximately 6km south-east of the proposed Nemaska Lithium mine.

Benton Capital and has reached an agreement to acquire the Benton Resources's Champion Graphite project, Ontario, Canada, which hosts 29 units in two claims.

In exchange, Benton Capital will offer Benton Resources one million shares and a 2% net smelter royalty (NSR), which 1% of can be bought back for C$500,000 ($390,000).

"The vendor will be paid C$200,000 ($150,000) and issue 500,000 common shares."

Benton Capital has also revealed its intention to be renamed Alset Energy Corp.

Nevada Energy Metals has completed the acquisition of 27 new claims in BFF-1 Clayton Valley Lithium project, Silver Peak, Esmeralda County, Nevada, US, increasing the project's total claims to 87.

Kapuskasing Gold Corp has signed a non-binding letter of intent (LoI) with a vendor, to wholly acquire the West Keefer property, which hosts ten claims within Timmins, Ontario, Canada.

Under the agreement, the vendor will be paid C$200,000 ($150,000) and issue 500,000 common shares, including C$1m ($780,000) if NI 43-101 compliant resource of 10Moz of gold is delineated on the property.

The vendor will also continue to hold the rights to a 3% net smelter royalty (NSR) interest, which 1.5% of could be bought back for C$1.5m ($1.17m) by Kapuskasing Gold.


Image: Nevada Energy Metals owns the BFF-1 Clayton Valley Lithium project in Nevada. Photo: courtesy of Nevada Energy Metals.