Vancouver-based investor Zimtu Capital has agreed to acquire three separate lithium and caesium mining claims in Ontario, Canada.
The claims comprise the Eagle Lake claims, the Grove Lake claims and the Whitefish Lake claims, located 350km north-west of Thunder Bay.
The three claims comprise a total of 89,120 hectares (ha) across an underexplored area of north-western Ontario with 17 claim groups prospective spodumene-bearing lithium pegmatites.
There are several existing lithium deposits within a 100km radius of the region.
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Recent digitisation of historical maps from the Ontario geological survey is said to show dozens of pegmatite outcrops across the properties hosted in many rock units.
Geophysical anomalies that crosscut the properties provide evidence of structural pathways leaving room for the formation of lithium-bearing pegmatites.
According to the agreement, subject to regulatory approval, Zimtu agreed to acquire 100% of the claims by offering $315,000 (C$416,000) in cash, along with the issue of nine million shares, and by paying another $315,000 within four months of closing the transaction.
Additionally, one of the sellers will be granted 1% net smelter returns royalty interest for the minerals produced from the claims in the future.
The Eagle Lake claims include 1,439 claims covering 30,302ha and are staked with several anomalies in lake sediment samples of lithium and caesium.
In addition, 21 of 165 lake sediment samples contain 28.1 parts per million (ppm) of lithium while 66 of 165 lake sediment samples contain 2.4ppm of caesium.
Furthermore, four of the 165 lake sediment samples contain 37.1ppm of caesium.
Comprising 1,584 claims across 30,791ha, the Whitefish Lake claims host several anomalies of lithium and caesium and rubidium.
The Grove Lake claims have 1,520 claims covering 25,027ha of land with lake sediment samples containing lithium and rubidium.