Consolidated Abaddon has signed an option agreement to acquire a lithium project and a rare earth property in Ontario, Canada.
The deal for 100% stakes in the Raleigh Lake lithium project and the Selwyn Lake rare earth property was made with Robert Fairservice of Thunder Bay.
Under the agreement, Abaddon will be given an option to purchase a 100% interest in both properties by making a $30,000 payment, issuing 150,000 common shares and incurring and paying $250,000 exploration expenditure over three years.
The lithium property is based in the Raleigh Township of Kenora Mining Division and the rare earth property is situated in the Selwyn Lake Township of the Thunder Bay Mining Division, Province of Ontario.
Raleigh Lake lithium bearing pegmatites have been known in the area since the 1960s.
The firm plans to execute a magnetometer survey across the 560 acres covering the Raleigh Lake claims. The data will help detect structural zones where better ground preparation could have resulted in increased volumes of pegmatite.
The firm will move ahead with a diamond drill programme later this year.
The Selwyn Lake anomaly was spotted in 1996 by the Ontario Geological Survey and was later confirmed with further sampling in 2002.
The property contains 13 claim blocks spread across 1,219ha.
In the next few months, the Selwyn Lake property will undergo a prospecting, soil and till-sampling programme.