Rock Tech Lithium has entered into an option agreement with UniMera Holding Public to acquire a 100% interest in a graphite property,located in south western Quebec, Canada.
The company said the property is prospective for large flake, crystalline graphite and has a historic record of exploration for graphite mineralisation and production.
The property comprises of 32 mineral claims, covering 1,922ha in the Buckingham region of Lochaber Township, 45km to the northeast of Gatineau.
Rock Tech Lithium president and CEO Eunho Lee said the acquisition of the property aligns with the company's objective of diversifying its asset base in the advanced technology materials category.
"With the emergence of large flake graphite use in lithium-ion batteries and fuel cells, along with its many other technology-driven applications such as the use of carbon fibre in the auto and aviation sectors, adding a complementary asset to our portfolio of lithium projects positions Rock Tech with the potential of providing an integrated mix of materials for the high tech and alternative energy sectors," said Lee.
Under the terms of the agreement, the company will acquire the stake subject to a 3% net smelter returns royalty, cash payments and share issuances.
The company will also invest C$300,000 ($291,970) in exploration work on the property ahead of the TSX Venture Exchange approval.
The agreement also calls for a repurchase of 2% of the NSR (net smelter royalty) for C$2m ($1.9m) before the commencement of commercial production.
Image: The acquired property is prospective for exploration of graphite mineralisation. Photo:Zimbres.