- Cullinan Metals (CMT) has signed an option agreement to acquire a new property
- The Vancouver mining exploration company can now acquire a 100-percent interest in the Smiley Lithium Property near Thunder Bay, Ontario
- The property consists of five mineral claims in one contiguous block covering approximately 1,902 hectares
- The land is located near several existing lithium deposits with occurrences at different stages of exploration and development
- Cullinan Metals is a mineral exploration company active in Quebec
- Cullinan Metals (CMT) is unchanged trading at $0.40 per share
Cullinan Metals (CMT) has signed an option agreement to acquire a new property.
The Vancouver mining exploration company can now acquire a 100-percent interest in the Smiley Lithium Property near Thunder Bay, Ontario.
The property consists of five mineral claims in one contiguous block covering approximately 1,902 hectares.
The land is located near several existing lithium deposits with occurrences at different stages of exploration and development.
The cash-and-stock deal is worth $2,563,000. The vendor is retaining a 2.5-percent net smelter returns royalty. Cullinan can buy back half a percent of that royalty for $500,000.
The company believes the Smiley Lithium Property has numerous indications of potential lithium-bearing pegmatites, proving its exploration importance.
“We are excited to be entering the lithium space in northwestern Ontario where the exploration and advancement of several lithium deposits are occurring at a rapid pace. Northwestern Ontario is receiving a lot of attention for its lithium potential from companies around the world, providing a low-risk mining-friendly jurisdiction with accessible infrastructure and government support,” said CEO Marc Enright-Morin.
“As the world gets closer to zero-carbon emission mandates, lithium remains a key mineral in the electric vehicle (EV) and battery mineral needs. We look forward to the results of our upcoming exploration efforts,” he added.
Cullinan Metals is a mineral exploration company active in Quebec.
Cullinan Metals (CMT) is unchanged trading at $0.40 as of 10:38 am ET.
