Source: Global Battery Metals.
  • Global Battery (GBML) has entered into an option agreement to acquire up to 100 per cent of the Lapoile Lithium Project
  • The property consists of 320 claims over 8,000 hectares approximately 35 km from the Golden Hope Property held by Sokoman Minerals and Benton Resources
  • The company intends to undertake a grassroots sampling and mapping program in the spring of 2022
  • Global Battery Metals is a mineral exploration company focused on metals that make up and support the rapid evolution to battery power
  • Global Battery (GBML) closed up by 20 per cent trading at $0.33 per share

Global Battery (GBML) has entered into an option agreement to acquire up to 100 per cent of the Lapoile Lithium Project.

The company entered the agreement on the Newfoundland property with optionors Kevin Keats and Allan Keats.

The property consists of 320 claims over 8,000 hectares approximately 35 km from the Golden Hope Property held by Sokoman Minerals and Benton Resources.

Of the 35 samples reported from Golden Hope, 11 are greater than 1 per cent Li2O and 3 are greater than 2 per cent Li2O with a high of 2.37 per cent Li2O.

Pursuant to the agreement, Global Battery may acquire up to a 100-per-cent interest in the property by meeting the following requirements:

Milestone(s)/Date(s)Cash payment
due
(C$)
Value of shares to be issued
($)
Interest acquired by GBML in
the property
(%)
Cash payment due within five business days of executing the agreement31,000
Share issuance due within five business days of TSX Venture Exchange approval (no later than the first anniversary of agreement)25,000
Cash payment due no later than the first anniversary of the agreement20,000
Cash payment and share issuance are due no later than the second anniversary of the agreement30,00087,500
Cash payment due no later than the third anniversary of the agreement40,00051%
Incur exploration costs of $2,000,00075%
Within 30 days of delivery of an economic technical report, at GBML’s discretion50,000425,000100%

The agreement includes a 2-per-cent net smelter royalty upon Global Battery acquiring 100 per cent of the property. The company can purchase half of the royalty for $1,000,000.

It intends to undertake a grassroots sampling and mapping program in the spring of 2022.

Michael Murphy, Global Battery’s President and CEO, stated,

“We are excited to add the Lapoile Lithium Project to our growing battery metals portfolio. This is now our second lithium property acquisition option to go along with the acquired Lithium King Property. We look forward to continuing to add prospective projects as we create shareholder value by participating in the battery revolution.”

Global Battery Metals is a mineral exploration company focused on metals that support the rapid evolution of battery power.

Global Battery (GBML) closed up by 20 per cent trading at $0.33 per share.

More From The Market Online

Alamos and Argonaut merge to create one of Canada’s largest gold mines

Alamos Gold (TSX:AGI) announces it will acquire all of the issued and outstanding shares of Argonaut Gold (TSX:AR) in a friendly takeover.

Forum Energy initiates mobilization for drill program in Nunavut

Forum Energy Metals (TSXV:FMC) begins mobilization of its camp, fuel, equipment and second drill to its Aberdeen Uranium Project location.