- Tearlach Resources Limited (TEA) has signed a purchase agreement to acquire a 100-per-cent interest in two claim groups
- The two claim groups, named Pakwan Lithium Project and Margot Lake Lithium Project, are located 175 km north of Red Lake, Ontario
- The Pakwan Lithium Project consists of 51 claims totalling 1,271 hectares, and the Margot Lake Lithium Project is made up of 102 claims totalling 2,706 hectares
- Tearlach is a Canadian exploration company engaged in the acquisition, exploration, and development of lithium projects
- Tearlach Resources Limited (TEA) opened trading at $2.00
Tearlach Resources Limited (TEA) has signed a purchase agreement to acquire a 100-per-cent interest in two claim groups.
The two claim groups, named Pakwan Lithium Project and Margot Lake Lithium Project, are located 175 km north of Red Lake, Ontario.
The Pakwan Lithium Project consists of 51 claims totalling 1,271 hectares, and the Margot Lake Lithium Project is made up of 102 claims totalling 2,706 hectares.
The projects are located in Frontier Lithium’s ‘Electric Avenue,’ which hosts the PAK and Spark Deposits. The Pak Deposit has a mineral resource of measured, indicated, and inferred categories of 9.3Mt (million tonnes), averaging 2.06% Li2O1.
The Spark Deposit has a mineral resource estimate of 14.4Mt, averaging 1.4% Li2O1. Two other significant pegmatites, the bolt and pennock, have also been discovered by Frontier Lithium along strike.
“Adding to an already exciting portfolio, the Pakwan and the Margot are located in the most prolific lithium mining trends in the Americas,” explained CEO Ray Strafehl.
“The projects are in a region with multiple discoveries, favourable geology, proven metallurgy, and most importantly, on-trend and next to one of the highest-grade lithium projects in the Americas,” he added.
The purchase agreement empowers Tearlach to acquire a 100-per-cent interest in the Pakwan and the Margot projects from arm’s length vendors.
Tearlach can do this by paying, per project, $200,000 on the signing of the purchase agreement and $100,000 in year 2, plus $2,000,000 upon successful drilling result of 10 metres of 1.0 per cent or greater Li2O.
The vendors will retain a 3.0 per cent net smelter royalty (NSR) on the projects with a one-half of a percentage point buyback for $1 million.
Tearlach is a Canadian exploration company engaged in the acquisition, exploration, and development of lithium projects.
Tearlach Resources Limited (TEA) opened trading at $2.00.
