Concerning the North Nipigon exploration property, SPOD Lithium Corp has reported that it has signed a property purchase agreement with arm’s length vendors dated November 16th, 2022. The property is made up of a total of 403 mineral claims and is situated in the province of Ontario, north of the town of Nipigon. All of the sellers are arm’s length of the company.
Map of the SPOD Lithium’s existing and new mineral claims in the Georgia Lake area, with respect to other lithium explorers. Image Credit: SPOD Lithium Corp.
Four season roads and forestry trails connect the three blocks of claims that make up the 8,475-hectare-covering North Nipigon Project. Keweenawan age diabase, granites, and metasediments from the Archean are all found beneath the property.
In the area, pegmatites can be found inside and close to granitic plutons. Georgia Lake Project by Ultra Lithium, Jackpot Lithium Project by Imagine Lithium, and RockTech Lithium all border the Property.
A compliant measured resource of 2.31 Mt of 1.04% Li2O and a compliant indicated resource of 4.31 Mt of 0.99% are both present in the RockTech Project. The area is home to a large number of additionally known pegmatite occurrences, many of which have undergone successful drilling.
Historical grab samples of pegmatite boulders taken from the North Nipigon Project yielded assay values of 0.764% and 0.685% Li2O (Ontario Geological Survey AFRI 20000019444).
By making an aggregate cash payment of $65,000 and issuing an aggregate of 4,000,000 Class A common shares of SPOD (each, a “share”) to the sellers on the closing date specified in the agreement, SPOD will acquire the sellers’ undivided 100% interest in and to the property.
According to relevant securities laws, the shares issued under the agreement will be subject to a four-month hold period and will be issued at a price of $0.225 per share.
The sellers are entitled to a 2% net smelter return royalty on the property. A royalty agreement will be negotiated and signed by the parties within six months.