Spod Lithium Corp. [SPOD-CSE] closed its previously announced acquisition of the North Nipigon exploration property, Ontario, pursuant to a property purchase agreement of November 16, 2022, with arm’s-length vendors (the sellers).
The property is comprised of a total of 403 mineral claims located north of the town of Nipigon, northwestern Ontario. The North Nipigon Project, comprised of three blocks of claims covering approximately 8,475 hectares, is accessible by four season roads and forestry trails. The Property shares borders with RockTech Lithium’s Georgia Lake Project, Imagine Lithium’s Jackpot Lithium Project, and Ultra Lithium’s Georgia Lake Project.
On the North Nipigon Project, there have been historical grab samples of pegmatite boulders which returned assay values of 0.764 % Li2O and 0.685 % Li2O.
Under the agreement, Spod acquired the sellers’ undivided 100% interest in and to the property by making an aggregate cash payment of $65,000 and by issuing an aggregate of four million Class A common shares of Spod to the sellers. The shares issued under the agreement are subject to a four-month hold period pursuant to applicable securities laws which will expire on March 25, 2022.
The property is subject to a 2% net smelter return royalty in favour of the sellers. The parties intend to negotiate and execute a royalty agreement within six months.
Spod Lithium is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base and precious metals.