Rock Tech Lithium Inc. announced that it has entered into an option agreement (the “Agreement”) to acquire a 100% undivided interest in a total of 6,150 hectares in the Thunder Bay Mining District of Ontario (the “Boston Lake Claims”). Adding to the Company’s Georgia Lake Project, these claims will expand Rock Tech’s footprint in the District, as well as provide additional lithium exploration potential in a region that is already historically well-studied.
Robert MacDonald, General Manager at Rock Tech’s mining entity, noted: “As leaders in lithium exploration in the Thunder Bay Area, Rock Tech is keen to add to its land position with perspective properties. The Georgia Lake Project contains over 50% of the published Mineral Resources in the Thunder Bay District and the Boston Lake mining claims offer an exciting opportunity to expand our exploration footprint.”
Pursuant to the terms of the Agreement, Rock Tech has made an initial deposit and will make additional annual cash payments totaling CAD 175,000 until the third anniversary of this agreement. Concurrent with the cash payments, the Company will additionally issue in total CAD 175,000 in shares.
This Agreement and the Georgia Lake Project which has successfully completed Pre-Feasibility stage1 demonstrate Rock Tech’s continued ambition and growth path in its home market. Additionally, the Company is excited to announce the appointment of CIBC as Strategic Advisor. CIBC, a longstanding participant in the mining industry, will assist in the selection of a strategic partner to jointly advance the 100%-owned Georgia Lake Project.
“We are delighted to have partnered with CIBC and their strong, globally networked Capital Markets team. CIBC will work closely with Rock Tech to ensure we find the strongest strategic partnership to develop our Georgia Lake asset. With the PFS successfully completed, and the latest exploration drilling programs progressing, the project is now significantly de-risked and represents a unique opportunity to invest in a high-quality hard rock lithium project in Canada,” Sonja Rossteuscher, Rock Tech’s Chief Financial Officer, stated.
Source: PR Newswire
