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  4. Beyond Minerals acquires mining claims from Lithos Minerals

Beyond Minerals acquires mining claims from Lithos Minerals

 

Published by
 Global Mining Review,

Beyond Minerals Inc. has announced the acquisition of a 100% undivided interest in 15 contiguous mining claims comprising the Peggy Group Lithium property located approximately 80 km north of Sioux Lookout, in the province of Ontario. The transaction was completed pursuant to the terms and conditions of a definitive mineral property purchase agreement entered into between the company, as purchaser, and Lithos Minerals Inc., as vendor. Pursuant to the purchase agreement, Beyond Minerals will pay to the vendor aggregate cash consideration of US$125 000, issue a total of 2 500 000 common shares of the company, and will assume a 1.5% net smelter return royalty on the claims comprising the property, one-third of which may be droppable-1674526985776 repurchased by the company for US$600 000 to reduce the royalty to 1.0%.

The property covers approximately 7386 ha. (73.9 km2). It is located approximately 80 km north of Sioux Lookout, Ontario, is easily accessible year-round by way of well-maintained highway and logging roads, and features good outcrop exposure. The property is located 8 km south of the McCombe-Root Lithium project owned by Green Technology Metals, which has announced high grade lithium results from their 24 000 m drill programme on the project in recent months, new spodumene bearing pegmatite dyke discoveries in the area of the project, and the commencement of baseline environmental studies, all of which highlight the importance of this emerging pegmatite field. The McCombe-Root Lithium project has a historic resource of 2.297 million t grading 1.3% Li2O.

Craig Gibson, President & CEO commented:

“The Peggy Group Lithium property is an exciting addition to our growing portfolio of lithium properties and other mineral assets. The property is hosted within metasediments in contact with muscovite bearing granitic rocks, a peraluminous S type fertile parental granite. Metasediments make excellent hosts for lithium bearing pegmatites and we are keen to commence exploration work on the property.”

 

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