Australia-based Valor Resources, which will reposition as Thunderbird Resources over the next few months, has acquired a low-cost option over a portfolio of highly prospective lithium projects in Canada.
The company in December announced the exclusive option agreement with Pegmatite One Lithium and Gold (PGA) and has now signed a definitive agreement, giving it the right to acquire 100% of the Frazer Lake lithium project, in Ontario.
The Frazer Lake project is one of three lithium projects in north-western Ontario subject to option agreements announced late last year. The company is also working on the definitive agreement for the Morrison Lake property and finalising the acquisition of the Jesaulenko project.
The agreements give Valor a portfolio of lithium assets, alongside its portfolio of high-potential uranium and rare earth assets in the Athabasca basin.
“Our aim is to finalise the lithium transactions in the coming weeks and we will be working to get on the ground as soon as possible,” said Valor executive chairperson George Bauk.
For the exclusive right until September 30, 2024, Valor has to pay PGA A$80 000 in cash, 30-million shares at A$0.004 a share or A$120 000 cash by June 1, and 30-million shares or A$120 000 cash at the company’s election three months after starting on ground field-based exploration activities.
In the event the company elects to proceed with the acquisition, it is required to issue one-billion shares.