Lithium Corporation expands rare earths land tenure in British Columbia as optionee explores
US-based lithium and rare earths exploration company Lithium Corporation has secured a land position covering about 13 000 acres, or 5 400 ha, that is prospective for rare earths mineralisation at the Las Pilas project, in British Columbia.
The company has started with field exploration work to better define the resources in the area together with TSX-V-listed Ridgestone Mining.
Upon further milestones, an option agreement with TSX-V-listed Ridgestone Mining will formally come into effect.
Under the terms of the agreement, Ridgestone will pay Lithium Corporation $315 000 in cash, issue 500 000 common shares and fund $600 000 in exploration expenditure over three years as it advances toward earning a 100% interest in the property.
Lithium Corporation will retain a 2% net smelter return royalty on any realised mine from the Las Pilas project, providing long-term exposure to future production while optimising near-term capital efficiency and minimising exploration risk.
The Las Pilas agreement highlights Lithium Corporation's role as a project generator, partnering with select optionees to deliver cash payments, equity participation, funded exploration, and a retained royalty interest while limiting capital requirements and shareholder dilution.
Backed by a strong balance sheet and prudent spending, Lithium Corporation remains well positioned to continue to advance its broader portfolio of lithium and rare earth element assets in a strengthening critical minerals market.
Lithium Corporation will provide technical support for exploration activities at Las Pilas while advancing its wholly-owned Yeehaw and Midway Range rare earth prospects.
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