GBML has entered into an option agreement with Tancred Resources to secure rights to these adjacent mining areas, totaling approximately 249 square kilometres.
With the addition of these tenements, GBML’s Leinster lithium project has now expanded to approximately 775 square kilometers and includes approximately 22 tenements.
The company agreed to pay US$25,000 (CAD$33,630) in cash within three business days of the date of the agreement.
500,000 warrants will be issued over the next 18 months at $0.30 per share. They are exercisable within 18 months of the date of issue. In addition, shares worth a total of $75,000 will be issued.
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Only after meeting these conditions will she receive a 25% share of the assets. Within 30 months from the date of signing of the agreement, GBML will issue a total of US$200,000 in shares to Tancred to obtain a 51% interest.
Within 42 months from the date of the agreement, Tancred will issue shares worth $300,000 to acquire 100% of the assets.
GBML has also agreed to issue performance shares totaling $1 million to Tancred if the company announces the production of 5 tonnes of 1% lithium oxide (Li2O).
Upon completion of the feasibility study, shares totaling $2 million will be issued.
Once GBML begins commercial production, $2 million worth of shares will be issued.
GBML chief executive Michael Murphy said: “GBML has had its eye on these additional licenses for some time but until recently had not secured the land. Given the proximity not only to our own active exploration but also to Blackstairs Lithium’s extensive The drill program plans for the new southern portion of the GBML project license to be a significant expansion in the area.
“We have been tracking exploration progress in and around PL 1597 throughout 2023 and are seeing areas of focus expand in tandem with favorable geological reports. We appreciate the collaboration of the Tancred team and look forward to expanding our exploration efforts.”
The Leinster lithium project is located in counties Wicklow and South Carlow near Dublin. Following the completion of the first phase of drilling at Knockeen, the company discovered a new lithium-cesium-tantalum pegmatite system containing lithium-bearing spodumene pegmatite.
The width of each spodumene pegmatite varies from 0.10 m to 0.63 m, with the highest value reaching 2.57% Li2O.
