06:46:42 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Millennial Lithium Corp
Symbol ML
Shares Issued 37,893,743
Close 2017-03-29 C$ 1.42
Market Cap C$ 53,809,115
Recent Sedar Documents

Millennial Lithium makes Pocitos West option payments

2017-03-30 02:37 ET - News Release

Mr. Graham Harris reports

MILLENNIAL MAKES PAYMENT ON OPTION OF POCITOS WEST PROJECT IN THE POCITOS SALAR, SALTA PROVINCE, ARGENTINA

Millennial Lithium Corp. has made the initial payments under its option to acquire a 100-per-cent interest in the Pocitos West project consisting of 15,857 hectares (39,183 acres) of prospective lithium brine exploitation concessions on the Pocitos salar in Salta province, Argentina. Pocitos West is adjacent to ground recently acquired by Pure Energy Minerals Ltd. and is strategically located in close proximately to known lithium resources, including the Rincon project located 32 kilometres to the north and the Sal De Vida project 90 km to the south. The option was first announced on Feb. 2, 2017.

Pocitos West is located 160 km from Salta, and approximately 40 km due west of Millennial's flagship Pastos Grandes project, where recent drilling has confirmed significant lithium brines from surface to depths of 400 metres. Pocitos West is directly accessible by Salta Provincial Highway 17 and close to other high-quality regional and site infrastructure, including local labour, rail and power generation.

Millennial and the vendors of Pocitos West executed a definitive option agreement that defines the material terms and conditions of the option. A non-refundable deposit of $100,000 has been paid to the vendors as has the additional $150,000 (U.S.), which was due upon receipt of exchange approval of the option.

The option may be exercised within three years by making a total of $4.5-million (U.S.) in payments (including the deposit and the first option payment): (i) $250,000 (U.S) six months from the date of the agreement; (ii) $500,000 (U.S.) 12 months from the date of the agreement; (iii) $500,000 (U.S.) 18 months from the date of the agreement; (iv) $500,000 (U.S.) 24 months from the date of the agreement; (v) $500,000 (U.S.) 30 months from the date of the agreement; and (vi) $2-million (U.S.) 36 months from the date of the agreement.

Upon payment of the full option exercise price, Millennial will have earned a 100-per-cent interest in Pocitos West.

No securities of the company are to be issued in conjunction with exercise of the option.

The 60-kilometre-long Pocitos salar basin was previously drill tested by 12 shallow holes in 1979 by an Argentine government agency, the Direccion General de Fabricaciones Militares (DGFM). The most significant result from the historical work program includes a shallow drill hole, which averaged 417 parts per million (ppm) lithium and 15,300 ppm potassium. The results of these holes and the sampling conducted are historical in nature and cannot be confirmed by the company under National Instrument 43-101 (standards of exploration) applicable today.

In 2010, Li3 Energy Inc. announced the results of 46 brine samples taken from just below the surface of the salar, with brine assays ranging from 300 ppm to 600 ppm lithium. These samples were taken immediately east of the Pocitos West property. Previous geophysical studies conducted by Li3 Energy also demonstrate the Pocitos basin, where sampled, is approximately 500 metres deep and that the prospective brine target is open and extends westward toward the Pocitos West property.

This news release has been reviewed by Iain Scarr, AIPG, CPG, who is chief operating officer of the company and a qualified person as that term is defined in National Instrument 43-101.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.