Elko, NV (FSCwire) - Lithium Corporation [OTCQB – LTUM] “the Company” is pleased to announce that it and Bormal Resources Inc., a private British Columbia company have executed the formal agreement with respect to the optioning of three Tantalum-Niobium properties in British Columbia. Also, the Company has amended its trenching permit for the BC Sugar flake graphite property, to allow for work in a previously untested area.
As outlined in our March 02, 2017 press release, Lithium Corporation has the option to earn a 100% interest in three separate claim blocks by furnishing 1,000,000 common shares to the Optionor upon the signing of the formal agreement, and issuing a further 750,000 common shares on the 1st anniversary of the signing of the agreement. The properties are subject to two separate 1% Net Smelter Royalties (NSR’s) that may be purchased at any time for $500,000 each.
As indicated in the earlier release two of the properties exhibit strong Tantalum-Niobium (Ta-Nb) mineralization in stream sediments, while the third property is an area of known Ta-Nb enriched carbonatite occurrences where a brief field program by Bormal in 2015 located one of these carbonatites. Concurrent soil sampling determined that the soils here are enriched with Ta-Nb over the known occurrence, and indicated that there are other geochemical anomalies locally that may indicate more carbonatites exist here and are near surface. The Company anticipates preliminary geochemical and prospecting work on the property to commence early this summer.
BC Sugar Graphite Project
Also the Company has revised its BC Sugar exploration permit with BC Energy and Mines to allow for new trenching this year in an area of several discrete geophysical anomalies that is devoid of surface rock exposures, and was not investigated when Lithium Corporation trenched the property in 2015. The Company is looking to commence this work in early fall 2017.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, looking to capitalize on opportunities within the ever expanding next generation energy storage markets.
