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1911 Gold Enters into Agreement with Grid Metals for Lithium Spodumene Concentrate Production at True North Mill
1911 Gold Enters into Agreement with Grid Metals for Lithium Spodumene Concentrate Production at ...
About this update from 1911 Gold Corp.
[{"type":"text","content":"\n \n \n \n 1911 Gold Enters into Agreement with Grid Metals for Lithium Spodumene Concentrate Production at True North Mill\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 18, 2023\n \n \n /CNW/ -\n \n 1911 Gold Corporation (\"1911 Gold\" or the \"Company\")\n \n (TSX-V: AUMB) (OTC: AUMBF) is pleased to announce the signing of a letter agreement (the \"\n \n Agreement\n \n \") with Grid Metals Corp. (\"\n \n Grid\n \n \") to lease the True North mill complex for future processing of spodumene pegmatite (lithium ore) from Grid's Donner Lake Lithium Project in southeastern\n \n Manitoba, Canada\n \n .\n \n \n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n Significant cash payments on signing and throughout the leasing arrangement.\n \n Execution of the agreement includes an upfront cash payment of\n \n C$750,000\n \n , with an additional\n \n C$1,000,000\n \n cash payment due in 90 days upon completion of further technical due diligence. The lease arrangement involves milestone payments, a net smelter royalty of 1%, and ongoing payments to cover operating and depreciation costs during the term.\n \n \n \n \n \n Capital investment into the True North mill and tailings facilities.\n \n Grid intends to upgrade and modify the current mill configuration to provide for the processing of spodumene-bearing ore in addition to gold ores. They have engaged Primero Group Ltd. (\"Primero\"), one of the pre-eminent engineering consulting firms in the lithium industry, to complete a scoping study over the first 90 days to assess the viability of modifying the current mill configuration to handle spodumene-bearing ore.\n \n \n \n \n \n Toll milling agreement to process future 1911 Gold ore during the lease term.\n \n The Agreement includes the terms for a toll milling agreement to facilitate the processing of 1911 Gold ores during the lease period. With this agreement 1911 Gold will maintain flexibility to phase-in gold ores from the True North mine and other potential ore sources on its 63,000-hectare p...