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Grounded Lithium Announces Closing of Strategic Land Acquisition and Increased Resource Base to 4.2 Million Tonnes Lithium Carbonate Equivalent
Grounded Lithium Announces Closing of Strategic Land Acquisition and Increased Resource Base to 4...
About this update from Grounded Lithium Corp
[{"type":"text","content":"\n \n \n \n Grounded Lithium Announces Closing of Strategic Land Acquisition and Increased Resource Base to 4.2 Million Tonnes Lithium Carbonate Equivalent\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 CALGARY, AB\n \n \n ,\n \n \n March 16, 2023\n \n \n /CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. (\"\n \n GLC\n \n \" or the \"\n \n Company\"\n \n ) announces the closing of the previously disclosed acquisition of an additional 33 sections (8,498 hectares) of acreage contiguous to the Company's existing landholdings in the Kindersley Lithium Project (\"\n \n KLP\n \n \") in\n \n Western Saskatchewan\n \n pursuant to a purchase and sale agreement with Hub City Lithium Corp. The newly acquired lands will be integral to our future development plans at the KLP, which now stands at approximately 300 sections (77,477 hectares). The acquisition brings GLC's total corporate landholdings, both Crown and freehold, to 333 sections (86,229 hectares).\n \n \n \n \n \n \n \n \n \n In conjunction with the closing, the Company commissioned an updated National Instrument 43-101 –\n \n Standards of Disclosure for Mineral Projects\n \n report effective\n \n March 15, 2023\n \n by Sproule Associates Limited on the expanded KLP. Total lithium carbonate equivalent (\"\n \n LCE\n \n \") inferred resources for the KLP now equals 4.2 million tonnes. GLC's resource is of comparable scale to the resource base of certain other lithium from brine operators in the Province of\n \n Saskatchewan\n \n , which have been the subject of recent corporate activity.\n \n \n The incremental inferred resource base on the acquired sections is approximately 482,000 tonnes of LCE. With a purchase price of\n \n $425,000\n \n (the \"\n \n Purchase Price\n \n \"), the transaction is highly accretive to the Company with an implied metric on the acquisition price of approximately\n \n $1.00\n \n /tonne of LCE and is substantially below the Company's current market metric of approximately\n \n $5.00\n \n /tonne of LCE, based on the Company's re...