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Surge Battery Metals Enters into Property Option Agreement on 16 Lithium Mining Claims in the Nevada San Emidio Desert
VANCOUVER, BC / ACCESSWIRE / March 2, 2022 / Surge Battery Metals Inc. (the "Company" or "Su...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Metals Enters into Property Option Agreement on 16 Lithium Mining Claims in the Nevada San Emidio DesertVANCOUVER, BC / ACCESSWIRE / March 2, 2022 / Surge Battery Metals Inc. (the \"Company\" or \"Surge\") (TSXV:NILI)(OTC PINK:NILIF)(FRA:DJ5C) is pleased to announce that further to its news release dated January 20, 2022, the Company has now entered into a Property Option Agreement with Paul Lechler and John Van de Sand dated February 24, 2022 whereby the Company may earn an undivided 80% interest in 16 mineral claims comprised of 640 acres and located within Nevada's San Emidio Desert (the \"Transaction\"). These lithium exploration claims, referred to as the \"Galt Claim Group\", adjoin the Company's existing San Emidio Desert lithium claims. The Transaction is subject to TSX Venture Exchange (\"Exchange\") approval.Terms of the Transaction:The proposed consideration for the undivided 80% interest in the Galt Claim Group is as follows:US$20,000 to be paid upon Exchange approval;1,000,000 restricted shares (\"Shares\") of Surge to be issued upon Exchange approval, which Shares shall vest and be released as follows: 25% released upon Exchange approval and 25% released each three-month period thereafter;4,000,000 warrants of Surge to be issued upon Exchange approval, with at an exercise price of CAD$0.30 per share for a period of five years from Exchange approval and vesting on the same schedule as the Shares in b); andUS$10,000 each year on the anniversary of Exchange approval of the Transaction for five years.Joint Venture:Upon the Company having exercised the Option, Surge will have earned an undivided 80% interest in the Property, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.All securities issued in connection with the Transaction are subject to a four-month and a day hold period in accordance with Canadian Securities Laws.Past Mineral Exploration Activity on the Galt Claim GroupRecent mineral exploration on the Galt Claim Group includes 51 playa sediment samples collected for chemical analysis at ALS Geochemistry in Vancouver, B.C. Results of aqua regia leaching of the samples show 68 - 852 ppm Lithium (mean 365 ppm), 5.3 - 201 ppm Cesium (mean 72 ppm), and 35 - 377 ppm Rubidium (mean 180 ppm). Results from two 7-foot-deep auger holes show Lithium, Cesium, and...