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Pegmatite One Lithium Announces Additional Frazer Lake Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Pegmatite One Lithium and Gold Corp. (CSE: PGA) (formerly, Madi Minerals Ltd.) ("Pegmatite One
About this update from Pegmatite One Lithium And Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Pegmatite One Lithium and Gold Corp. (CSE: PGA) (formerly, Madi Minerals Ltd.) (\"Pegmatite One\" or the \"Company\") is pleased to announce a strategic expansion of its exploration activities with the optioning of an additional 79 mining claims (the \"Claims\") in the vicinity of the Frazer Lake Mound Property in northwestern Ontario, Canada. The decision to secure these additional claims underscores Pegmatite One's commitment to maximizing the potential of the Frazer Lake region and its determination to uncover valuable lithium and gold resources. The newly optioned claims are strategically situated to augment the Company's existing holdings, allowing for a more comprehensive assessment of the mineralization potential in the area. Kelly Abbott, CEO of Pegmatite One, emphasized the significance of this expansion, stating, \"Our acquisition of these additional mining claims marks a strategic move in our exploration strategy. By enlarging our footprint in the surrounding region, we are ensuring a more thorough evaluation of the geological and mineralogical characteristics that could contribute to the growth of our resource portfolio.\" The decision to extend the Company's exploration reach is based on a systematic evaluation of geological data and a careful analysis of potential mineralization trends. Pegmatite One's technical team is excited to leverage their expertise in uncovering new opportunities in this extended area of interest. The Terms of Agreement Pursuant to option agreement dated August 9, 2023 (the \"Agreement\") with an arm's length party (the \"Optionor\"), the Company may acquire a 100-per-cent interest in the Claims by paying on or before August 9, 2024 $1,000,000 to the Optionor and issuing on or before August 9, 2024 an aggregate of 32 million common shares of the Company to the Optionor. The Company has agreed to grant the Optionor a royalty of 2.0 per cent of net smelter returns from minerals mined and removed from the Claims, of which the Company may purchase 1.0 per cent at any time by paying a total of $750,000 to the Optionor. About Pegmatite One Lithium and Gold Corp. Pegmatite One is a publicly traded company exploring for lithium and gold. The Company is committed to responsible mining practices and operates two mining properties in No...