ACME Lithium has recently announced that it has signed a preliminary agreement with Snow Lake Resources, granting them an option to earn a significant majority interest in the mineral claims held at a lithium project in southeastern Manitoba.
ACME Lithium, a dual-listed mineral exploration company, has entered into a letter of intent with Snow Lake Resources, also known as Snow Lake Lithium. Under this agreement, Snow Lake Resources will be given the option to earn up to a 90% undivided interest in the mineral claims held at ACME Lithium’s Manitoba lithium pegmatite project areas.
The ACME Manitoba lithium group consists of 37 mineral claims spread across three project areas, covering approximately 17,000 acres.
In order to exercise the option, Snow Lake Resources will be required to pay a total of 500,000 Canadian dollars ($374,967) and invest a total of C$1.8 million in exploration and development expenditures over a two-year period.
Once the 90% interest threshold is met and a positive feasibility study is completed, ACME Lithium and Snow Lake Resources will form a joint venture to continue the development of the project.