en.Wedoany.com Reported - Lithium Corporation (OTCQB: LTUM) announced multiple milestone achievements for its Las Pilas Rare Earth Element project in southern British Columbia, Canada. The company is a mineral exploration enterprise focused on supporting North American energy independence through the development of domestic critical mineral resources and mineral exploration.
Following the recent unconditional grant of mineral rights, Lithium Corporation has secured land interests totaling approximately 13,092 acres (5,439 hectares). The asset covers at least three distinct anomalous rare earth mineralization zones, making Las Pilas a key project in the company's critical mineral exploration portfolio.
In another significant development, an independent NI 43-101 compliant technical report is being prepared, and field exploration work has already commenced. Upon completion and regulatory acceptance of the report, the option agreement signed between the company and Ridgestone Mining Inc. (OTCQB: RIGMF) (TSXV: RMI) will take effect.
Under the terms of the agreement, subject to regulatory approval, Ridgestone will pay Lithium Corporation $315,000 in cash, issue 500,000 common shares, and invest $600,000 in exploration expenditures over three years to advance toward acquiring a 100% interest in the asset. Lithium Corporation will retain a 2.0% net smelter return royalty, which optimizes near-term capital efficiency and reduces exploration risk while allowing the company to benefit from any future production over the long term.
The Las Pilas agreement highlights Lithium Corporation's role as a project generator. The company collaborates with selected option holders, advancing projects through cash payments, equity participation, exploration funding, and retained royalty interests, while limiting capital requirements and shareholder dilution. With a strong balance sheet and prudent spending, the company is well-positioned to continue advancing its lithium and rare earth element portfolio amid the ongoing strengthening of the critical minerals market.
Lithium Corporation will provide technical support for Las Pilas exploration activities while advancing its wholly-owned Yeehaw and Midway Range rare earth projects. Recommendations from the NI 43-101 study will be incorporated into the Las Pilas exploration plan and may be applied to other rare earth projects with similar geological characteristics.
Lithium Corporation is a mineral exploration company dedicated to securing North American energy independence through the development of domestic critical mineral resources. As one of the few project generators in the North American critical minerals sector, the company leverages its exploration expertise, focusing on energy metals to help achieve North American energy independence. Its operational focus spans two world-class mining jurisdictions, including lithium projects in Nevada, USA, and titanium-rare earth element and graphite assets in British Columbia, Canada.
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