en.Wedoany.com Reported - Canadian mining company Rock Tech Lithium Inc. (TSXV: RCK, OTCQX: RCKTF) has recently signed an option agreement with Bounty Gold Corp. and Last Resort Resources Ltd. to acquire a 100% interest in the Victory Project, a 9,875-hectare lithium exploration property located approximately 45 kilometers east of Kenora in northwestern Ontario. If future exploration is successful and further technical assessments are favorable, the project could provide a potential source of lithium minerals for Rock Tech's planned Ontario-based lithium supply chain, supporting the province's electric vehicle, battery ecosystem, and emerging advanced manufacturing and defense industries.
The Victory Project complements the company's Georgia Lake Project and the proposed Red Rock Converter, adding an exploration-stage lithium mineral claim to Rock Tech's Ontario asset portfolio. The property hosts two known spodumene-bearing lithium-cesium-tantalum (LCT) pegmatite outcrops, located near the Trans-Canada Highway and with access to the nearby CPKC railway. Rock Tech believes that, if exploration is successful and further technical assessments are favorable, the project could serve as a potential future spodumene concentrate source for its broader Ontario mine-to-converter strategy.
The two known spodumene-bearing pegmatite outcrops are the Last Resort Pegmatite and the Bounty Pegmatite. The Last Resort Pegmatite is the company's initial priority target, with selective grab samples returning values of up to 5.11% Li₂O. This outcrop has a surface strike length of approximately 200 meters and a width of up to about 30 meters, and has not yet been drill-tested. The extent of mineralization, including depth extension, grade continuity, and overall geometry, has not been determined. The Bounty Pegmatite is located approximately 6 kilometers from the Last Resort Pegmatite, with a surface strike length of about 375 meters and a width of up to approximately 60 meters. Spodumene-bearing samples from this outcrop have returned values of up to 3.48% Li₂O, and it has also not been drill-tested. The approximately 6-kilometer linear corridor between the two outcrops remains largely unexplored, and Rock Tech plans to evaluate this corridor through phased field work.
Rock Tech CEO Mirco Wojnarowicz stated that the Victory Project naturally aligns with the company's strategy to build an Ontario-based lithium supply chain, as the province possesses the resources, infrastructure, and industrial base to become a leader in battery materials. This strategic acquisition provides the company with a promising spodumene-bearing mineral claim with strong infrastructure attributes, and the option structure allows for testing the project through phased exploration before paying the majority of the acquisition consideration.
Under the option agreement, Rock Tech can acquire a 100% interest in the Victory Project by paying a total of CAD 600,000 in cash and issuing CAD 400,000 in common shares over 24 months. The sellers will retain a 2.0% net smelter return (NSR) royalty, and Rock Tech has the right to purchase 1.0% of the NSR royalty for CAD 1 million at any time before a construction decision is made. Additional milestone payments are tied to future mineral resource estimates: CAD 500,000 upon announcing an initial mineral resource estimate of at least 10 million tonnes with a grade of at least 1.0% Li₂O; CAD 1 million upon announcing a measured and indicated mineral resource estimate exceeding 25 million tonnes with a grade of at least 1.0% Li₂O; and CAD 1.5 million upon announcing a measured and indicated mineral resource estimate exceeding 50 million tonnes with a grade of at least 1.0% Li₂O. These thresholds are solely contractual payment milestones and do not constitute mineral resource or reserve estimates. The transaction is subject to customary conditions, including acceptance by the TSX Venture Exchange.
Last Resort President Jace Angell stated that they have always believed the Victory Project has further exploration potential, supported by surface geology, and are pleased to see the project move to the next stage. Bounty Gold President Jason Leblanc noted that Rock Tech's Ontario strategy makes it a strong technical and strategic partner for the Victory Project, as the property remains in an early exploration stage, but the known spodumene-bearing outcrops, infrastructure setting, and regional context support a systematic exploration program.
Rock Tech plans to advance the Victory Project in phases, focusing on verifying the known spodumene-bearing outcrops, testing strike extensions, and evaluating the underexplored corridor. The project is an early-stage exploration claim; although spodumene-bearing pegmatites have been identified at surface, insufficient exploration has been conducted to define a mineral resource, and there is no guarantee that further exploration will lead to resource delineation or ultimately prove economically viable. Certain technical information in this news release is derived from historical exploration work completed by previous claim holders. Rock Tech has not independently verified all information, and readers should not unduly rely on historical exploration results until additional verification work is completed. Grab samples are inherently selective and should not be considered representative of average grade, thickness, or continuity of mineralization. The Victory Project currently has no mineral resource estimate or mineral reserve estimate.
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