- Loyal Lithium is pleased to announce that it has exercised its option to acquire 228 mineral claims (The Trieste Property) in the Trieste Lithium Project post discovery of five spodumene bearing pegmatite dykes.
- The five spodumene bearing pegmatite dykes, with aligned implied continuous
outcrops, have been identified within a 6 km2 area to the south of the Trieste Greenstone
- Drilling activities are now underway on Dyke #01 with support from the in-field team
Dahrouge Geological Consulting (DGC).
- Loyal Lithium remains the single largest landholder within the highly prospective Trieste Greenstone Belt, with a land position of 251 km2 .
Loyal Lithium Limited (ASX:LLI) (Loyal Lithium, LLI, or the Company) has agreed to the terms of a definitive Earn-in Option Agreement consistent with the terms of the binding letter of intent dated 18 October 2022 made between Osisko Development Corp. and Loyal Lithium (formerly Monger Gold Ltd), as announced to ASX on 20 October 20221 , together with a 3% Net Smelter Royalty payable as mutually agreed, under which Loyal Lithium has an option to acquire 228 mineral claims from General Partnership Osisko Baie James.
Having satisfied its minimum expenditure condition obligations, Loyal Lithium has submitted an Option Exercise Notice to acquire the mineral claims from General Partnership Osisko Baie James. Settlement of the acquisition of the mineral claims is expected to occur within 30 days. On settlement, Loyal Lithium will issue General Partnership Osisko Baie James with ordinary shares in capital of Loyal Lithium having an aggregate total issue price of CDN$500,000 based on the volume weighted average price of Loyal Lithium shares calculated over the five trading days immediately before the settlement date.
Loyal Lithium Limited (ASX: LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in the Northwest Territories, Canada, James Bay Lithium District in Quebec, Canada and Nevada, USA. Through the systematic exploration of its projects, the Company aims to delineate JORC compliant resources, creating value for its shareholders.