Located in the heart of the emerging lithium province of Manitoba, the five projects are Paull Lake, Oxford Lake, Partridge, Cormorant, and White Rabbit, which are collectively spread over nearly 1,100km2
Burley Minerals expands lithium portfolio with acquisition of five projects in Manitoba. (Credit: Khusen Rustamov from Pixabay)
Burley Minerals, an Australian minerals explorer, has announced its intent to acquire five lithium projects in Manitoba, Canada from Aurora Lithium.
In this connection, the company has entered into a binding heads of agreement with the vendors of Aurora Lithium.
Located in the heart of the emerging lithium province of Manitoba, the five projects are Paull Lake, Oxford Lake, Partridge, Cormorant, and White Rabbit. Collectively, the projects are spread over nearly 1,100km2 and share the same greenstone belts as other globally significant lithium deposits, said Burley Minerals.
Aurora Lithium holds both the legal and beneficial ownership of the mineral exploration licenses for the Cormorant project and the White Rabbit project.
Additionally, the vendors associated with Aurora Lithium have identified three extra projects Paull Lake, Partridge, and Oxford Lake for which Burley Minerals’ wholly-owned subsidiary, Bouvier Lithium has submitted applications for exploration claims.
The deal follows the acquisition of 100% ownership of the Chubb lithium project in February 2023. The Chubb lithium project is located in Québec, Canada.
Burley Minerals managing director and CEO Stewart McCallion said: “Following the exploration success Burley Minerals has had at its Chubb Lithium Project in the heart of the world-class lithium province of Québec, we are excited to have significantly expanded our land holding to cover a further ~1,100km2 in the emerging Manitoba lithium province.
“The addition of five new projects provide a unique value proposition to Burley’s existing lithium portfolio. The Burley exploration team can now leverage its substantial lithium exploration experience when preparing to begin exploration programs on the new properties.”
Burley Minerals has agreed to provide two million fully paid ordinary shares and up to 13 million facilitation performance rights to Aurora Lithium vendors for 100% of the shares in the company, with various conversion conditions and milestones.
Additionally, a 2% net smelter return (NSR) royalty is applicable on all minerals from the projects, with the purchaser having the first right of refusal over the royalty’s sale by the vendors.
The fulfillment of the proposed acquisition will be contingent on Burley Minerals meeting the conditions, which include obtaining all mandated Australian Securities Exchange (ASX) and other regulatory approvals.