Ontario Lithium Projects comprise high-grade, hard rock spodumene assets and lithium exploration claims on highly prospective Archean Greenstone tenure in north-west Ontario, Canada
Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to advise that it has exercised its right to acquire a further 29% interest in the Ontario Lithium Projects (Seymour, Root and Wisa Projects) (OLP). This will take GT1’s Joint Venture (JV) interest in the OLP to 80% (from its current 51%).
In exchange for the additional 29% interest, GT1 has issued 4,049,520 fully paid ordinary shares to OLP JV partner, Ardiden Limited (Ardiden). This represents a scrip payment of A$3.5 million at the 5-day Volume Weighted Average Price (VWAP) of GT1 shares up to and including 25 March 2022. These shares will be escrowed until 10 November 2023.
“We are delighted to exercise this highly in-the-money option to ramp up to 80% ownership in the Seymour, Root and Wisa Projects. With concurrent Phase 2 (Central Aubry zone) and Phase 3 (Pye prospect) drilling programs underway at our flagship Seymour Project, and a mineral resource update on track for Q2 2022, GT1 continues to rapidly progress its plans to become the preeminent vertically integrated lithium company in Ontario.” – GT1 Chief Executive Officer, Luke Cox
GT1 is a North American focussed lithium exploration and development business. The Company’s Ontario Lithium Projects comprise high-grade, hard rock spodumene assets (Seymour, Root and Wisa) and lithium exploration claims (Allison and Solstice) located on highly prospective Archean Greenstone tenure in north-west Ontario, Canada.
All sites are proximate to excellent existing infrastructure (including hydro power generation and transmission facilities), readily accessible by road, and with nearby rail delivering transport optionality.
Seymour has an existing Mineral Resource estimate of 4.8 Mt @ 1.25% Li2O (comprised of 2.1 Mt at 1.29% Li2O Indicated and 2.7 Mt at 1.24% Li2O Inferred).1 Accelerated, targeted exploration across all three projects delivers outstanding potential to grow resources rapidly and substantially.
Source: Company Press Release