The property that comprises three mineral claims encompassing 2,582 acres of highly metamorphosed rock is said to have mineralization grading up to 4.8% graphitic carbon according to BC Geological Survey assessment reports.
Under the terms of the agreement, the company will pay initial $15,000 towards exploration on the property, besides concluding an assessment report by 30 November of 2013.
Lithium will gain 100% interest in the claims after the completion of exploration and the report; however, it is subjected to a 1.5% net overriding royalty to the vendor from the proceeds of production.
The company has scheduled to conduct prospecting and geological field work on this property during the summer of 2013.
The inclusion of the Mount Heimdal Flake graphite property to the existing lithium brine exploration portfolio is complimentary, the company said.
Lithium, meanwhile, is keen to begin drilling operations at its Fish Lake Valley, and San Emidio lithium brine prospects later in 2013. In addition to these properties it seeks to generate and evaluate other exploration prospects.
