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Critical Elements options 2 Quebec projects to Ionic Power for lithium exploration

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Critical Elements options 2 Quebec projects to Ionic Power for lithium exploration

Critical ElementsCorp. on July 18 announced an option deal that will allow Ionic PowerCorp. to acquire up to 75% in Critical's Valiquette and Amiralpolymetallic projects in Quebec by exploring them for lithium.

Critical will meanwhile retain its focus on the lithium-tantalum project, alsoin Quebec.

Ionic can earn an initial 50% in Valiquette and Amiral by payingjust over C$200,000 in cash and shares and spending C$1 million on exploration byJuly 31, 2018. It can then increase its stake to 75% by paying a further C$600,000,spending C$1.5 million on exploration and delivering a NI 43-101-compliant resourceestimate by July 31, 2020.

Once Ionic exercises the first option, Critical will be due a2% net smelter returns royalty. It will also receive milestone payments for a resourceestimation, ranging from C$500,000 to C$1.5 million depending on the size of theresource.