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Agave Silver to acquire Kootenay lithium project in British Columbia

Agave Silver Corp. said Oct. 7 that it entered into an agreement to acquire a 100% interest in the Kootenay lithium project, which comprises three groups of mineral claims covering 4,050 hectares in British Columbia.

Under the terms, the company can purchase the property, subject to a 2.0% net smelter royalty and a 24% gross overriding royalty on gemstones produced, by issuing 6 million common shares.

The company will have the option to reduce the NSR to 1.0% by paying C$2.5 million, and also has the option to purchase half of the gross overriding royalty for C$2.0 million.

Agave expects to start geological mapping, sampling and prospecting to further define drill targets.