Millennial Lithium Corp. said Dec. 21 that it amended the option agreement to acquire the Cauchari East project in Argentina's Jujuy province.
The company will now pay about US$1.8 million in cash, instead of cash and shares under the original deal to acquire a 50% interest in the project.
To increase the stake to 100%, the company will pay US$2 million in cash rather than cash and shares. The minimum expenditure requirement was removed.
The 3.5% gross overriding royalty was replaced with a 3.5% net smelter return royalty, which could be reduced to 1.5% for US$2 million.
Additionally, Millennial Lithium noted that it entered into a final agreement with Argentina's Salta Provincial Energy and Mining Co. for the acquisition of 2,492 hectares of claims, contiguous with the company's land holdings in the Pastos Grandes Salar.
The transaction will bring the company's Pastos Grandes lithium landholding to a total of 8,664 hectares.
The company's previous drill campaign in the southern section of its existing Pastos Grandes ground adjacent to the northern section of the new claims will guide the intensive exploration and development program to start next year.
