Mustang Minerals Corp. said Feb. 20 that it agreed to acquire mineral rights to several lithium and rare metal-bearing pegmatites in Manitoba from Cabot Corp. unit Tantalum Mining Corp. of Canada Ltd.
The new property is near Mustang's Mayville claims, part of the Mayville-Makwa nickel-copper-cobalt-platinum group metals property.
Under the option deal, Mustang granted Tantalum Mining a 2% net smelter royalty and a commercial right to purchase products produced from the property.
In addition, Mustang will seek shareholder approval in a March 9 meeting to change its name to Grid Metals Corp. to better reflect its focus on battery metals.
The company is conducting a ground geophysical program adjacent to the nickel-copper-cobalt deposit at the Makwa property targeting nickel sulfide, and electromagnetic surveying is expected to begin by the end of the month.