New Tech Lithium Corp. said June 4 that it signed an option to acquire four federal prospecting permit applications covering 9,406 acres in the Fredericktown subdistrict of Madison County, Mo.
The license application area covers past-producing lead-copper-nickel-cobalt mines.
The miner will pay vendor John Glasscock US$25,000 in cash and 1.6 million shares in staged payments over five years. The vendor will retain a 2% net smelter returns royalty, with New Tech Lithium holding an option to buy back half of the NSR for US$1 million.
Approvals for New Tech Lithium's exploration plan for the property and the issuance of a prospecting permit are expected in the fourth quarter.
