Azincourt Energy Corp. said Sept. 6 that it secured an option from 1177865 B.C. Ltd. to acquire three uranium-lithium exploration projects in Peru.
The projects, namely Escalera, Lituania and Condorlit, comprise a total area of 7,400 hectares and are located in the Carabaya and San Antonio de Putina provinces of the country.
Azincourt is required to pay a total of C$850,000, issue 7 million shares and spend C$3.3 million on exploration at the property within four years from the grant of the option. The properties are also subject to a 1.5% net smelter returns royalty on the start of commercial production.
The company will now plan and implement a mapping and sampling program at the concessions to help form a longer-term plan. It is also continuing to assess other potential additions to its project portfolio.