WCP Resources Ltd. is looking to secure 415 acres of lithium-prospective surface property and the associated mineral rights in the Carolina lithium belt, a historic lithium-producing region in North Carolina.
Through its wholly owned U.S. subsidiary, Piedmont Lithium Inc., the company has entered into exclusive option agreements with local landowners to purchase, or sign a long-term lease, for the property, which will comprise its Piedmont lithium project, it said Sept. 27.
During the option period, WCP has the exclusive right to explore the property against annual option payments totaling about US$165,000. The landowners will retain a production royalty based on a sliding scale between US$0.50 to US$1.50 per tonne of ore produced.
WCP will pay cash considerations at about 150% of the fair market value of the surface property at the time of exercise. In the case of a long-term lease, the company will pay annual rents of between US$225 to US$300 per acre.
Additionally, resource company executive Taso Arima will be appointed as an executive director of the company.