Athabasca NuclearCorp. said May 2 that it has entered into a binding letter of intentwith North Arrow Minerals Inc.to acquire the Torp Lakeand Phoenix lithiumclaims in Canada.
Under the terms, Athabasca Nuclear will issue 2,500,000 commonshares to North Arrow at 8 Canadian cents each, as well as 1,000,000 share warrantsexercisable at 20 cents apiece, valid for a two-year period.
The 1,003-hectare Torp Lake project is located in Canada's Nunavutterritory, and is host to the McAvoy lithium-rich pegmatite. The Phoenix projectconsist of seven mineral claims, covering 5,629 hectares, in the Northwest Territoriesand hosts the Big Bird and Curley lithium-rich pegmatites.
"In one step, we advance from lithium exploration assetsto now also becoming a company that will own several established lithium pegmatitediscoveries. In particular, delineation drilling on the lithium-rich, spodumene-bearingMcAvoy pegmatite located on the Torp Lake claims will be a priority for [AthabascaNuclear]," CEO Ryan Kalt said.