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International Lithium to own 55 new claims near Raleigh Lake project

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International Lithium to own 55 new claims near Raleigh Lake project

International Lithium Corp. agreed to acquire from a third party 55 additional claims adjacent to its Raleigh Lake lithium project in Ontario, nearly doubling the property's size to 1,976 hectares.

The company said Sept. 10 that it will pay the vendor a combination of cash and 400,000 common shares, with no further encumbrances or royalties.

In August, International Lithium retained full ownership of the project after Pioneer Resources Ltd. withdrew from a proposed joint venture.

Meanwhile, International Lithium struck a deal with Ultra Lithium Inc. to sell its Forgan Lake lithium property, also in Ontario, for a combination of cash and shares totaling C$200,000, payable over two years.

The sale is subject to Ultra Lithium spending C$500,000 on development expenditures before September 2020. International Lithium will receive a 1.5% net smelter royalty on future production from Forgan Lake and from an adjoining property owned by Ultra Lithium.