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Advantage Lithium to earn 50% of Neptune property after Resolve gives up option

Resolve Ventures Inc., Nevada Sunrise Gold Corp. and Advantage Lithium Corp. reached a new deal to allow Advantage to earn up to a 50% working interest in the early-stage Neptune lithium property in Nevada.

To earn the stake, Advantage Lithium will spend C$700,000 on exploration before July 29, 2019, according to a Sept. 28 news release from Nevada Sunrise.

The agreement replaces a joint venture and option agreement signed between Nevada Sunrise and Resolve Ventures in May, under which the latter could earn up to a 50% stake in the property.

Resolve Ventures has already earned an initial 25% interest under that agreement, and has agreed to give up its right to a second-stage earn-in to increase its Neptune stake to 50%.

Upon Advantage Lithium earning a 50% in Neptune, a three-way joint venture will be formed, with Nevada Sunrise and Resolve Ventures each retaining their 25% stakes.

If the new agreement is terminated before Advantage Lithium earns its interest, Resolve Ventures can resume its right to the second-stage option to increase its stake to 50% in Neptune, subject to certain conditions.