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Noka shifts focus to gold, uranium, pulls out of lithium

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Noka shifts focus to gold, uranium, pulls out of lithium

Noka Resources Inc. terminated its option to acquire an interest in the Columbus lithium project and sold its interest in the Lincoln lithium project to an arm's-length vendor for C$100,000. Both projects are in Nevada.

Meanwhile, the company secured an option to wholly acquire the Tully West property located to the west of the Tully/Timmins North gold deposit in Ontario.

Noka on Jan. 19 said it now plans to focus on high-grade gold and uranium projects.

The company has to pay C$215,000, issue 3.9 million common shares and spend about C$1.3 million on exploration on the property over three years to fully acquire Tully West.

The property is subject to a 2.5% net smelter return royalty, of which 1 percentage point can be acquired for C$1.0 million.