Aldrin Resource Corp. agreed to acquire two lithium prospective drill-ready projects in Ontario and Nova Scotia, it said in a Sept. 22 release.
To earn a 100% interest in the 2,500-acre Case Lake project in Ontario, Aldrin will pay C$325,000 in cash and spend C$200,000 on exploration and development over a 36-month period.
The company will also be required to issue 11 million shares. The property is subject to a 2% net smelter return royalty.
Meanwhile, Aldrin can earn a 100% interest in the 3,200-acre Larder River project in Nova Scotia for cash payments totaling C$1.3 million and C$2.4 million in expenditures for the development of the project over 36 months. It will also issue 4 million shares.
The property is subject to a 2% NSR, 1% of which can be purchased for C$750,000 and the remaining for C$1.3 million.
The company plans to undertake an aggressive drill campaign over the projects with a goal of confirming an NI 43-101 compliant resource in a rapid and cost-efficient manner.
With the acquisitions of these assets, Aldrin will enter the lithium business as the company intends to meet the expanding lithium market demands, President and CEO Johnathan More noted.