Redzone Resources Ltd. said Aug. 3 that it entered into an option agreement with two vendors, securing an option to fully acquire the Lucky Mica claim group in Arizona.
The claims cover the Fortner and Boyd lithium deposit, according to the U.S. Geological Survey.
As part of the deal, Redzone paid US$47,500 and issued 200,000 shares to the vendors. The company will issue a further 100,000 shares to the sellers.
The vendors will retain a 0.667% net smelter return royalty on all minerals produced, mined or otherwise recovered from the property. Redzone will have the right to purchase the royalty for C$1 million.