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One World Lithium terminates option over Allegiant Gold's Mogollon property

One World Lithium Inc. said June 13 that it terminated the option agreement to acquire Allegiant Gold Ltd.'s interest in the Mogollon silver-gold property in New Mexico, effective June 12.

One World Lithium's board of directors and management recently re-evaluated the company's exploration programs and concluded it should solely target lithium properties. As a result, the company intends to continue its focus on the exploration and development of its Salar del Diablo lithium property in Mexico for the rest of the year.

"It is unfortunate to lose the exploration and development exposure to the Mogollon Project; however, our company's exploration team has expertise in lithium exploration and development which paves the way for the company's future exploration for lithium," One World Lithium President and CEO Doug Fulcher said in a statement.