Canadian International Minerals Inc. and have signed a letterof intent to cooperatively advance the Alberta lithium brine project in west-centralAlberta, the two companies said May 2 in a joint press release.
The letter of intent outlinesthe general terms of a definitive agreement that allows Noram to earn a 50% interestin the project for a cash payment of C$20,000 on signing of the letter of intent,and another C$20,000 cash and 5,000,000 common shares upon the TSX Venture Exchange'sacceptance of the definitive agreement.
Noram also has to spend C$1million on exploration expenditures by December 2017, including a C$150,000 workdeposit to be made June 1. The company will also issue 5,000,000 common shares uponthe completion of the earn-in. Canadian International will serve as the projectoperator.
The Alberta project is locatedapproximately 270 kilometers northwest of Edmonton and consists of 15 contiguousmetallic and industrial minerals permits encompassing an area of over 328,000 acres.
The project is host to the multielementSurgeon Lake brine deposit, which has an inferredresource estimate of 2,049,000 tonnes of lithium carbonate equivalent.