Empire Rock Minerals Inc. said April 12 that it hasagreed to acquire 70% interest in the Fox Creek lithium project as well as 100% of privatecompanies Lithium Power Corp. and Dominica Energy Minerals Inc. in Alberta.
The company will pay C$100,000 and issue 1,200,000common shares to two private and one corporate vendors, and pay certain costsand fees not to exceed C$45,000.
Empire Rock will invest the first C$2 million inFox Creek's development, then share costs on a 70/30 basis with BlizzardFinance Corp., which holds the other 30% and a 2.2% net smelter royalty at theproject.
The Fox Creek lithium project and related propertyinterests cover a large property area of 355,000 hectares in 42 metallic andindustrial minerals permits issued in late 2015 and early 2016.
The project covers large portions of producing oiland gas fields hosted in the Devonian aged carbonate reef complex, which host asaline formation water aquifer known as the Beaverhill Lake brine.
Previous testing of the said brine by HazelResearch Inc. indicated that up to 98% lithium, 88% bromine, 100% boron and 40%potassium can be extracted from the site. The brine also contains calcium,magnesium and sodium.