MGX Minerals Inc. plans to acquire a 50% stake in prospective lithium exploration projects Francisco Basin, Laguna Brava and Laguna Escondida in Chile.
MGX will acquire 50% of the issued shares of Chilean Lithium Salars SpA, a wholly owned subsidiary of Chilean Lithium Salars Holdings Ltd., by making option payments totaling US$1.5 million in cash and shares.
Additionally, the company agreed to spend US$2 million on exploration and complete a National Instruments 43-101-compliant resource estimate on at least one of the projects within 20 months.
Chilean Lithium Salars Holdings will contribute an equal amount of expenditures to maintain its respective interest in the subsidiary.
MGX said Aug. 8 that it will act as project operator and appoint Chilean Lithium Salars project manager Aldo Boitano as project manager to work alongside mining services provider Kura Minerals.
In July, the company signed an option to acquire an 80% interest in the Salinitas lithium brine tenements in Argentina.