Standard acquires lithium properties
Standard Graphite is pleased to announce the signing of an option agreement for the acquisition of 8 lithium properties in Quebec, Canada collectively the "Property".
Standard plans on exploring for lithium in Quebec's vast territory where the only hard rock lithium production was ever carried out in North America.
Standard's properties are located within the 2 major lithium districts of Quebec; the Abitibi and James Bay regions.
The Property covers a total area of approximately 1150 hectares over highly prospective geology. Historical data* make mention of grades of up to 0.8% LiO2 which compares favorably with the cut-off grades used for the feasibility at the 2 most advanced projects in Quebec**.
According to the terms of the agreement, subject to TSX Venture Exchange approval, Standard will make a $2500 cash payment and issue 6,000,000 shares to seller for the acquisition of a 100% interest in the claims.
The seller will retain a 2% NSR on the claims of which 1% can be bought back for $1M at any time following the acquisition.
Source: Company Press Release