Bacanora Minerals LTD. (TSXV:BCN) announced the execution of a new farm-in agreement on its El Sauz and Fleur Lithium concessions. The agreement was carried out with Rare Earth Minerals Plc, a company listed on the London Stock Exchange.
As quoted in the press release:
Highlights of the Farm-In Agreement:
- REM has the option to acquire an initial 10% interest in the El Sauz and Fleur concessions by virtue of REM paying Bacanora an upfront cash consideration of $250,000 and spending $500,000 on exploration and drilling at El Sauz and Fleur over a 6 month period.
- REM has the option to increase its interest to 30% by virtue of an additional cash consideration of $500,000 and committing to a further $1,000,000 in expenditures on drilling and exploration at El Sauz and Fleur over 6 more months.
- REM will then have an exclusive option to negotiate terms to increase from a 30% interest in the Concession’s to a maximum of 49.9%.
Bacanora, CEO, Paul Conroy, commented:
We view this agreement with REM as validation of Bacanora’s recent lithium exploration results. We consider both El Sauz and Fleur as very prospective lithium concessions that when included with Bacanora’s Ventana concession could amount to a world class lithium project. We look forward working with REM and on conducting meaningful exploration in the very near future.