VANCOUVER, Sept. 22, 2016 /CNW/ – Eureka Resources (TSXV:EUK) is pleased to announce the finalization of the Definitive Agreement on the Gemini Lithium Project (the “Agreement”) for its 50% Joint Venture (“Gemini”, or the “Project”) with Nevada Sunrise (TSXV:NEV) .
Michael Sweatman, CEO of Eureka, stated, “The finalization of the Agreement sets the stage for exploration of our Gemini lithium project in Nevada. The Gemini Project is an exciting opportunity to continue in our commitment to add value for our shareholders by taking on relatively low cost projects which we believe have potential.”
The exploration program for the Gemini Project is estimated to cost approximately US$400,000. Eureka is required to contribute 50% of these costs (US$200,000) to maintain its 50% interest. The Company is also pleased to announce that all of the pre-requisites to commence a drilling program at Gemini have been completed, including receipt of the drilling permit from the BLM, the placement of a reclamation bond, and surficial cultural studies.
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