Nevada Sunrise options Nevada lithium projects to North South Petroleum Corp.

Nevada Sunrise (TSXV:NEV) announced that it signed a letter of intent to grant an option to North South Petroleum Corp (TSXV:NAS.H) to earn working interests in five of its lithium exploration projects located in Esmeralda County, Nevada.
As quoted in the press release:

Terms of the LOI
North South will be granted the option (the “Initial Option”) to earn the following interests in the Jackson Wash, Clayton Northeast, Aquarius Properties (collectively, the “Optioned Projects”, or the “Projects”) and the Gemini Property, as follows:

• 51% of Nevada Sunrise’s interest in the Jackson Wash Property (subject to the Jackson Wash underlying option);
• 51% of Nevada Sunrise’s interest in Clayton Northeast Property (subject to the Clayton Northeast underlying option);
• 51% of the Aquarius Property (subject to Nevada Sunrise retaining a 3% gross overriding royalty (“GOR”) for divesting its interest); and
• 50% of the Gemini Property (subject to the terms of the joint venture agreement with Eureka Resources Inc. (“Eureka”) and to Nevada Sunrise retaining a 2% GOR for divesting its interest).

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