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Nevada Sunrise Gold Corporation (TSXV:NEV) announced it has entered into a definitive agreement for an option to purchase a 100% interest in the Atlantis lithium property located in the Fish Lake Valley in Esmeralda County, Nevada.
Nevada Sunrise Gold Corporation (TSXV:NEV) announced it has entered into a definitive agreement for an option to purchase a 100% interest in the Atlantis lithium property (“Atlantis”, or the “Property”) located in the Fish Lake Valley in Esmeralda County, Nevada.
As quoted in the press release:
Atlantis is comprised of unpatented placer claims totaling 2,900 acres (1,174 hectares) located approximately 25 miles (38 kilometres) northwest of the Silver Peak lithium brine mine operated by Albemarle Corporation (ALB: NYSE), the only operating lithium mine in North America.
Details of the Option Agreement for Atlantis For an option to purchase a 100% interest in Atlantis, Nevada Sunrise has agreed to pay a total of 500,000 common shares of the Company to the vendor upon signing the definitive agreement (the “Agreement”) for the Property, and on subsequent anniversaries of the Agreement, as follows:
- On signing the Agreement: 100,000 common shares
- 1st Anniversary: 150,000 common shares
- 2nd Anniversary: 250,000 common shares A 1.5 mile (2.25 kilometer) area of interest applies to the Property.
Atlantis is subject to a 3.0% gross overriding royalty (“GOR”). On the 3 rd anniversary of the signing of the Agreement for Atlantis, Nevada Sunrise would have the right to purchase 1.0% of the GOR for US$1.0 million.
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