One Word Minerals (CSE:OWM) has announced it has entered into a binding letter agreement with Lithium Investments to acquire all the shares of Lithium Investments.
As quoted in the press release:
The principal assets of LIL consist of the rights and interests under an option and joint venture agreement (the “Option Agreement“) with third parties to acquire up to a 90% interest in the Rico Litio Property in Mexico (the “Property“).
The Property covers 291 square miles or 75,410 hectares over a closed basin where surface and auger samples were taken over a distance of 74 miles (120 kilometers). The sampling work program was conducted by LIL and returned assay results between 53 to 188 parts per million lithium in the northern part of the Property. In the southern part of the Property, samples ranged from 15 and 82 parts per million lithium, with an average value of 74 ppm lithium from 24 samples across 74 miles. It is important to note the samples were taken from surface salts and shallow auger holes and not from brines that may occur at depth.
The samples were taken by Jehcorp Inc., a private geologic consulting company, and analyzed at Chemex Labs, Vancouver (certificate #HE16078551). The samples also assayed between 1% and 1.9% potassium at both ends of the Property. The boron assays are also enriched. The assay results are listed below.
The basin also has geological attributes to develop lithium brines, including recent tectonic and volcanic activity; many hot springs; young rhyolitic volcanic lavas; high heat flows within the region; and ash flow tuffs surrounding and within the basin.
Click here to read the full press release.
