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Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) announced that Platypus Minerals Ltd (ASX:PLP) completed its due diligence over the Lemare lithium project in Quebec, Canada, and has directed Lepidico Ltd to proceed with exercise of the Lemare Option.
Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) announced that Platypus Minerals Ltd (ASX:PLP) completed its due diligence over the Lemare lithium project in Quebec, Canada, and has directed Lepidico Ltd to proceed with exercise of the Lemare Option.
As quoted in the press release:
Platypus and Lepidico have signed a Share Sale Agreement (“SSA”) under which Platypus is to acquire 100% of the issued shares in Lepidico. The transaction is to be voted on by Platypus shareholders in general meeting to be held on May 30, 2016. Under the terms of the SSA, Platypus was to undertake due diligence on Lemare by May 11, 2016 and, if satisfactory, could direct Lepidico to exercise the Lemare Option. Consequent on that direction, Lepidico has accordingly advised Critical Elements.
The Lemare project covers approximately 70 km2 of tenure in a proven lithium district that hosts several advanced lithium deposits in the vicinity of Lemare (Figure 2). The project contains an undrilled spodumene pegmatite discovered in 2012 (initially labelled as the “Graab Showing”) at least 200 m long and grading up to 12 m @ 1.96% LI2O, including 6 m @ 2.68% LI2O, as defined by surface channel sampling.
Under agreed terms, on exercise of the Lemare Option, Lepidico is to pay Critical Elements $35,000 by May 10, 2016 and a further $35,000 by September 9, 2016. In addition, $800,000 is to be expended by Lepidico on exploration at Lemare by December 31, 2016.
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