Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Commander Resources (TSXV: CMD) entered into an earn-in agreement with Freeport-McMoRan Mineral Properties Canada, a subsidiary of Arizona-based Freeport-McMoRan (NYSE
Burn is located 100 kilometres north-northeast of the town of Smithers, in the western Canadian province of British Columbia. The property occupies 16,000 hectares and sits within the Babine Mineral belt, 70 kilometres north of two past producing mines at Bell and Granisle. According to Commander, the belt is defined by a cluster of Eocene age porphyry copper and gold deposits.
Under the terms of the agreement, in order to earn an initial 51% interest Freeport must pay $25,000 on the effective date, $35,000 on or before the first anniversary, $50,000 on or before the second anniversary, $50,000 on or before the third anniversary and $100,000 on or before the fourth anniversary, and complete $1,000,000 in exploration.
Commander reports that upon vesting at 51%, Freeport may elect to sole fund an additional $1,500,000 in exploration expenditures and make three annual payments of $100,000. The companies would then enter a 75% Freeport/25% Commander joint venture.
