Arcadium shareholders approve $6.7bn sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
News comes from Transition Metals Corp. of Sudbury, Ontario, that its partner at the Sunday Lake platinum group metals project, North American Palladium (NAP), has earned a vested 51% interest in the project 25 km north of Thunder Bay.
NAP has completed a C$1.5 million exploration program on the property and made cash payments of C$75,000 to Transition and C$675,000 to Impala Platinum Holding. The company can eventually earn all of Implats 75% by continued exploration spending and additional cash payments to Transition and Implats within a five year period beginning when the option was granted in 2017. Transition will retain its 25% interest.
Sunday Lake is located 95 km south of NAP’s palladium mine. Drilling earlier this year returned the thickest and highest grade intersection so far in hole SL019-026. The core returned 41.2 metres grading 5.51 g/t PGM and 0.57% copper including a high grade section of 15.8 metres ay 9.11 g/t PGM and 0.88% Cu. Hole SL-19-29 cut 61.0 metres grading 2.20 g/t PGM including 8.17 metres at 5.44 g/t PGM.
Transition also owns 100% of the Saturday Night project only 16 km west of Sunday Lake. The company says the mineralization and geology are similar to Sunday Lake.
(This article first appeared in the Canadian Mining Journal)
