Rock Tech Lithium has entered into an option agreement to acquire a 100% interest in the Victory project, a 98.75-km2 lithium exploration property located about 45 km east of Kenora, Ont.
The company said the project complements its Georgia Lake project and proposed Red Rock converter, adding an exploration-stage lithium asset to its Ontario portfolio. The property hosts two known spodumene-bearing lithium-cesium-tantalum pegmatite occurrences and benefits from access to the Trans-Canada Highway and nearby CPKC rail infrastructure.
"The Victory project is a natural fit within our strategy of building a made-in-Ontario lithium supply chain," said CEO Mirco Wojnarowicz.
Under the agreement, Rock Tech can acquire the property through staged payments totalling $600,000 in cash and $400,000 in common shares over a 24-month period.
The company said it plans to advance the project through exploration focused on validating known spodumene-bearing occurrences and evaluating an underexplored corridor between the Last Resort and Bounty pegmatites. The transaction remains subject to TSX Venture Exchange approval.
Comments