Fabled Copper Corp. (CSE:FABL) said it has entered into two separate letters of intent and one purchase agreement to acquire three lithium claim blocks in Quebec.
The first letter of intent covers the OHM property, which consists of 51 contiguous cells comprising 2,856 hectares located approximately 70 kilometers south of Val D'Or.
At least 10 pegmatite outcrops have been documented by the vendors, although no documented work has been done in the search for lithium within the pegmatite swarms, the company said.
Under the terms of the LOI, Fabled may be granted an option to acquire the OHM property by paying the vendors $150,000 and 400,000 shares over the span of 48 months and 36 months, respectively. Fabled will also grant the vendors a 3% NSR over the property, of which it has the option to purchase 2% for $2 million.
Meanwhile, the company entered a letter of intent to acquire the Volt 1 property and a purchase agreement to acquire the Volt 2 property.
The Volt 1 property is comprised of nine contiguous cells with a total size of 504 hectares, while the Volt 2 Property is comprised of two contiguous cells with a total size of 112 hectares. Both properties are located due east of the village of Miquelon, Quebec and are surrounded by Mosaic Minerals Corp's Lithium SM Project.
Fabled will pay the Volt 1 vendors $50,000 and 400,000 over the span of 48 months and grant the vendors a 3% NSR. Fabled can similarly purchase 2% of this NSR for $2 million.
The Volt 2 property was purchased for a one-time payment of $1,000.
A full breakdown of the agreements can be found here.
-- Earlier story was updated to reflect correct location of the properties --
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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