Infinity Stone Ventures (CSE:GEMS) Corp said it has entered into a letter of intent (LOI) with Quartier Minerals Inc to option the Galaxy pegmatite project located near Mont-Laurier, Quebec.
The company said the project hosts at least "30 pegmatite exposures which represent 30 pegmatite dikes" and that these pegmatites to have widths of 15 to 18 metres in outcrop.
Analysis of the pegmatites shows anomalous quantities of lithium, tantalum, molybdenum, uranium, and thorium, it added.
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The LOI contemplates a definitive option agreement under which Infinity Stone will be entitled to earn up to a 100% interest in the project upon the completion of the following within two years of execution:
- paying Quartier the sum of $50,000 on the date of the execution of the definitive agreement;
- paying Quartier the sum of $100,000 on the first anniversary of the execution date;
- carrying out a minimum of $100,000 in exploration expenditures on the project within one year of the execution date;
- carrying out a minimum of $200,000 in exploration expenditures on the project within two years of the execution date;
- issuing to Quartier 500,000 class A subordinate voting shares of the company on the execution date;
- issuing to Quartier 500,000 shares on the first anniversary of the execution date.
“Upon earn-in under the definitive agreement, Quartier will retain a 2.5% net smelter royalty over the project, 1% of which may be purchased by the company for $1,500,000,” Infinity Stone said.
The Galaxy pegmatite project covers 22 mineral claims and 2 pending claim applications covering 1,411 hectares in southern Quebec. The general strike of the formation is in a northwesterly direction with a near-vertical dip and the five minerals associated with the pegmatites are lepidolite, columbite, samarskite, euxenite, and thorianite.
The company also announced a non-brokered private placement of up to 3,000,000 units at $0.15 each, for gross proceeds of up to $450,000. Each unit will be composed of one share and one-half of one share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of $0.30 for a period of three years from the date of issuance of the units.
The proceeds are for marketing, software development and other general working capital.
Infinity Stone's mission is to be a diversified, single-source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio.
Contact the author at jon.hopkins@proactiveinvestors.com