Infinity Stone Ventures (CSE:GEMS) Corp announced that it has entered into an option agreement to acquire a 100% interest in the 1,451-hectare Buda pegmatite property near Thunder Bay, Ontario.
The critical energy metals projects developer said the property hosts seven lithium-cesium-tantalum (LCT) pegmatites mapped in the early 1980s, and historic sampling data reveals elevated values of lithium, cesium, tantalum, niobium, and rubidium.
Infinity Stone noted that in order to acquire 100% of the Buda property it is required to pay US$1 million in cash over four years and issue two million class A Infinity Stone subordinate voting shares over the first year to 5042078 Ontario Inc (optionor).
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The project will also be subject to a 3% net smelter return (NSR) royalty with a 1% NSR buyout option for US$1 million.
The company also said in 2009, three grab samples were extracted from exposed pegmatite near Buda Station, with one of the specimens returning 210 parts per million (ppm) lithium and two of the samples returned elevated niobium (102 ppm and 143 ppm) and rubidium (764 ppm and 1080 ppm).
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 Sean at sean@proactiveinvestors.com