Infinity Stone Ventures Corp (CSE:GEMS) announced that it has entered into an option agreement to acquire a 100% interest in the Galaxy pegmatite project in Quebec from Quartier Minerals Inc.
The two companies inked a letter of intent for the project earlier in the year.
The Galaxy pegmatite project covers 22 mineral claims and two pending claim applications covering 1,411 hectares in southern Quebec. The property contains at least 30 pegmatite exposures, representing 30 pegmatite dikes of Laurentian or more recent rocks of the Precambrian Grenvillian Series, according to Infinity Stone.
READ: Infinity Stone Ventures inks letter of intent to option Galaxy pegmatite project from Quartier Minerals
A recent field survey of the project recovered a sample of lithium bearing spodumene, which Infinity Stone plans to further explore in the coming weeks.
As per the option agreement, Infinity Stone paid $50,000 to Quartier, and will issue 500,000 Class A Subordinate Voting Shares of the company to Quartier within 30 days of the execution date.
Infinity Stone will pay $100,000 to Quartier on or before the first anniversary of the execution date; issue 500,000 shares to Quartier on or before the first anniversary of the execution date; incur $100,000 in exploration expenditures on the project on or before the first anniversary of the execution date; and incur an additional $200,000 in exploration expenditures on or before the second anniversary of the execution date.
Vancouver-based Infinity Stone acquires 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
Contact Angela at angela@proactiveinvestors.com
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