Technology Minerals PLC (LSE:TM1) has sealed Global Battery Metals (TSX-V:GBML, OTCQB:REZZF) as a partner in the Leinster lithium project, in the Republic of Ireland.
Global Battery Metals (TSX-V:GBML, OTCQB:REZZF) has taken up its first option with Technology Minerals subsidiary, LRH Resources Limited, giving the incoming partner an initial 17.5% of the project after spending €91,500 on the project.
Its next option exercises with a further €500,000 spend to earn a further 37.5% within the next two years plus a €50,000 cash payment, followed by a third option with a €1mln spend plus a €200,000 payment.
The Leinster property, in Wicklow and County Dublin, is focused on the exploration for lithium mineralisation within spodumene-bearing granite pegmatites. Work programmes are planned to include geological mapping, lithogeochemical sampling, ground surveying, deep overburden sampling and limited diamond drilling.
"I am pleased that Global Battery Metals will be exercising their first option at the Leinster property,” Technology Minerals chief executive chief executive Alex Stanbury said in a statement..
“This news demonstrates the strength of our working relationship with Global Battery Metals and underlines their faith in the potential of this project and the Irish pegmatite belt.
“It also vindicates our strategy to move early-stage mining assets up the value chain and shows the value of Technology Minerals exploration work.
“We look forward to continuing to work closely with Global Battery Metals, as well as our other joint venture partners, to develop our portfolio of projects focused on the critical minerals needed to power the transition to net zero."