(MENAFN- ProactiveInvestors - N.America) The exploration programme on the Mavis Lake lithium project in Ontario, Canada, owned by International Lithium Corp (CVE:ILC), is to go ahead.
The Canada-listed exploration and development company said its strategic partner, Pioneer Resources Limited (ASX:PIO), had exercised an option agreement to advance the programme.
Pioneer could earn up to 51% ownership of the project, initially, by paying C$1.5mln on exploration activities within the next three years. Ultimately, Pioneer''s stake could rise to 80% in the project, which is currently wholly-owned by International Lithium.
The first phase exploration programme, scheduled for completion next month, will comprise of ground magnetic, litho-geochemistry and soil surveys.
Ground magnetic surveys are useful to identify blind, near-surface pegmatite emplacements, while litho-geochemical surveys are typically used to identify rare metal dispersion corridors within the host rock.
Field reconnaissance at the spodumene bearing Pegmatite 18 prospect has confirmed the observable strike length in excess of 200 metres at surface, but has yet to be drill tested, the company said.
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