The company had been due to pay US$12,000 in cash on November 12 for the property option on the Central Nevada Lithium Brine Project, but has stumped up early, paying US$5,000 in cash and issuing to the vendor 175,000 Enertopia shares.
The Central Nevada Lithium Brine Project covers three basins with elevated surface Lithium (Li) samples that were reported in a 1976 USGS report.
The project covers 2,560 acres in the Churchill, Lander and Nye Counties in Nevada – the state that is proving a hotbed for lithium.
The option gives Enertopia the right to buy the mining claims outright. According to its stock market statement in April, in order to earn its 100% interest, Enertopia is required to make total cash payments of US$60,500 over one year and issue a total of 3.5mln shares on signing of the definitive agreement and up to an additional 3mln shares based on the successful drilling of a lithium enriched brine aquifer with a minimum Lithium average content of 300 parts per million over 100 feet of liquid brine reservoir.
Story by ProactiveInvestors