International Lithium Corp. (TSXV:ILC) has signed a formal option agreement with GFL International Co. Ltd., an investment company wholly owned by Jiangxi Ganfeng Lithium Co. Ltd., to earn up to a 100% interest in the Blackstairs project in Ireland.
As quoted in the press release:
Under the terms of the Option Agreement:
GFL can earn a 51% interest (the “First Option”) in the Blackstairs Project by:
1. incurring a minimum of $300,000 in exploration expenditures within 18 months of signing the Option Agreement (the “Effective Date”); and
2. paying ILC an aggregate of $500,000 in cash within one year from the Effective Date – $25,000 on the Effective Date and $475,000 on the first anniversary of the Effective Date.
International Lithium Corp. President Kirill Klip said:
This joint venture with Ganfeng Lithium will help to advance our highly prospective Blackstairs Lithium project in Ireland. It also allows for ILC to build a stronger working relationship with Ganfeng Lithium on a more diverse portfolio of exploration projects. We are confident that ILC will succeed in providing our strategic partners with a source for their operations, benefiting both companies’ future growth and value.