Saturday, February 4, 2023

TearLac to acquire lithium properties in Quebec

Shelby’s lithium mining assets include six concessions and span a total of 11,226 hectares.

Tierlach Resources entered into an option agreement with undisclosed arm’s length providers.

The object of the agreement will be to acquire 100% interest in the groups Shelby Concessions and Lithium Tendencies located in Quebec, Canada.


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Property Details

Located adjacent to Patriot Battery Metals’ Corvette lithium property and Winsome Resources’ Cansett property, Shelby Properties encompasses 27,000 acres.

These are located within the La Grande Greenstone Belt along the boundaries of the La Grande and Opinca sub-provinces.

In addition, the Shelby Project includes six properties including Patriot West (two claimed blocks), Patriot North, Patriot North Spodumene, Patriot North East, Patriot East and Patriot South.


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the keys

According to the statement, Tierlach has the option to acquire 100% interest in each of the six properties from independent sellers.

Tierlach will make the cash payment and issue its common shares with milestone bonuses.

The company will initially issue 300,000 shares to the seller as a one-time payment.

The sellers will retain 3% net smelter return royalty on the properties.

The company said these strategic acquisitions add to its growing portfolio of high-capacity lithium properties in Quebec.

All this located in one of the most prolific lithium jurisdictions in Canada.


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