Canadian mining exploration company Newfoundland Discovery has signed an option agreement to buy a 100% interest in Newlands Lithium Property.
According to the agreement, Newfoundland Discovery may purchase a 100% interest in the property by issuing a total of one million common shares and paying the optionors a total of $128,000.
Located 70km south-west of Hearst, Ontario, the property has 11 claims (237 cells), spanning 4,962ha.
With the acquisition, Newfoundland Discovery’s land holdings in the area increase from 10,000ha to nearly 15,000ha across the entire Quetico Subprovince belt, which is rich in lithium.
The Newlands project is in north-west Ontario’s Quetico Subprovince and is surrounded by several lithium deposits that include sizable Li2O reserves.
Several important lithium projects and deposits, including the Separation Rapids Lithium deposit, the Georgia Lake pegmatite field, and the Seymour Lake Lithium Project, are now located close to Newfoundland Discoveries.
The purchase of Newlands strengthens the company’s lithium development portfolio by placing it in an advantageous location between its Sugaree Project, which is adjacent to Brunswick Exploration’s property, and the Georgia Lake pegmatite area along the Quetico Subprovince.
Newfoundland Discovery CEO Jeremy Prinsen said: “The addition of the Newlands Lithium Property to our portfolio further solidifies our commitment to exploring and developing high-quality lithium resources in the Quetico Subprovince.
“This acquisition not only increases our land position significantly but also demonstrates our confidence in the region’s lithium potential. We look forward to unlocking further value for our shareholders as we continue to advance our exploration programs.”