Millennial Lithium Corp. announced that it has entered into a Mineral Property Option Agreement dated May 19, 2017 with Liberty One Lithium Corp. to joint venture up to an 80% interest in the Pocitos West Project consisting of 15,857 hectares (39,183 acres) of prospective lithium brine exploitation concessions on the Pocitos Salar in Salta Province.
As consideration for grant of the option and pursuant to the terms of the Option Agreement, Liberty will pay Millennial aggregate cash consideration of US$5,500,000 and incur an aggregate of $1,000,000 of staged expenditures to earn a 70% interest in the Property.
Liberty has the option to earn a further 10% interest in the Property if it completes a bankable commercial feasibility study on the Property within 42 months of the closing of the Transaction.
The Pocitos West Project is located 160km from Salta, and approximately 40 km due west of Millennial’s flagship Pastos Grandes Project. The Property is directly accessible by Salta Provincial Highway 17 and close to other high quality regional and site infrastructure including local labour, rail and power generation. The Property is adjacent to ground recently acquired by Pure Energy Minerals Ltd. and is strategically located in close proximately to known lithium resources including the Rincon Project located 32 kilometres to the north and the Sal De Vida Project 90km to the south.