Under the agreement, Imagine Lithium will grant a total of 3 million common share purchase warrants to the First Nations groups, with each receiving 1 million warrants. The warrants are exercisable at a price of $0.11 per share for a period of five years.
Separately, the company has acquired additional ground within the Jackpot project area from a third party in exchange for 8,000 shares.
The Jackpot property hosts a swarm of stacked granitic pegmatites rich in spodumene, the primary source of lithium. Historic drilling has confirmed the presence of at least two spodumene-bearing granitic pegmatite bodies (dikes), one of which contains an historical resource of 2 million tonnes at 1.09% lithium oxide (estimated in 1956).
Imagine Lithium is currently in the middle of a 3,000-metre drill program on targets in and around the main dike swarm. The program is designed to expand on the drilling conducted in 2018 by testing the eastern…
