ExGen Resources (TSX-V:EXG) has completed the acquisition of interests in three lithium properties in Nevada.
The company secured 297 claims at the Spark South Project in Elko County, which is adjacent to the southern boundary of Surge Battery Metals‘ (TSX-V:NILI) Nevada North Project.
ExGen also obtained options on the Libra project in Esmeralda County (107 claims) and the Augusta project in Churchill County (32 claims).
CEO Jason Riley says the closing of this transaction marks the culmination of “over a year of dedicated effort and capital” to secure a core position for ExGen in the Elko county lithium district.
“Our neighbors, Surge Battery and Evolution [ASX:EVN], have achieved tremendous milestones already this year, including a newly updated resource calculation and an upsized C$36 million [$36.57 million] dollar financing,” Riley says.
Under the agreement, ExGen paid C$125,000 cash and issued 21 million shares to the vendors, subject to standard resale restrictions expiring 31 October.
The acquisition also terminated a 1.5% net smelter return royalty previously granted by ExGen on 111 claims in Elko County.
The company notes the transaction remains subject to TSX Venture Exchange final acceptance and will not result in any change of control.
ExGen Resources is a project accelerator focused on funding joint ventures and partnership agreements in the US and Canada.
Write to Paula Fabe at Mining.com.au
Images: ExGen Resources
