Surface Metals (CSE:SUR) has received C$650,000 ($710,782) from Snow Lake Energy (NASDAQ:LITM), after completing an agreement to sell the remaining 49% interest of its Manitoba Lithium Project in Canada.
In January 2024, Surface granted Snow Lake an option to earn up to a 90% undivided interest in 37 mineral claims in south-eastern Manitoba.
Snow Lake previously earned a 51% stake in the properties under the option agreement.
The properties are subject to a 2% gross overriding royalty in favour of Lithium Royalty Corporation, and Snow Lake acquiring Surface’s remaining interest subject to the existing royalty.
The Manitoba Project deal includes 21 mineral claims – Shatford Lake – covering 3,595 acres, 10 mineral claims – Birse Lake – covering 2,102 hectares, and six mineral claims – Cat-Euclid Lake – covering 1,186 hectares.
Surface Metals is a North American mineral explorer focused on advancing its diversified portfolio of lithium and gold projects in Nevada.
The company’s Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. The Clayton Valley Lithium Brine Project hosts an inferred resource of 302,900 tonnes of lithium carbonate equivalent.
Surface Metals is also advancing a lithium project in neighbouring Fish Lake Valley, Nevada.
Write to Aaliyah Rogan at Mining.com.au
Images: Surface Metals
