Tearlach Resources Limited has signed an agreement with Blackrock Gold, a wholly-owned subsidiary of Blackrock Silver Corp, to acquire up to 70% of the lithium mining rights (Options Agreement) of the Tonopah North Project. This venture will be well-positioned to accelerate growth, create substantial shareholder value, and deliver a sustainable advantage against industry competitors.
Commenting on the signing, Morgan Lekstrom, CEO of Tearlach Resources, states, "With initial RC holes grading up to 1,217ppm and with thicknesses up to 56.4 meters and 117m depth, we see a mirror potential of American Lithium's TLC deposit ($768M exploration company) directly north of us."
Under the agreement, Tearlach will earn 51% interest (First Option) in the lithium mineral rights after spending $5M (initial earn-in), at least $500 000 on or before January 9, 2024 and at least $4.5M on or before January 9, 2026, in the exploration and development of the Tonopah North Project. Moreover, Tearlach must pay Blackrock Silver $100,000 in cash before April 30, 2024, to avoid the termination of the agreement.
After completing the initial earn-in, Tearlach will enter into a definitive mining joint venture agreement with Blackrock. Tearlach can earn an additional 19% interest (Second Option), adding up to 70% interest, by spending US $10M (additional earn-in) in expenditures.
Subject to the Options Agreement, Blackrock retains the rights to explore, develop, and mine all minerals, aside from lithium, in the Tonopah North Project.
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