Cornish Metals Inc said that Cornish Lithium Ltd had extended its option for a further 12 months to explore the company’s mineral rights for minerals-in-brine in Cornwall.
TERMS
In January 2017, the Canadian company granted Cornish Lithium an option to explore for minerals in brine and geothermal waters on its mineral rights in the county.
Cornish Lithium has extended its exploration and option deed with Cornish Metals in consideration for shares equal to US$100,000.
Following receipt of the shares, Cornish Metals Inc will own 6,713,940 shares of the company.
LITHIUM-IN-BRINE
Cornish Metals chief executive Richard Williams said Cornish Lithium’s decision reaffirmed the exploration potential for lithium in a variety of geological environments in Cornwall.
“We look forward to working with CLL [Cornish Lithium] over the coming years to progress the development of the UK’s first lithium in brine project.”