Mineral explorer Lithium Corp. has secured a land position covering 13,092 acres (5,439 hectares) in addition to its recent unconditional grant of mineral claims at its Las Pilas rare earth element (REE) project in southern British Columbia.
The property encompasses at least three distinct areas of anomalous REE mineralization, establishing Las Pilas as a key exploration asset within Lithium’s growing portfolio of critical mineral prospects.
An independent NI 43-101-compliant technical report is underway, and field exploration has commenced at Las Pilas. Lithium said that upon regulatory approval of the report, the previously announced option agreement with Ridgestone Mining will formally come into effect.
Under the terms of the agreement, Ridgestone will pay Lithium $315,000 in cash, issue 500,000 common shares, and commit $600,000 to exploration over three years as it advances toward earning a 100% interest in the property. Lithium will retain a 2.0% Net Smelter Return (NSR) royalty, providing long-term exposure to future production while optimizing near-term capital efficiency and minimizing exploration risk.
The company said it will provide technical support for exploration activities at Las Pilas while advancing its wholly owned Yeehaw and Midway Range REE prospects. Recommendations from the NI 43-101 study will be incorporated into exploration programs at Las Pilas and may also be applied across the company’s regional REE portfolio, given that the projects share similar geological characteristics.
Source: Lithium Corp.