EQS-News

Genius Metals Partners with Clarity Gold to Advance its Lithium381 Property in James Bay (QC) - Seite 2

“This option agreement marks Clarity’s step towards diversifying its mineral portfolio into the exciting lithium space.” stated Clarity CEO James Rogers. “We are excited to begin exploring such a well-positioned project with favourable underlying geology”

The Lithium381 project consists of 21 mining claims totaling 1,108 ha (11.08km²) and lies within the Lower Eastmain River Greenstone Belt (LEGB) near the contact with the metasedimentary Nemiscau sub-province. The GB is composed of Archean komattitic to rhyolitic volcanosedimentary assemblages overlain by the Auclair metasedimentary Formation. Several plutons ranging from tonalitic to monzogranitic compositions intruded the volcanosedimentary rocks.

The property is located 3km from the KM381 facilities operated by the Société de Développement de la Baie-James (SDBJ) providing valuable services such as lodging, fuel, meals and mechanical services that enable year-long exploration on the property to be undertaken.

Structure of the transaction

The Corporation has granted Clarity an exclusive option to acquire a 50% interest in the Property (the “Option”) for a total consideration of (i) $750,000 in expenditures which Clarity shall fund on or before December 31, 2024, inclusive of the deposit of $25,000 provided by Clarity to the Corporation on November 25, 2022 and (ii) an aggregate of 720,000 common shares of Clarity (“Shares”), which will be subject to a voluntary escrow to be released as to 90,000 every four months commencing on the date that is four months after the Closing Date.

Upon the exercise of the Option, the Corporation and Clarity will form a joint venture to carry out further exploration activities and, if deemed viable, carry out development and mining activities on the Property. The parties agree to pay their pro-rata share of exploration expenditures going forward. Failing to do so will result in their respective interest being diluted. Closing of the transaction remains conditional upon regulatory approvals, as applicable, and other conditions customary for transactions of this nature.