Ophir Gold, a Canadian mineral explorer, has secured approval from the TSX Venture Exchange for an option to acquire an undivided 70% stake in the Pilipas lithium property from Azimut Exploration.
Earlier this month, the two companies entered an option to a joint venture agreement for Azimut’s 100%-owned Pilipas property in the James Bay Region of Quebec, Canada.
The agreement includes a series of cash, share payments, and exploration expenditures to be met by Ophir to incrementally earn its interest in the property.
This includes spending C$4m ($3m) in exploration expenditures, issuing six million of its shares and paying C$100,000 ($75,692) in cash, over a three-year period.
Under the terms of the option agreement, Ophir can initially earn a 50% interest after completing its commitments in the second year and a 70% interest after fulfilling its commitments in the third year.
After Ophir earns a 70% interest, the two companies will form a joint venture.
