From an International Lithium announcement February 1. We handed back Raleigh, “the most significant project in Canada.” How do ILC know this without drilling? Why didn’t they insist PIO drill Raleigh and not Mavis? Doesn’t sound right.
The Raleigh Lake project, now consisting of 3,027 hectares of adjoining mineral claims in Ontario, is now regarded by ILC management as ILC’s most significant project in Canada. It is 100% owned by ILC, is not subject to any encumbrances, and is royalty free
Complementing the Company’s lithium brine project at Mariana and rare metal pegmatite property at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which encompasses an extensive 50-km-long pegmatite belt
The ownership of the Mavis Lake project is now 51% Pioneer Resources Limited (ASXIO, “Pioneer” and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. Pioneer has an option to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration activities, at which time the ownership will be 80% Pioneer and 20% ILC.
PIO Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
IO, “Pioneer”
