Sunrise Gold Corp. has entered a definitive agreement
for an option to purchase the Neptune lithium property
in the Clayton Valley, Esmeralda County, Nevada, US.
For an option to purchase a 100% interest in Neptune, Nevada
Sunrise has agreed to issue to the vendors up to 1m common
shares of the company, with 200,000 common shares to be issued
upon execution of the deal and TSX-V approval. A further
300,000 shares will be issued on the first anniversary of the
agreement, followed by 500,000 shares after two
The Neptune property consists of a block of 39 unpatented
association placer claims totalling approximately 1,263 ha
(12.63km2). A 1.5 mile (2.25km) area of interest
also applies to the property, which is subject to a 3% gross
Nevada Sunrise believes Neptune has the potential to host
lithium-bearing brines in subterranean aquifers, based on the
results of historical exploration at the site.
Fellow TSX-V-listed Pure Energy Minerals
Ltd, which recently signed a lithium offtake agreement
with electric vehicle maker Tesla Motors Inc., has started
permit applications for autumn
and winter exploration drilling programmes at the
company’s Clayton Valley South lithium brine
project, also located in Esmeralda County Nevada.
Pure Energy has engaged GeoXplor Corp. to initiate the process
for the filing of a notice of intent permit application for
exploratory drilling to the Bureau of Land Management field
office in Tonopah, Nevada.
Priority target areas have been defined for the drilling
programmes, which will target expected depths of approximately
500 meters at the site.
Finally, UK AIM-listed Rare Earth Minerals
Plc (REM) recorded a pre-tax loss of £1.2m
($1.86m*) for the year ending in June 2015, compared to a loss
of £191,000 a year ago.
The company, which has strategic holdings in fellow AIM-listed
lithium explorer Bacanora Minerals Ltd, as well Western Lithium
USA Corp. and Australia-based Hastings Rare Metals Ltd, said
that it hopes to secure more lithium offtake agreements for
projects within its portfolio in the future.
"We are currently advancing additional potential offtake
agreements with whom we have non-disclosure agreements with and
we look forward to updating the market as we progress of these
discussions," REM said in a statement.