Forgan Lake/Georgia Lake Project
The Forgan Lake property is wholly owned by the Company and consists of eighteen cell claims and two boundary claims covering an area of 256 hectares located in the Thunder Bay Mining District in Northwestern Ontario, Canada. The Company entered into a sale and royalty agreement with Ultra Lithium Inc (“ULI”) in September, 2018. Under the terms of the agreement, ULI may earn 100% interest in Forgan Lake property by spending $500,000 on exploration expenditures and paying the Company a total of $200,000, half in cash and half in shares, over the period of two years. In addition, the Company will receive a 1.5% NSR on future production from the Forgan Lake property and from the adjoining Lucky Lake property owned by ULI.
For more information on the Forgan Lake project see Ultra Lithium’s website, https://ultralithium.com/.