Rock Tech Lithium acquires Victory project to expand Ontario lithium supply chain

German-Canadian company Rock Tech Lithium has entered into an option agreement with Bounty Gold and Last Resort Resources to acquire a 100% interest in the Victory Project, a 9,875-hectare lithium exploration property in Northwestern Ontario.

The project could represent a potential future source of lithium-bearing minerals for Rock Tech’s planned made-in-Ontario lithium supply chain. Victory complements the Company’s Georgia Lake Project and proposed Red Rock Converter by adding another exploration-stage lithium property to the company’s Ontario asset portfolio.

Under the agreement, Rock Tech has the option to acquire a 100% interest in the Victory project by making aggregate payments of C$600,000 in cash and issuing $400,000 in Rock Tech common shares over a 24-month period.

Bounty Gold and Last Resort Resources will retain a 2% net smelter return royalty on the project. Rock Tech will have the right to purchase 1% of the royalty for $1million at any time prior to a construction decision. Additional milestone payments will become payable only upon the publication of future compliant mineral resource estimates.

The property hosts two known spodumene-bearing lithium-cesium-tantalum (LCT) pegmatite occurrences at the surface. Like Georgia Lake, the Victory project benefits from proximity to established road and rail infrastructure, including the Trans-Canada Highway and nearby CPKC rail access.

“The Victory Project is a natural fit within our strategy of building a made-in-Ontario lithium supply chain,” said Mirco Wojnarowicz, CEO of Rock Tech. “This strategic acquisition gives Rock Tech exposure to a prospective spodumene-bearing property with strong infrastructure attributes, while the option structure allows us to test the project through staged exploration before committing the majority of the acquisition consideration.”

Source: Rock Tech Lithium