Infinity Stone Ventures Corp (CSE:GEMS) announced that it has purchased an option to acquire the Thor manganite project on the Magdalene Islands in Quebec.
The acquirer of critical mineral deposits and occurrences said the property, which covers 698.4 hectares in two blocks, is highly prospective for the manganese ore mineral manganite, with historic drill holes having intersected “significant” manganese mineralization.
“Over the past months we have been actively working to acquire strategic and well positioned battery metals projects that align with our goal of being an aggregator and owner of energy metals mineral deposits that will be in strong demand in the near future,” Infinity Stone Ventures CEO Zayn Kalyan said in a statement.
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“With the addition of the property, we have acquired five of the six stones, and we are actively working to round out the portfolio with the acquisition of the sixth,” Kalyan added.
Infinity Stone noted it has acquired the right to purchase a 100% interest in the property by paying $15,000 in cash and issuing 350,000 company subordinate voting shares to the optionor within 30 days of execution of the option agreement, as well as paying $25,000 in cash and issuing 650,000 Infinity Stone shares to the optionor within one year of execution of the option agreement.
The company added that the property is subject to a 2% net smelter return (NSR) royalty, half of which may be repurchased by Infinity Stone for C$1 million.
Infinity Stone said it plans to verify the historical results on the property through additional field work.
Vancouver-based Infinity Stone acquires 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
Contact Sean at sean@proactiveinvestors.com