Eureka Resources (TSXV:EUK) announced it has accepted for filing a letter agreement dated January 20, 2016 and an addendum to the letter agreement dated May 4, 2016 between the Eureka and Nevada Sunrise Gold Corporation (TSXV:NEV) whereby the Eureka can acquire a 50% interest in the Gemini Lithium Project which comprises 247 placer mining claims totalling 4,940 acres (2,000 hectares) in the western Lida Valley, Nevada.
As quoted in the press release:
Gemini hosts two deep, sub-basins that have the potential for lithium-bearing brines similar to the proven lithium brine deposits located in the Clayton Valley. Lithium occurs in economic quantities within brines in the Clayton Valley where the only producing lithium mine in North America is located. Gemini is situated in a similar geologic environment and is 40 kilometres southeast of the Clayton Valley.
The Company has paid CAD$ 96,794 being its 50% share of the acquisition costs, and geophysical and geological costs incurred to date on Gemini. In addition, Eureka has issued 300,000 common shares to Nevada Sunrise according to the terms of the letter agreement, thereby acquiring its 50% interest in Gemini.
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