Canada’s MGX Minerals has signed an agreement to acquire with Belmont Resources to acquire an initial interest of 25% in the Kibby Basin lithium brine property in Nevada.
"MGX will fund up to C$300,000 in exploration expenditures, to be used for drilling in the Kibby Basin," the firm said in a statement. "The Agreement allows MGX to earn an additional 25% interest in Kibby Basin property by funding an additional C$300,000 in exploration expenditures for drilling at which time the project will become a 50/50 Joint Venture with access to MGX's rapid lithium extraction technology."
The Kibby Basin is located in Nevada’s Esmeralda county.
Set up in 2012, MGX Minerals says it is a diversified resource company focused on advanced material and energy assets throughout North America.
Belmont Resources is listed on the Toronto Stock Exchange (TSE),