Cullinan Metals has announced that it has signed an option agreement with Geomap Exploration Inc., to which it has been granted the exclusive rights to acquire 100% of the Lac des Iles west graphite property. The agreement covers 43 mineral claims totaling 2,276 hectares.
According to the terms, Cullinan may acquire 100% interest in the property by paying $150,000 in cash, issuing $350,000 worth of common stock of Cullinan Metals, and spending a minimum of $425,000 in exploration expenditures within three years. The company will also be required to grant Geomap a 2% net smelter returns (NSR) royalty, of which Cullina can purchase 1% for $1,000,000.
The property, located in the Mont Laurier Region, Quebec, just 150 km from Montreal, is road accessible and close to power sources and numerous services. Explorations on the property located significant showings of graphite flakes. A Time Domain Electromagnetic and Magnetic survey from 2012 also showed a possible two-kilometer-wide portion of the property that’s a conductive graphite horizon.
The acquisition of the Lac De Iles west graphite property will serve to bolster Cullinan’s position in the industry and accelerate its project developments to meet the demands of the future.
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