Altair International Completes First Stage of Lithium and Rare Earth Project Earn-In With American Lithium Minerals Inc.
source：GlobeNewswire
PITTSBURGH, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Altair International Corp. (the “Company” or “Altair”) (OTC: ATAO) is pleased to announce that it has completed its Initial Earn-in Option as defined in the definitive agreement (the “Agreement”) with American Lithium Minerals, Inc. (“American Lithium”), a Nevada-based corporation.
In seeking to purposefully position itself into the growing Lithium battery market, the Company signed the Agreement on November 24th 2020 with American Lithium that allows Altair the exclusive right to earn in up to a Sixty Percent (60%) interest in two projects, the Stonewall Lithium Project in southwestern Nevada and the Kingman Rare Earth Project in northwestern Arizona. The Earn-in agreement is granted to Lithium Now, a Nevada based subsidiary of Altair for a primary term of three (3) years in consideration of cash and stepped annual exploration expenditure commitments.
The Stonewall Project covers highly anomalous Lithium found within the Nevada lithium supply hub just 191 miles southeast of Tesla's Gigafactory1 and is a near neighbor to the Clayton Valley, the site of Albemarle’s’ Silver Peak Lithium production. The Kingman Rare Earth Project located in Mohave County, Arizona and encompasses past producing mine sited by the Arizona Bureau of Mines as having high grade Rare Earths Elements (REEs).
New green-energy legislation, mobile electronics and Electric Vehicles are regarded as major driving factors that will propel the Lithium marketspace to outpace other sectors in this decade. Altair’s strategy is one of vertical integration into several key aspects of this multi-billion dollar marketspace and is seeking be involved in end use products, exploration and extraction, and recycling technologies.
Altair has conducted a preliminary site visit to the Stonewall Lithium project and is currently reviewing relevant data, its exploration approach and prioritising targets. Additionally, the Company is presently reviewing new top-tier Lithium rich resource areas to add to its portfolio.
Technical data pertaining to this news release was reviewed and approved by Craig Alford, MSc, a Professional Geoscientist, acting as Altair’s Qualified Person.