Hemlo Explorers (TSXV: HMLO) is refocusing its land holdings. The firm this morning announced it has entered an option agreement to sell certain land holdings in the Falcon Lake region of Ontario that were not considered core holdings.
The land position to be optioned out consists of a total of 48 claims that cover 987 hectares. The property is 325 kilometres north east of Thunder Bay, Ontario, where several firms are currently exploring for lithium.
The arrangement will see First Energy Metals (CSE: FE) pay a mix of cash and common shares for the holdings. Cash consideration is to total $85,000 over a period of two years, as well as 600,000 common shares. The company has also committed to conduct $250,000 in expenditures on the property over that time frame.
“We are pleased to enter into this option agreement with First Energy to help maximize the value of these claims as they were not considered a core asset with our current focus in the Hemlo Camp,” commented Brian Howlett, CEO of Hemlo Explorers.
Hemlo Explorers last traded at $0.17 on the TSX Venture.
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