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Sienna Resources to acquire Elko Lithium Project in Nevada

Christian Fernsby |
Sienna Resources announced that it has entered into an arm's length property option agreement whereby it has been granted an option to acquire a 100% interest in the Elko Lithium Project in Elko County, Nevada.

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This project consists of approximately 1200 contiguous acres directly bordering Surge Battery Metals' Nevada North Lithium Project in Elko County, Nevada.

This agreement is subject to TSX Venture Exchange. The Nevada North Lithium Project has retuned some of the highest grades for lithium in Nevada.

Terms of the agreement:

Upon receipt of conditional approval from the Exchange, the Optionee has the exclusive right and option to earn a 100% legal and beneficial interest in the Elko Lithium Project from the owner by making cash payments totalling $92,000 CDN and issuing stock totalling 16 million shares as set out below:

Paying the optionor $92,000 within five days of all applicable approvals including receipt of conditional approval of the Exchange;

Issuing the optionor 10,0000,000 common shares within five (5) days of all applicable approvals including receipt of conditional approval of the Exchange;

Issuing the optionor 3,000,000 common shares within 10 days of drilling a hole that returns drilling results evidencing at least 1,000 ppm lithium anywhere in the hole; and

Issuing the optionor 3,000,000 common shares within 10 days of receiving a technical report (in compliance with NI 43-101) by an acceptable and accredited 3rd party evidencing a minimum of 1,000,000 LCE with a 300 ppm cutoff.

The option agreement constitutes an Expedited Acquisition under the policies of the Exchange. All common shares issuable under the option agreement will be issued with a restrictive period of four months and one day.


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