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Consolidated Abaddon signs option deal over lithium and rare earth properties
14 September 2009
Toronto-listed mining group Consolidated Abaddon Resources has agreed a deal that gives it the option to acquire a 100% interest in a lithium property and a rare earth property.
The property option agreement was signed with Mr Robert Fairservice of Thunder Bay, Ontario and concerns the Raleigh Lake lithium property and the Selwyn Lake rare earth (REE) property.
Abaddon plans to complete a magnetometer survey immediately over the 560 acres Raleigh Lake property and use the data to identify zones where there are likely to be increased volumes of lithium-bearing pegmatite. The company is planning to proceed with a 2009 winter diamond drill programme.
At Selwyn Lake Abaddon is planning a programme of prospecting, soil and till sampling for later this autumn.
The terms of the option agreement include Abaddon paying an aggregate of $30,000, issuing a total of 150,000 common shares and footing the bill for $250,000 of exploration expenditure over the next three years.
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