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Xplore Resources Corp. (TSXV: XPLR), based in Toronto, is a mining exploration company focused on acquiring and exploring grass roots lithium properties in Canada and Brazil. With a highly experienced management team, Xplore is earning a 100% interest in various lithium properties, including Surge and Perrigo Lake in Canada, and Energia and Borborema in Brazil.
Xplore Resources Corp. (TSXV: XPLR) has appointed John Newell to its Board of Directors. Newell brings over 35 years of capital markets experience and 25 years in financing and managing resource exploration companies. He currently serves as President and CEO of Golden Sky Minerals. This appointment coincides with Xplore's preparations to drill its flagship Surge lithium project in northern Ontario. Additionally, Xplore has closed the Surge North property transaction, issuing 1,500,000 common shares and paying $75,000 to the vendor, who retains a 2% NSR, half of which can be bought for $750,000.
Xplore Resources has expanded its land position at the Surge Lithium Project by entering into two agreements. The first, the Assignment Agreement with Lithium One Metals, Bounty Gold, and Last Resort Resources, grants Xplore the option to acquire the Root South property, which is adjacent to its existing Surge Project. This acquisition adds 175 claims over 3,570 hectares.
The second agreement, the Surge North Agreement, allows Xplore to acquire 100% rights to mineral property claims in the Surge Project area, adding 86 claims over 1,800 hectares. As a result, the Surge Project now encompasses approximately 12,480 hectares.
Recent drilling in nearby areas has revealed potential new lithium deposits, enhancing the project’s prospects. To finalize these agreements, Xplore will issue shares and make cash payments, subject to TSX Venture Exchange approval.
Xplore Resources has received an Early Exploration Permit for its Surge Lithium Project in northwest Ontario's Root lithium district. The project is adjacent to Green Technology Metals' Root Bay project, which has reported significant lithium deposits. Xplore's drill program will commence in June 2024, targeting prospective zones within 10 km of the Root Bay lithium trend. Green Technology Metals' recent drilling near Xplore's boundary has reported positive lithium concentrations, suggesting high potential for Xplore's project. The Surge property spans approximately 10 km of prospective geology.
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