Global Li-Ion Graphite (LION) has signed an option agreement to acquire a 100% interest in Callinex Mines’ Neuron graphite project located in northern Manitoba, Canada.

Under the agreement, LION is required make a payment of $200,000 and issue 2,000,000 shares to Callinex.

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The initial consideration to Callinex includes around $1.1m, comprising $200,000 cash and 1,000,000 shares within three days.

Callinex Mines president and CEO Max Porterfield said: “We are pleased to have reached an agreement with Global Li-Ion Graphite on the Neuron project, a non-core asset within our project portfolio.

“This transaction strengthens our balance sheet and provides our shareholders upside to the development of the high-grade graphite project.”

“This transaction strengthens our balance sheet and provides our shareholders upside to the development of the high-grade graphite project.”

Under the second tranche, LION is required to offer 1,000,000 additional shares within two years in order to acquire a 100% interest in the project.

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By completing an economic study on the project or any claims within a 20km area of interest, Callinex is expected to receive an additional milestone payment of 3,000,000 shares.

Callinex’s portfolio of zinc-rich deposits includes its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick.

The company is drilling these projects in a bid to undertake an updated resource estimate and maiden preliminary economic assessment (PEA) planned for the first quarter of next year.

Other projects operated by the company in the Flin Flon mining district of Manitoba include the Pine Bay and Big Island projects.