12:46 PM EST, 03/09/2016 (MT Newswires) -- Standard Graphite Corp. (SGH.V) has signed an option agreement for the acquisition of 8 lithium properties in Quebec.
Standard's properties are located within the 2 major lithium districts of Quebec; the Abitibi and James Bay regions. The Property covers a total area of approximately 1150 hectares over highly prospective geology. Historical data make mention of grades of up to 0.8% LiO2 which compares favorably with the cut-off grades used for the feasibility at the 2 most advanced projects in Quebec, the company said.
According to the terms of the agreement, subject to TSX Venture Exchange approval, Standard will make a $2500 cash payment and issue 6 million shares to seller for the acquisition of a 100% interest in the claims. The seller will retain a 2% NSR on the claims of which 1% can be bought back for $1M at any time following the acquisition.