NEX Trading Symbol – Tgi.h True Grit Enters into an Option Agreement to Purchase the AZ Lithium Project
True Grit Resources Ltd.
Suite 404 – 999 Canada Place Vancouver, British Columbia V6C 3E2 Telephone: (604) 662-3230 Fax: (604) 682-4309 NEX TRADING SYMBOL – TGI.H
TRUE GRIT ENTERS INTO AN OPTION AGREEMENT TO PURCHASE THE AZ LITHIUM PROJECT
Vancouver, B.C. – October 26, 2018, True Grit Resources Ltd. (“True Grit”) is pleased to announce that on October 11, 2018, the Company entered into an earn-in option agreement (the “Agreement”) on a high quality lithium project with Barrel Energy Inc. (OTCQB: BRLL) (“Barrel”).
Under the terms of the agreement, Barrel has the option to acquire up to 100% of True Grit’s option on the L.G. lithium brine project in Safford, Arizona.
The option is exercisable in tranches upon meeting certain exploration project related expenditure thresholds as follows: (1) an initial 49% interest will be earned upon Barrel contributing US$400,000; (2) a 70% interest will be earned upon Barrel expending US $1,000,000 on project related expenses; and (3) the balance of the interest will be earned upon Barrel expending an aggregate of US$2,400,000 on project related expenses.
The first payment of US$400,000 is due within 30 days of signing the Agreement. True Grit will be the operator of the exploration program and will hold a 5% royalty on any production from the project. The Agreement is subject to the approval of the TSX Venture Exchange.
“True Grit is very excited to work with Barrel and proceed with the drilling of our project. We have identified 4 drill ready targets based on MMI and historical information to help us best define the LI Brine targets” states Byron Coulthard.
About True Grit
True Grit is engaged in the business of acquiring, exploring and developing highly prospective mineral properties in North America. True Grit’s portfolio includes lithium, cobalt and gold.
TRUE GRIT RESOURCES LTD.
Byron Coulthard President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com.
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