The deal was completed with Sunstone Metals Limited (ASX: STM), Scandian Metal Pty Limited., Scandian Metals AB, and Litiumlöydös Oy and involved purchase of 83.6% of the issued and outstanding share capital of Litiumlöydös, which holds a 100% interest in the mining licenses covering the the Kietyönmäki project.
The company has paid C$420,000 in cash and issued 871,803 common shares in ULTH at a price of approximately C$0.48 per share.
The Kietyönmäki lithium project was discovered by the Finnish Geological Survey (GTK) in the mid-1980’s. The GTK drilled 17 shallow diamond drill holes to test down to 70m below surface across three traverses, including one traverse of very shallow holes to locate bedrock.
In 2016, six holes were drilled by Sunstone which intersected lithium mineralization hosted within a spodumene-bearing pegmatite dyke swarm.
Historical drilling results from GTK include 24.25m grading 1.31% Li2O in drill hole R310 from 58.75m; 13m grading 1.66% Li2O in drill hole R316 from 86.00 metres; and 23m grading 1.53% Li2O in drill hole R307 from 14.10m.
Historical results from Sunstone include 42m grading 1.10% Li2O in drill hole KMDD001 from 17.88m; 6m grading 0.90% Li2O in drill hole KMDD002 from 115.14m; and nine metres grading 0.80% Li2O in drill hole KMDD006 from 167.00m.
Surface channel sampling by GTK included 16.25m at 1.72% Li2O, 115.6 ppm Nb2O5 and 130.2 ppm Ta2O5; 7.70m at 1.21% Li2O, 100.2 ppm Nb2O5 and 111.3 ppm Ta2O5 and 2.25m at 1.10% Li2O, 105.4 ppm Nb2O5 and 163.5 ppm Ta2O5.
For further information please visit: https://unitedlithium.com/