MAX Power Mining seizes district-wide opportunity. Intended for lithium-rich salt water Similar to claystone in Arizona, USA.
this is 130km2 Wilcox Playa in Cochise County, Arizona, southeast of Phoenix.
Under the terms of the sale and purchase agreement, MAX Power will acquire 100% of three mineral exploration permits (state land) from Ares Strategic Mining.
The company will pay for the transaction through the issuance of $40,000 in cash and 500,000 shares of common stock.
Additionally, the transaction requires Ares to be unable to sell more than half of the consideration shares within six months of closing.
The deal marks MAX Power’s entry into the US lithium industry.
In the 1970s, the United States Geological Survey (USGS) identified the area as one of the most promising locations for lithium after conducting limited drilling.
The USGS also said the potential for the area is similar to that for Clayton Valley, Nevada.
Additionally, MAX Power benefited from a first-mover advantage after the U.S. Air Force ceased operations at Wilcox Playa for decades.
As a result, the company acquired three blocks spanning a total of 3,754 acres. These blocks were primarily leased from Arizona.
MAX Power CEO Rav Mlait said: grade lithium camp.
“We believe that with the US division and the Canadian division, we will be able to grow our shareholder base exponentially in 2023 while still providing strong news flow throughout the year.”
The latest deal comes on the heels of MAX Power’s acquisition of Spark lithium assets in northern Quebec, Canada.
