Lithium Americas (LAC) has sold 2,215 hectares of mining claims, known as the Mule claims, to Apollo Silver, significantly expanding the latter's Calico Project in San Bernardino County, California, Apollo said Tuesday.
The claims, previously operated by Lithium Americas' unit LAC Exploration, add 415 lode mining claims adjacent to Apollo's Waterloo property and increase Calico's total land package by more than 285%, the company said.
Apollo said it paid $250,000 for the claims, and Lithium Americas retains a 2% net smelter return royalty, with 1% subject to Apollo's buyback option for $1 million.
Lithium Americas' shares were up 1.8% in recent premarket activity.
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