Texas Spring Project, Elko County, Nevada
M3 wholly owns a highly prospective land package in northern Nevada that adjoins Surge Battery Metals’ high-grade lithium discovery at the Nevada North Project in Elko County.
Surge is currently targeting 10 million tonnes of high-grade claystones-hosted lithium. Drilling is underway to outline an initial inferred resource estimate.
Additionally, both projects are geologically analogous to Lithium Americas’ proximal $4 billion Thacker Pass deposit, which is on target to become an operational mine in 2025.
Joint Venture with Surge Battery Metals
Surge stands to earn an 80% interest in 232 mineral claims held by M3 that are contiguous to the Nevada North Lithium discovery. In return, Surge must commit $250,000 in exploration expenditures.
The deal also includes staggered payments of $1.25 million in cash and the staggered issuance of 5 million shares of Surge. This arrangement affords M3 a steady flow of cash for working capital purposes, as well offering significant investment exposure to Surge’s ascendant market capitalization.
Above all else, it offers the tantalizing possibility for M3 investors to earn leveraged exposure to a prospectively world-class discovery. This is predicated on the assumption that Surge’s emerging high-grade discovery extends onto M3’s project area.
M3 claims blocks (in green) adjoin Surge Battery Metals’ discovery area (in blue).