Xplore Resources Corp. (TSX-V: XPLR) (“Xplore” or the “Company”) is pleased to announce it has entered into an assignment agreement dated May 30, 2024 (the “Assignment Agreement”), with Lithium One Metals Inc. (“LONE”), Bounty Gold Corp. (“Bounty”), and Last Resort Resources Ltd. (“Last Resort” together with Bounty, the “Optionors”), whereby LONE has agreed to assign and transfer to Xplore all of its rights, titles, benefits, and interest in, to, and under an option agreement dated December 20, 2022, between LONE and the Optionors (the “Option Agreement”). Pursuant to the Assignment Agreement, Xplore will expand its land position along the Root Lake lithium trend with its option to the Root South property (Figure 1) (the “Root South Property”), which is adjacent to Xplore’s Surge Lithium Project (“Surge Project”) and Green Technology Metals Ltd.’s Root Bay Project – host to a new lithium deposit with a 10 Mt at 1.29% Li2O JORC Resource1 . The Root South Property is comprised of 175 claims over 3,570 ha. The Company also announces it has entered into a property purchase agreement (the “Surge North Agreement”) dated June 5, 2024, with an arm’s length vendor to acquire 100% right, title and interest in and to mineral property claims located in the Surge Project area (Figure 1) (the “Surge North Property”). The Surge North Property is comprised of 86 claims over 1,800 ha. The Root South Property and Surge North Property expand the Company’s Surge Project to approximately 12,480 ha. Since 2023, the Root lithium area has seen rapid growth following a new lithium discovery at the Root Bay deposit. The deposit now holds a JORC Resource of 10.1 MT at 1.29% Li2O, extending over approximately 1.5 km of the Root Bay trend. The Root South Property is located less than one km south of the Root Bay deposit. Recent exploration drilling by Green Technology Metals has revealed a potential new stacked system of pegmatites at Root Bay East, with drill results located 25 to 50 m from the boundary of the Surge Project (Figure 2). The Surge Project lies along the eastern extension of the trend, covering approximately 10 km of prospective geology.
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