Sultan Minerals to acquire two highly prospective lithium properties

Sultan Minerals Ltd (ASX: SLZ) announced a Binding Term Sheet with XS Minerals Ltd (XSM) to acquire two highly prospective lithium properties in Ontario, Canada. The Kember Lake Lithium project and the Ruddy Lithium project are located adjacent to or abutting known spodumene bearing pegmatites with defined resources. The Kember Lake Lithium project, located approximately 5km from Frontier Lithium Inc lithium resources, and is demonstrating the prospectivity of the area.

The Ruddy Lithium project is located in Ontario, Canada, and sits to the north of Green Technology Metals' exploration projects. Sultan plans to engage experienced Canadian-based Geological consultants to start exploration this Canadian summer. To settle the acquisition, the company plans to raise AU$1.5 million in two tranches. With the acquisition of these highly prospective lithium properties, Sultan Minerals Ltd aims to expand its portfolio and establish itself as a leading lithium exploration and development company.

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