Pan Asia Metals (PAM) has secured an exclusive option agreement with the owner of the property that includes the RK Prospect in Thailand.
The prospect is located at the southern end of the RK Lithium Project, covering an area of 42ha.
The agreement entails an initial payment of A$143,000 ($963,82) with further instalments totalling A$265,500 due by the end of the year.
The area covered under the option agreement is within the designated mining zones, granting PAM the legal right to submit mining lease applications and conduct activities essential for establishing a mining operation on its tenements that constitute the RK Project.
The move is expected to bolster discussions with potential investors, aid in completing the feasibility study and facilitate the submission of a mining licence application.
PAM has also initiated negotiations for the sale or lease of the RK Property, with expectations of reaching an agreement before the year’s end.
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Read More: Pan Asia Metals secures landholding under RK Lithium prospect in Thailand