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Valor Resources has set itself up to acquire Frazer Lake lithium project in Canada.

Valor has signed an option agreement with Pegmatite One Lithium for the Ontario project, with an $80,000 cash payment made when the deal was inked.

The company also announced it will begin transitioning to the name Thunderbird Resources as it restructures its exploration interests.

“We are pleased to have signed a definitive purchase option agreement on the Frazer Lake lithium project as we continue to methodically tick the various boxes towards the repositioning of Valor as Thunderbird Resources over the next few months,” Valor executive chair George Bauk said.

“The Fraser Lake lithium project is a potentially exciting addition to our portfolio, and we look forward to getting teams on the ground to commence initial exploration activities.

“Our aim is to finalise the lithium transactions in the coming weeks and will be working to get on the ground as soon as possible.”

The Frazer Lake project is one of three lithium projects in the Thunder Bay region subject to option agreements announced late last year.

In addition to the Frazer Lake agreement, Valor is currently working on a definitive agreement for the Morrison Lake property and finalising the acquisition of the Jesaulenko project with Pegmatite One.

The agreements give Valor a low-cost option to acquire a portfolio of lithium projects, alongside its extensive portfolio of uranium and rare earth assets in Canada’s world-class Athabasca Basin.

Several other significant lithium projects are currently advancing at Thunder Bay, including Rock Tech Lithium’s Georgia Lake project and Green Technology Metals’ Seymour and Root projects.