11:11 AM EDT, 05/21/2024 (MT Newswires) -- International Lithium ( ILHMF ) said Tuesday it closed the purchase of a 90% interest in the Firesteel Copper Project, a grass-roots copper and cobalt property in northwestern Ontario.

Under the agreement, the company paid $55,000 to the vendor; as well as $110,000 to the vendor that was due within 15 calendar days.

Also under the deal, if International Lithium ( ILHMF ) establishes a resource calculation equal to or over 10-million metric tonnes at 1% copper, the company will pay to the vendor $1 million. If the company establishes a resource calculation equal to or above 15-million metric tonnes at 1% copper, it will pay an additional $1 million.

"We are very glad to have finally closed this transaction for Firesteel. Since we signed the original deal in February the copper price has gone up by over 20% which is obviously a positive for the project," chief executive John Wisbey said in a release.

International Lithium ( ILHMF ) filed applications for permits to conduct the first drilling program at Firesteel, targeting copper mineralization within the 6,600-hectare property.

The company plans to test up to six distinct targets with up to 2,000 meters of core drilling.

International Lithium ( ILHMF ) shares were last seen unchanged at C$0.025 on the TSX Venture Exchange.