Strong interest in lithium around Estevan helped drive Saskatchewan’s first mineral rights offering of the year past the $1 million mark, led by a major bid from Millennium Land Ltd.
Four of 11 available permits were acquired in the July offering, which brought in just over $1 million in revenue. The permits covered a total area of 22,911 hectares and are all considered prospective for lithium-bearing formation water.
The highest bid came from Millennium Land Ltd., which paid $985,452.07 for a 2,852-hectare block located north of Estevan. The company also secured a second permit near Weyburn with a bid of $27,044.83 for 12,697 hectares.
Inland Country Earth Consulting acquired the remaining two permits. One covers 3,854 hectares in the Estevan area and received a bid of $6,286.56. The other is southeast of Radville and sold for $5,887.05, covering 3,507 hectares.
Lithium is one of 27 critical minerals identified in Saskatchewan’s Critical Minerals Strategy. The strategy includes goals such as doubling the number of critical minerals produced in the province and increasing Saskatchewan’s share of national mineral exploration spending to 15 per cent by 2030.
Several companies are currently pursuing lithium exploration and production in the province.
This was the first of three planned public offerings for the fiscal year. The next offering is scheduled for November.