Vital signs binding term sheet to acquire interest in rare earth projects
2021-08-17 13:04:21 [Print]
Australia-based Vital Metals has signed a binding term sheet with Quebec Precious Metals (QPM) for the acquisition of QPM's 68% interest in the Kipawa heavy rare earth exploration project and 100% interest in the Zeus exploration project, in Quebec.
Under the terms of the agreement, Vital Metal would purchase the project interest for C$8-million, payable in six tranches on the reaching of certain milestones.
Kipawa is a heavy rare earths project, located 50 km from Temiscaming in Quebec, with a mineral resource estimate of 15.5-million tonnes of eudialyte, 6.3-million tonnes of mosandrite, 5.1-million tonnes of britholite and a proven and probable reserve estimate of 19.8-million tonnes.
Under the terms of the agreement, Vital Metal would purchase the project interest for C$8-million, payable in six tranches on the reaching of certain milestones.
Kipawa is a heavy rare earths project, located 50 km from Temiscaming in Quebec, with a mineral resource estimate of 15.5-million tonnes of eudialyte, 6.3-million tonnes of mosandrite, 5.1-million tonnes of britholite and a proven and probable reserve estimate of 19.8-million tonnes.
