Northern BC REE junior expands holdings
Options claim adjacent to flagship rare earth element project North of 60 Mining News - November 22, 2023
Last updated 11/29/2023 at 5:27am
Rare Earth Ridge Resources Corp. Nov. 22 announced that it has entered into an agreement to acquire the Conrad claims that lie adjacent to its Mount Major Hart critical minerals property in Northern British Columbia.
Located roughly 93 kilometers (58 miles) northeast of the village of Dease Lake, Mount Major Hart is an early-staged rare earth elements project that has seen limited exploration. With the addition of Conrad, this property covers 2,563 hectares (6,333 acres).
Historical sediment sampling, combined with recent sampling by Rare Earth Ridge along the western boundary of Mount Major Hart, identified a prominent target for both rare earth elements and yttrium, as well as tin, on the Conrad claim.
Silt sampling results outline a 2,800-meter by 1,800-meter area as anomalous for total rare earths, yttrium, and tin that straddles both Mount Major Hart and Conrad.
Some of these samples from creeks draining the area returned grades ranging between 620 to 1,197 parts per million total rare earths and yttrium.
Additionally, these drainages were also anomalous for tin, with values ranging from 16 to 304 ppm.
Pursuant to the agreement, Rare Earth Ridge will exchange roughly 6 million common shares to acquire Conrad. Further, the typical 2% net smelter royalty on potential commercial production was set, with the right to purchase 50% of the 2% from the seller for one million at any time before production.