SLAM Exploration options 51% of Notre Dame project, Quebec
SLAM Exploration Ltd. [TSXV-SXL] signed an arm’s-length binding term sheet with St-Georges Eco-Mining Corp. to give SLAM the option to acquire a 51% interest in the Notre Dame niobium critical mineral project. The Notre Dame Project is located 110 km northwest of the only niobium producing mine in North-America: the Niobec niobium mine in Quebec.
Project Highlights: Niobium and Rare Earth Element (REE): St-Georges identified niobium and REE’s associated with pegmatites and carbonatites.
Niobium and REE’s: Grab samples range up to 2,320 ppm niobium (0.33% Nb2O5) with 3,901 ppm total REE including 1,726 ppm heavy REE and 2,175 ppm light REE.
Four anomalous areas: Four target areas of anomalous niobium and rare earths have been identified for follow-up.
Aeromagnetic signature: The niobium and REE occurrences are all associated with a 10-km-long oval shaped aeromagnetic anomaly.
Notre Dame Project: The project covers 6,404 hectares (64 km Superscript 2) comprised of 116 mineral claims.
Infrastructure: The project is accessible through a network of logging roads.
Ready for Drilling Campaign: SLAM intends to complete additional prospecting and sampling in preparation for a trenching and drilling program.
SLAM President Mike Taylor stated: “The Notre Dame Project is an exciting acquisition for SLAM. Several occurrences of niobium and REE’s are reported from pegmatites and carbonatites with a distinctive aeromagnetic signature. This is a key acquisition as SLAM builds up niobium, rare earth and lithium assets in the critical element space.”
Demand for niobium is expected to increase along with the growing EV battery industry. According to Metal.com Niobium Pentoxide is currently trading in the US dollar range $48.76 to $50.15 per kilogram.
The term Sheet gives SLAM the option to earn 51% in and to the Notre Dame Project by making the following cash payments and share issuances to St-Georges, in addition to making qualified work expenditures:
Issuance of 500,000 common shares of Slam Exploration to St-Georges upon regulatory approval from the TSX Venture Exchange;
payment of $25,000 cash and issuance of 500,000 common shares of SLAM Exploration to St-Georges on or before March 31, 2024;
payment of $25,000 cash and issuance of one million common shares of Slam Exploration to St-Georges on or before the first-anniversary date of a definitive option agreement; engage $300,000 in qualified exploration work before the second anniversary of a definitive option agreement.
Upon completion of the aforementioned to earn a 51-per-cent interest in and to the Notre-Dame project, the parties may elect to operate the project as a 51/49 joint venture (JV) or to allow Slam Exploration to earn an additional 49-per-cent ownership by payment of an additional one million shares of Slam Exploration to St-Georges.
The Notre Dame Project is a significant addition to SLAM’s critical element portfolio, including its 4700 hectare Ear Falls lithium project adjacent to Beyond Lithium’s Ear Falls project in the Dryden area of northwestern Ontario. Beyond Lithium has started trenching on a new discovery where they reported grab samples up to 4.54% lithium less than 10 km along strike from SLAM’s Ear Falls project.
SLAM also holds the Cumberland REE project as well as a large portfolio of gold projects in the mineral-rich province of New Brunswick. Exploration for gold along regional fault structures has resulted in significant gold discoveries. These include the Maisie gold vein system at SLAM’s wholly owned Menneval project. In addition, SLAM has identified an area with high potential for gold discoveries in southern New Brunswick where the company acquired the Shadow Lake, Jake Lee, Rogers Lake and Highway projects. These projects have potential for Rare Earth Element (REE) minerals as well as cobalt, silver and base metals.
The company holds NSR royalties and expects additional cash and share payments on the Wedge, Goodwin, Ramsay and Ferguson projects in the Bathurst Mining Camp of New Brunswick. The company holds NSR royalties and may receive addition cash and share payments on the Reserve Creek and Opikeigen gold projects.