Copper and rare earth explorer Bindi Metals (ASX:BIM) is now the sole owner of the Schryburt Lake Project in northern Ontario, Canada.
As a result, the company announces it will move forward with plans to undertake a maiden drilling program in the project area this quarter.
The company says it is ‘excited’ by the potential of the project, which demonstrates geological and geophysical similarities to the ‘world class’ Niobec mine.
Bindi, which has a $5.64 million market capitalisation, reports an exploration program is currently underway at its new project, with surface sampling and geophysics already completed ahead of the planned drilling work.
The company notes drilling is set to begin this quarter, with a scout drilling program being designed to test the priority targets defined to date.
Bindi Metals also notes exploration is supported by ‘highly encouraging’ results gathered from surface samples, trenches, and historical drill samples across priority targets, such as Blue Jay with up to 3.6% total rare earth oxide (TREO), Goldfinch with up to 1.8% niobium, and Starling with up to 5.7% TREO.
Under the terms of the acquisition, Bindi issued to the sellers 900,000 fully paid ordinary shares and 5.2 million performance rights across 3 classes in return for full ownership of Schryburt Lake. Each of these performance rights will convert into one share subject to the satisfaction of relevant performance hurdles.
These performance hurdles relate to the grade of rock samples and drilling intersections in the project area and the definition of an inferred resource for the project within 5 years.
Bindi Metals is an ASX-listed explorer focused on copper and REE exploration within projects that are ‘strategically’ located in tier-one, ‘highly prospective’, and ‘world-class’ mining jurisdictions with proven geological potential.
The company’s newly acquired Schryburt Lake REE-Niobium Project is located in Ontario, Canada.
Bindi Metals had $2.28 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Bindi Metals Ltd
