Rome Resources plc has outlined plans to diversify into Canadian tin and critical minerals exploration through a proposed option agreement covering early-stage licences in New Brunswick.
The agreement would give the company the right to acquire working interests in exploration licences covering around 109 square kilometres located near the Mount Pleasant Mine. Within the Three Lakes project area, surface sampling has identified tin showings of up to 1.4%, while the Schoullar Mountain project lies along the same geological trend as the Mount Pleasant deposit.
Under the proposed option agreement, Rome Resources will pay a total consideration of CAD$300,000 over four years, consisting of CAD$250,000 in new ordinary shares and CAD$50,000 in cash. During the option period, the company will act as operator of the licences.
If the option is exercised, Rome Resources will secure a 100% interest in the licences, subject to a 3% net smelter return royalty.
The move expands the company’s focus on tin and critical metals alongside its existing exploration projects in the Democratic Republic of the Congo and aligns with the province’s new critical minerals development strategy.
Comment: While we await the mother lode / big one in DRC, we see RMR hedging its and presumably our bets, with a move into Canada. It will be and is interesting to know how much value one gets buying into new projects at this part of the cycle, and how much value buyers get? At least we still see the RMR share price continue to edge up.
