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Neotech Metals to buy Hecla-Kilmer Project from VR Resources north of Smooth Rock Falls

Mar 11, 2024

Neotech Metals Corp. a mineral exploration company, is pleased to announce the signing of a non-binding LOI with VR Resources Ltd., a TSX-V listed company pursuant to which Neotech will have the right to acquire a 100% interest in the Rare-Earth Element, niobium and phosphate project in northeastern Ontario, with such right being exercisable through the issuance by Neotech of four million common shares over 30 months, to be priced at the Company's then market price, and the payment of $1 million. 

"The acquisition of Hecla-Kilmer is highly strategic to Neotech, as it solidifies the Company's position in the REE and Critical Metals sector, adding both a significant, high-quality REE discovery with demonstrated potential, and a large, prospective land package with significant upside potential. Neotech is advancing a multitrack agenda of aggressive exploration and strategic REE district consolidation, and this transaction represents an important step in our path forward," said Reagan Glazier, CEO of Neotech Metals.

Project Highlights

Hecla-Kilmer is an early-stage exploration project supported by world-class infrastructure. Situated in Northern Ontario, just 23 kilometers from the Otter Rapids hydroelectric power generating station, along with active rail and highways making for cost-effective field programs, the project is poised for additional drilling and discovery.

Neotech Metals Corp. is a mineral exploration company dedicated to discovering and developing valuable mineral resources in promising regions around the world. With a strong commitment to environmental stewardship and sustainable practices, Neotech is positioned to make a positive impact while maximizing the potential of its exploration properties.

The Company is a mineral exploration company based in Vancouver, B.C., and owns 100% of its TREO Rare Earth Element Property, located 90km northeast of Prince George, British Columbia, and 100% of its Foothills Rare Earth Element Property located in Central British Columbia. The Company also holds options on the EBB nickel-cobalt property in British Columbia, Canada.

Tags: Northern Ontario / Deals & Financial / Metals / All Articles