Neotech Metals Corp. completes Hecla-Kilmer REE Project acquisition in NWO
Neotech Metals Corp. has completed the acquisition of the Hecla-Kilmer Rare-Earth Elements and Niobium project in northwestern Ontario from VR Resources Ltd.
In consideration for the Acquisition, the Company has paid to VRR $1,000,000 in cash, and issued to them 4,000,000 common shares (the "Shares") of the Company on the following basis: 500,000 Shares are issued and subject to resale restrictions ending November 20, 2024; 1,500,000 Shares are subject to resale restrictions ending July 19, 2025; 1,500,000 Shares are subject to resale restrictions ending July 19, 2026; and 500,000 Shares are subject to resale restrictions ending January 19, 2027.
Reagan Glazier, CEO and Director of the Company, stated, "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 project 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, with this transaction representing our commitment to our shareholders in becoming the leading diversified, REE exploration and development company."
About the Hecla-Kilmer REE/Nb Project
Hecla-Kilmer is a Carbonatite and Syenite Intrusive system hosting REEs, Niobium, Tantalum, and Phosphates in a unique setting that features abundant Permanent-Magnet Rare Earth Oxides ("PMREOS") (Praseodymium, Neodymium, Dysprosium, and Terbium) that are found to be hosted via volcanic-derived apatites (REE mineralization) and pyrochlore (Niobium Mineralization).
Infrastructure
The deposit is situated ~25 kilometers from world-class infrastructure, including the 180MW Otter Rapids Hydroelectric-Power generation facility, paved highways, and active railway. The project has strong community support, with local labor and professional services nearby.
Unique Mineralized Setting
An important distinction that sets H/K apart from the rest of the REE discoveries in North America - preliminary mineralogy testing has demonstrated that 80% of REEs are contained within the phosphate mineral apatite, including PMREOs.
Testing was performed via Tescan Integrated Mineral Analyzer (TIMA), EMPA-EDS, and laser ablation ICP-MS. Eight initial representative samples spanning the 361 meters of REE mineralization from hole HK22-013 were crushed, sorted and analyzed for elemental and mineral mapping of grains ahead of beneficiation studies.
Discovery Drilling
Drilling at H/K has been successful, intercepting broad zones of mineralization in 18 out of all 24 holes drilled to date, starting at bedrock surface in many holes. Furthermore, Magnetic and Gravity surveys have identified structures with correlating intercepted mineralization on a 3 X 2-kilometer scale, warranting follow-up drilling to determine whether broad-based mineralization occurs outside of the main discovery holes.
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