Quebec Rare Earth Elements (QREE), a Canada-based mining exploration and development company, has expanded its domestic portfolio by acquiring mineral claims in Quebec.
The property comprises 45 claims covering around 2,430ha in the north of Lake Manitou in a known rare earth element (REE) area.
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This REE area is located nearly 130km north-east of the city of Sept-Îles.
For this deal, QREE issued three million common shares at C$0.15 each. These securities are subject to a statutory hold period of four months and one day.
The deal, as per the purchase agreement with an arm’s length party, was finalised on 28 February 2024.
In November last year, QREE signed an option agreement with Les Ressources Tectonic.
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By GlobalDataThis agreement allowed QREE to potentially acquire a 100% interest in the Lynx REE project, which is 15km north of Dolbeau-Mistassini and 90km north-west of Saguenay, Quebec.
The Lynx REE project spans 2,034ha and is accessible via forestry roads from Dolbeau-Mistassini.
The Saguenay area, part of the Grenville Gneiss Province of the Canadian Shield, is known for its geological potential for REEs.
QREE’s option to fully acquire the Lynx property is contingent upon meeting specific payment criteria outlined in the option agreement.
In the same month, QREE acquired additional land abutting the Lynx REE project.
The additional property was acquired by staking and covers a further 2,543ha, for a total of 4,577ha.
Lynx REE encompasses an estimated 6km×2km late mafic igneous intrusive plug, as determined by current government geological mapping and aerial geophysical data.
