Canadian exploration company Apex Critical Metals has announced the acquisition of the Lac Le Moyne Carbonatite Project in north-eastern Quebec to explore the site for high-value strategic metals.
This move aligns with the company's goal to develop its “high value critical mineralisation” portfolio to meet the increasing demand for these metals from critical domestic industries.
The project encompasses 86 map staked claims spanning 4,025 hectares (ha) and is situated near Commerce Resources' Eldor Carbonatite Complex, which contains niobium rare earth elements (REE) mineralisation.
The acquisition agreement, dated 24 January 2025, grants Apex a 100% interest in the claims for a consideration of C$100,000 ($69,437) in cash and the issuance of 200,000 shares over three years to the vendor.
An additional 500,000 bonus shares will be issued if niobium mineralisation is discovered during drilling.
Furthermore, the company will grant the vendor a 2% net smelter return royalty interest once commercial production begins.
Carbonatites, known for hosting REEs, niobium, tantalum and phosphate, are rare rock types with less than 600 known occurrences globally.
The Lac Le Moyne Project was specifically targeted for its potential to host carbonatite-related mineralisation.
Apex Critical Metals CEO Sean Charland said: “Carbonatites are among the most productive sources of niobium, rare earths and phosphate worldwide.
“By adding Lac Le Moyne to our portfolio, we are expanding our focus on these valuable systems, which are critical for industries ranging from clean energy to advanced critical technologies.”
Government mapping has identified several carbonatite exposures at the site, and regional radiometric surveys have shown anomalism coinciding with these exposures.
Historically, the Lac Le Moyne Project has seen minimal exploration, with no specific focus on carbonatite-related mineralisation.
Carbonatite outcrops on the property were first mapped in the late 1970s. The nearby Ashram Rare Earth and Fluorspar Deposit on the Eldor Carbonatite Complex has mineral resources, further highlighting the region's potential.
Apex Critical Metals has cautioned that the results or discoveries on adjacent properties such as Eldor may not necessarily indicate the presence of mineralisation in the Lac Le Moyne Project. In November 2024, the company announced the acquisition of the Bianco Carbonatite Project in north-western Ontario.
