Bindi Metals has closed the acquisition of a 100% stake in the Schryburt Lake rare earth elements (REE)-niobium project in northern Ontario, Canada.

The acquisition follows the announcements made by the company in March this year, where the firm said it is acquiring an 80% interest in the project.

This was followed by another announcement made in May when it said that it would acquire a 100% interest in the project.

Located north of Pickle Lake in Ontario, the project has 318 mining claims and covers 62.4km².

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By GlobalData

With the acquisition now closed, Bindi has started an exploration programme. It has completed surface sampling and detailed geophysics, and drill permitting is presently underway.

It plans to undertake drilling this quarter under a scout drill programme to test priority targets at the site.

The surface sampling, historical drilling and detailed geophysics results indicate that the Schryburt Lake project has carbonatite-hosted REE-niobium with similar geological and geophysical conditions to the Niobec deposit in Quebec.

A revised consideration for the deal includes 900,000 shares and 5.2 million performance rights.

Each performance right will be converted into one share, subject to fulfilling certain conditions, including the achievement of at least one rock sample at 1% or greater within two years from the date of the issue of performance rights.

Additionally, the company agreed to pay beneficial owners a 1% net smelter return royalty payable from the sale of all the minerals produced at the project.

Trent Potts is the registered owner of the project and Potts of Gold Resources, Reefs Secret and David Palumbo are the beneficial owners. Together, these are the vendors of the project.