EV Minerals has entered a binding letter of intent (LOI) to fully acquire the Baldwin and Lunge projects from Graycliff Exploration.

The acquisition includes two claim packages with potential for gold, copper, nickel and PGEs.

Under the terms of the LOI, EV Minerals will issue an aggregate of two million common shares upon signing the purchase share agreement (PSA) and has already made a one-time cash payment of C$25,000 ($18,546.88).

The Baldwin Project, including the Main Baldwin Block and the Northeast Baldwin Block, covers 1,605 hectares (ha).

The adjacent Lunge Project, 6km to the north-east, spans 587ha and is also considered highly prospective for critical minerals.

Historic airborne geophysics on both projects have identified multiple new target areas for gold and critical minerals.

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These findings are supported by the presence of highly prospective anomalies along major structures. The Lunge Property, in particular, is noted for its folded Nipissing sills and dykes, which are indicative of potential copper, nickel and PGE deposits.

In response to the agreement, EV Minerals is taking immediate action by mobilising a technical team to the two properties, known as the Sudbury Projects.

The team will undertake a sampling programme as part of the company’s due diligence process for the LOI.

The exploration efforts are expected to provide further insights into the potential yields of the Baldwin and Lunge projects.

EV Minerals president and CEO Nicholas Konkin said: “We continue to work through current and historical data as part of the 2023 exploration programme at the EV Nickel Project in Quebec and are extremely confident in what we have unpacked so far.

“As we await assay results from the lab, we have focused our attentions on building a strong exploration portfolio in good nickel jurisdictions. We will soon be on the ground at the Sudbury Projects, which extends our critical minerals portfolio into the great mining jurisdiction of Ontario.

“Early assessment of both properties indicate that they have significant potential, including multiple strong underexplored geophysical anomalies, and we are excited to get into the field to evaluate the near-surface potential of the Sudbury Projects.”