Perseverance Metals has agreed to acquire a 100% interest in the Voyageur Project in the Upper Peninsula (UP) of Michigan, US, from Altius Minerals and Bitterroot Resources.

Currently, Altius Minerals owns a 50.1% stake in the 680km² Voyageur project, which comprises privately owned mineral rights and 12km² of State of Michigan metallic minerals leases in the UP.

Bitterroot Resources owns the remaining 49.9% stake.

The project is located 65km west of Lundin Mining’s Eagle nickel-copper-cobalt-platinum group metals (PGM) mine, which is said to be the country’s only active primary nickel mine.

Under the agreement, Perseverance holds the exclusive option to earn a 100% interest in the Voyageur nickel-copper-cobalt-PGM project from Altius Resources Michigan, a wholly owned subsidiary of Altius Minerals, and from Bitterroot’s wholly owned subsidiaries Trans Superior Resources and Voyageur Lands, until 31 December 2025.

In exchange, Perseverance will issue a total of 20% of its equity ownership to Altius and Bitterroot. This will be distributed between Altius and Bitterroot based on pro-rata ownership of the Voyageur Project.

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Perseverance will also incur exploration expenditures of C$2m ($1.50m) on the Voyageur Project before 31 December 2025. This includes C$250,000 within the first 12 months.

Furthermore, Perseverance will raise C$5m in aggregate gross proceeds within 18 months.

Perseverance CEO and president Michael Tucker said: “The Voyageur Project is both a valuable addition to our growing nickel-copper-cobalt-PGM exploration portfolio and an asset that we feel will be highly attractive to critical metals investors, particularly in the United States.”

“The presence of nickel-copper-PGM-bearing mafic-ultramafic intrusions within and near the boundaries of the project, and numerous drill-ready targets made Voyageur one of our highest-ranked acquisition targets. The large size of the project, the nature of its recorded minerals ownership rights, plus excellent local and regional road access, services and infrastructure add to its attractiveness.”