New Frontier Minerals (NFM) has signed a binding option and earn-in agreement to acquire a 90% interest in the Pomme Rare Earth Element (REE) Project in Québec, Canada.
This project is being acquired from Metallium and is situated around 500km north-west of Montréal, approximately 100km from Lebel-sur-Quévillon.
It encompasses 43 mineral claims over an area of 2,400 hectares (ha).
NFM possesses an exclusive option to take a majority stake in the Pomme REE-Nb project.
This partnership aims to conduct metallurgical test work and downstream development, with initial activities set to focus on conventional metallurgical studies and Flash Joule Heating tests on current drill samples.
In addition to being close to the Montviel Deposit, which holds significant indicated and inferred resources, the project benefits from easy access through existing logging roads.
NFM chairman Gerrard Hall said: “This transaction materially advances NFM’s critical minerals strategy. Pomme is a large, carbonatite-hosted REE system in a proven Québec district, with historical drilling having already confirmed scale and continuity.
“The earn-in structure provides a capital-efficient pathway for growth, while early integration of Metallium as processing and technology partner further enhances the opportunity. The Board believes Pomme’s scale, location and upside strongly position NFM to deliver meaningful shareholder value.”
Exploration activities have so far included limited wide-spaced scout drilling, with significant areas being untested.
Several historical intercepts have been recorded at the Pomme REE Carbonatite site, including drill-hole POM-23-03 with findings of 398m at 0.54% total rare earth oxides (TREO) and 0.05% niobium pentoxide from 16m depth.
Drill-hole POM-23-01 reported an intercept of 513m at 0.33% TREO and 0.08% from a depth of 32m.
The agreement involves a low-cost initial investment comprising A$100,000 ($71,149.8) in cash and A$200,000 in shares, with further contingent payments based on meeting investment and technical milestones.
In an effort to increase its visibility among US investors, NFM has engaged New York-based Viriathus Investor Advisory.
The strategic alignment with Metallium is expected to enhance NFM's capabilities in REE resource development within western jurisdictions.
