Sydney-based Vital Metals has announced it is pur-chasing Quebec Precious Metals Corp’s Zeus heavy rare earth project and 68 percent of the shares in the company’s Kipawa heavy rare earths asset for a total of C$8 million (US$6.5 million).
Vital Metals said in a statement that the takeover has the potential to transform the business “into the only producer of both light and heavy rare earths in North America.”
“Kipawa is a heavy rare earths project, located 50km from Temiscaming in Quebec, with a Mineral Resource Estimate of 15.5Mt of eudialyte at 0.434% TREO and 0.873 ZrO2, 6.3Mt of mosandrite at 0.391% TREO, 1.018% ZrO2, 5.1Mt of britholite at 0.286% TREO, 0.944% ZrO2, and with a Proven and Probable Reserve Estimate of 19.8Mt at 0.411% TREO,” according to the statement.
A total of 12 heavy rare earth showings have been identified in the Zeus project, of which some contain niobium and tantalum, according to Vital Metals.