Business
Geomega Resources Options-Out Pomme REE Carbonatite Project to Mt Monger Resources
MONTREAL, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologies
About this update from Geomega Resources Inc.
[{"type":"text","content":" MONTREAL, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining, and recycling of rare earths and other critical materials, is pleased to announce that it has executed a binding option agreement (the “Option Agreement”) to sell a 100% interest in the Pomme REE project (“Pomme”) to Mt Monger Resources Limited (ASX:MTM, Mt Monger). The Pomme project is located adjacent to the North of the world-class Montviel REE-Nb deposit (wholly owned by Geomega) (Figure 1) that was discovered by Geomega in 2011 and has a defined total indicated and inferred resource of 266 Mt @ 1.45% TREO and 0.14% Nb2O5. Geomega has completed 2 exploration drill holes on the Pomme project in 2012 and both have returned significant rare earth intercepts of 478.1m @ 0.12% TREO and 508.3m @ 0.43% TREO. All exploration work since then has focused on the Montviel Carbonatite complex. Figure 1 shows the location of the Pomme project relative to the Montviel project and the location of the drill holes. More details about the transaction and the Pomme project can be found in the Mt Monger press release. As per the Option Agreement, Mt. Monger will have 3 years to earn 100% interest in the Pomme property as per the following conditions: Payment of an initial option fee of AUD $20,000 (complete). Upon exercise of the Option Agreement (in the coming days): (1) AUD $50,000 cash; (2) AUD $50,000 of MTM Shares; and (3) a 2% net smelter royalty on all minerals obtained from the Project (1% of which may be re-purchased for AUD $1,000,000). On the first anniversary of the Option Agreement exercise: (1) AUD $100,000 cash; and (2) AUD $100,000 MTM Shares subject to shareholder approval or, failing shareholder approval being granted, the cash equivalent. On the second anniversary of the Option Agreement: (1) AUD $100,000 cash; and (2) AUD $100,000 MTM Shares subject to shareholder approval or, failing shareholder approval being granted, the cash equivalent. For the duration of the term of the Option Agreement, MTM must satisfy the following annual expenditure commitments on the Pomme Project to satisfy its earn-in conditions: (1) AUD $300,000 in the first year; (2) AUD $700,000 in the second year; and (3) AUD $1,000,000 in the third year. Figure 1: Airborne ...