Exploration and development company Regency Mines has acquired a 50 percent interest in a Yukon-based vanadium project.
Battery metals focused exploration and development company Regency Mines (LSE:RGM) has acquired a 50 percent interest in a Yukon-based vanadium project.
As quoted from the press release:
- The project includes 196 claims covering 40.96 square kilometres covering a mineralised trend with up to 20 kilometres of potential strike;
- All points on the property lie within 1.8km of the Dempster Highway, some 65 km north of the Eagle River Lodge, northern Yukon;
- The target is primary vanadium in black shale and historic exploration includes soil, silt & rock sampling which outlined numerous broad zones of strongly anomalous vanadium. Drill testing of the targets, although limited to date, identified multiple vanadium bearing intervals;
- The project has been transferred by the Vendor into a newly incorporated special purpose vehicle, DVY196 Holdings Corp, in which Regency now acquires 50 percent at a price of C$450,000 from the vendor
- The vendor has agreed to subscribe for 53,109,600 new ordinary shares in Regency at a fixed price of 0.50 pence per share, which at an agreed exchange rate of GBP 1/CAD 1,695) enables Regency to satisfy the Consideration;
- Regency Mines plc will be the operator of the project;
- Further information on the transaction terms is provided below and the company will provide further updates to the market in respect of this opportunity in the near term.
Andrew Bell, chairman of Regency Mines commented: “This is a potentially major project and builds on one of our two core strengths: our early involvement in battery metals and related technologies. It has additional synergies with the static power storage element of our subsidiary ESTEQ’s AES grid backup and private grid/CHP business.”