Steadright Critical Minerals Acquires Interest in Péribonka REE-Niobium Project
News related to:Steadright Critical Minerals Inc · 2 min read
Steadright Critical Minerals Inc. has entered into a significant agreement to acquire up to a 75% interest in the Péribonka Rare Earth Element (REE) and Niobium Carbonatite Project, located in the Saguenay, Lac, Saint, Jean Region of Québec, Canada. The project, situated within a proven alkaline intrusive district, represents a strategic opportunity for the exploration and potential development of critical minerals.
The Péribonka Project, covering 37 contiguous claims, is characterized by a distinct ovoid magnetic anomaly interpreted as a carbonatite or alkaline intrusive body. This anomaly is comparable to nearby niobium- and tantalum-bearing systems, such as the Niobec Mine, which has been operating since 1976. The property is situated a few kilometers north of St-Ludger-de-Milot, with nearby infrastructure, including powerlines, roads, and port access, making it an attractive exploration target.
Steadright Critical Minerals Inc. has signed a definitive Option Agreement with Critical Foundation Metals Inc. (CFM) and two vendor holders, Michel Gaudreault and Frédéric Bergeron. Under the agreement, Steadright will issue 1,000,000 common shares to the vendors, with 600,000 shares issued immediately and the remaining 400,000 shares to be issued within six months. The vendors retain a 3.5% net smelter return (NSR) on all production, which Steadright can repurchase for $2,500,000 CAD, leaving a continuing 2% NSR with the vendors.
Steadright must spend $400,000 CAD on exploration or development by October 30, 2027. Failure to meet this requirement would result in the vendors regaining 100% ownership of the mineral claims, with all rights and obligations terminating. CFM, holding a 25% carried interest, will fund up to $1,000,000 CAD in exploration expenditures, with a joint exploration committee determining the allocation of these funds.
The Péribonka anomaly, covered by thin alluvial sand deposits, is estimated to be 30-60 meters deep. Historical government datasets (GM40582) indicate anomalous trace REE values at the surface, making the project a low-cost exploration opportunity. The property's road-accessibility and proximity to infrastructure make it an attractive target for critical minerals exploration.
CEO Matt Lewis commented, "The Péribonka anomaly is one of the last untested carbonatite-style targets in the Saguenay Graben, located between two proven critical-metal districts. This agreement positions Steadright to advance a highly prospective REE-Nb target with excellent infrastructure and low exploration costs."
Steadright Critical Minerals Inc. has a history of focusing on exploration and historical mining projects within the Moroccan critical mineral space. The company currently holds exposure through the TitanBeach Titanium Project and the Copper Valley Project, along with a binding Memorandum of Understanding for the historic Goundafa Mine within the Kingdom of Morocco.
The acquisition of the Péribonka Project aligns with Steadright's strategic focus on critical minerals and positions the company to capitalize on the growing demand for these essential resources.