EraNova Metals Identifies Rare Earth Element Potential at Adanac Through Re-Evaluation of Existing Assay Data; Announces Investor Relations Agreement; Announces Stock Option Grant
Executive Summary
- EraNova Metals re‑evaluated historic multi‑element assay data from the Adanac Molybdenum Project, identifying total rare earth oxide (TREO) values up to 1,087 ppm across 9,062 samples from 89 drill holes.
- The company will advance the project toward a NI 43‑101 compliant Preliminary Economic Assessment (PEA), now considering potential by‑product recovery of rare earth elements alongside molybdenum.
- EraNova entered an Investor Relations Agreement with TB Investor Relations (monthly fee $6,000) and announced a grant of 100,000 stock options to a consultant at an exercise price of $0.17 per share.
Key Details
- Assay Re‑evaluation:
- Dataset: 9,062 samples, 3 m intervals, 89 drill holes (88 part of the 2022 resource program).
- Maximum TREO: 1,087 ppm; average TREO: 217.94 ppm.
- Light REE maxima: La 221.9 ppm, Ce 433 ppm, Pr 17.1 ppm, Nd 57.1 ppm, Sm 14 ppm.
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Heavy REE maxima: Eu 1.2 ppm, Gd 16.7 ppm, Tb 3.1 ppm, Dy 20.1 ppm, Ho 4.5 ppm, Er 14.6 ppm, Tm 2.1 ppm, Yb 13.4 ppm, Lu 1.9 ppm.
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Technical Context:
- Data derived from historic molybdenum‑focused drilling; rare earth values calculated via standard oxide conversions (not yet validated by dedicated re‑assaying or mineralogical work).
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QA/QC follows protocols of the 2022 Technical Report; analyses performed at accredited labs (Bureau Veritas) using four‑acid digestion ICP‑MS, fire assay for Au, and supplemental methods for Cu, Pb, Zn, Ag, W.
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Next Steps:
- Conduct mineralogical and petrographic studies to define host minerals and assess REE recovery pathways.
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Use results to shape the scope of further technical work leading to a formal economic evaluation (PEA).
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Investor Relations Agreement (IR Agreement):
- Parties: EraNova Metals Inc. & TB Investor Relations (“TBIR”).
- Effective: February 9, 2025; month‑to‑month term, terminable with 30‑day notice.
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Compensation: $6,000 per month + applicable taxes and approved expenses, paid from general working capital.
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Stock Option Grant:
- Board authorized grant of 100,000 options to a company consultant.
- Exercise price: $0.17 per share; term expires February 9, 2031.
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Vesting: Four equal instalments (25% each) over 24 months starting August 9, 2026.
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Qualified Person: Nicholas Clive Aspinall, M.Sc., P.Eng., verified all technical data and approved the release per NI 43‑101 standards.
Notable Quotes
“These results reinforce our view that the Ruby Creek Property is a large, multi‑commodity system with meaningful optionality beyond molybdenum,” – Meredith Eades, President & CEO.
Materiality: Material – Positive (the discovery of significant rare earth concentrations adds substantial upside potential to the project’s economics and may influence future financing and development decisions).