Temas Resources Options Additional Claims At La Blache With Historical Resource Estimate
FULL DISCLOSURE: This is sponsored content for Temas Resources.
Temas Resources (CSE: TMAS) is expanding its land holdings at its flagship La Blache project in Quebec. The company has entered into an option agreement as of this morning to acquire the La Blache Lake Extension Property in an effort to further consolidate its holdings in the region.
The newly optioned ground is found immediately west and along trend of its existing land claims in the region, with the claims said to include Hervieux-Est and Hervieux-Ouest mineralization in addition to Farrell-Taylor mineralization. The additional claims, which total 44 claims, are said to amount to a further 2,432.5 hectares of land that will be added to the La Blache project.
Notably, the claims include a historic mineral resource estimate that was assembled by Argex Titanium in 2011. The historical estimate is said to have amounted to 12.8 million tonnes of 11.08% titanium, 0.24% vanadium and 44.02% iron at Hervieux-Est in the measured and indicated category, plus 9.9 million tonnes at 10.93% titanium, 0.23% vanadium and 43.41% iron in the inferred category.
Hervieux-Ouest meanwhile had an estimate of 19.5 million tonnes at 11.27% titanium, 0.26% vanadium, and 43.98% iron measured and indicated, and 4.7 million tonnes of 11.17% titanium, 0.27% vanadium and 43.36% iron on an inferred basis. Temas has indicated that the historical resource is somewhat comparable to what today would be classified as an inferred resource.
The additional claims come at a total cost of $275,000 in cash and $350,000 in shares that must be paid out over a four year period. The claims also include a 2% net smelter return royalty, half of which can be repurchased for a $1.5 million cash payment.
“With the positive results of the PEA, we are excited to further refine our understanding of the best path forward for the development of the combined La Blache project. By adding the additional mineralization, optionality opens up on the best approach and overall path to development. There is still a lot of work to do on the Farrell-Taylor, but we are keen to apply what we have already learned to this part of the trend,” commented Tim Fernback, CEO of Temas Resources.
Temas Resources last traded at $0.23 on the CSE.
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