Reward Minerals Ltd (ASX:RWD) has firmed up its move into Canadian base metals, executing a Definitive Asset Purchase Agreement to acquire 100% of the Copper Lance Project in central western Newfoundland from the project vendors and geological consultants Northex Capital Partners. The agreement follows a binding Letter of Intent announced on November 12 and the issue of 2,000,000 fully paid ordinary shares in Reward, with completion reached on November 26, 2025.
Copper Lance sits within one of the world’s most prospective Volcanogenic Massive Sulphide (VMS) provinces, a region that has already delivered more than 40 base and precious metal deposits. The project is located about 600 kilometres by road west of Newfoundland’s capital St John’s and 43 kilometres from the regional town of Deer Lake, which hosts an international airport. It covers 485 contiguous claims over roughly 71.7 square kilometres of road-accessible, underexplored terrane prospective for copper and other base and precious metals.
Map of selected VMS base metal deposits in the central Dunnage Zone.
“The compilation of historic soil sampling results from the central and northern parts of the project has provided strong encouragement that it is host to multiple undrilled copper anomalies. The historic mapping also appears to be encouraging as prospective rocks have been mapped in the same areas, including the prospective mafic flow and pillowed Ordovician/Silurian volcanics that host important base metal deposits in region,” Reward CEO Lorry Hughes said.
“It is especially pleasing that we have been able to commence field work on the ground so soon after acquiring the project. Being able to utilise the existing road network to access the project allows us to conduct cost-effective exploration. We look forward to reporting the results of our first program in the December Quarter.”
Untested potential
Reward completed compilation of historical geological data and started its first field sampling program.
This work has outlined several new high-priority geochemical and geophysical targets within prospective volcanic rocks, which are now being tested through soil and rock chip sampling.
These new anomalies are in addition to a suite of historical targets where rock chip sampling of chalcopyrite- and bornite-rich veins previously returned assays of up to 42% copper, 4.05 ounces per tonne silver and 0.45 grams per tonne gold.
All of these historical results are being followed up with confirmation sampling. None of the targets identified to date have been drill-tested.
Aims of the current work program include:
- confirm several historic high-grade rock chip sample results from the Hinds Lake Spillway area including 5% Cu and 0.13oz/t Ag (Report No 800425), 42% Cu and 4.05oz/t Ag (Sample No 8486), 22.4% Cu and 0.39oz/t Ag from a separate vein (Sample No 8487) and 0.43% Cu and 0.45g/t Au (Sample 5794);
- confirm key copper anomalies identified by the comprehensive base of till/soil sampling conducted by Westfield Minerals Ltd in 1981-82;
- conduct new base of till/soil sampling over magnetic anomalies adjacent and directly along strike from anomalous copper rock chip results within prospective volcanic rocks identified by historic mapping; and
- reconnaissance geological mapping and examination of site logistics for future potential drilling considerations.
What’s next?
Over the next two quarters, Reward will focus on advancing both the Copper Lance Project and its broader portfolio of projects and technologies. At Copper Lance, the company plans to complete the current field program, with assay results expected through December and January. Using this new data, Reward will develop a priority ranking of targets and an exploration program designed to support the potential discovery of substantial base and precious metal deposits in 2026.
In parallel, Reward will continue to progress its other projects and technology initiatives. This includes ongoing engagement with solar salt, fertiliser and seawater desalination companies globally to discuss the application of Reward’s technology and proposed sulphate of potash (SOP) developments for potential joint venture participation and investment. The company will further advance its processing technologies towards commercialisation, while also defining logistics and cost parameters for relocating the Beyondie Potash Plant to alternative sites, as well as considering options to utilise the plant in its current location.
Reward will also design and seek statutory approvals for initial work programs at the Carnarvon Potash Project, continue data compilation and advance tenure grant processes for the Warroora Gypsum, Kalgoorlie Gold and North Bore Copper projects, and undertake ongoing review and due diligence on new projects that may be suitable for acquisition.