Rome Resources Plc (AIM:RMR, FRA:33R) is seeking to broaden its tin business beyond the DRC after securing an option over 109 square kilometres of early-stage exploration ground in New Brunswick, Canada, in a low-cost move designed to add critical metals exposure without derailing work at Bisie North.
The AIM-listed explorer said the option covers the Three Lakes and Schoullar Mountain projects, both close to the mothballed Mount Pleasant deposit in southwestern New Brunswick.
Chief executive Paul Barrett said the Canadian acreage offers “low-cost access” to a prospective tin district in a Tier 1 jurisdiction, while also fitting around the group’s existing work schedule in the DRC.
"This proposed strategic entry into Canada and the Appalachian Devonian tin granite plays provides us with low-cost access to a highly prospective region which exhibits strong tin and other critical metal mineralisation in a mining-friendly Tier 1 jurisdiction."
Three Lakes spans 75.3 square kilometres and hosts multiple tin, tungsten and indium showings, while Schoullar Mountain covers 33.8 square kilometres directly east of Mount Pleasant along the same broader geological trend. Rome said tin showings at Three Lakes have assayed up to 1.4% from surface sampling.
"The Three Lakes area is a late-phase tin granite-sourced prospect, similar to our Bisie North tin play in the DRC, but with additional tungsten, bismuth and indium potential."
He added: "Importantly, this opportunity complements Bisie North, not only in the commodities it offers but also in timing. Planning of the work programme can take place while we await the assays from Bisie North which will feed into the updated mineral resource estimate for Kalayi, allowing for progress at both projects in parallel.
"This approach allows us to maintain focus on our core project in DRC while positioning Rome for proposed long-term growth through diversification."
Modest entry commitment
Rome said the option can be exercised for total consideration of CAD$300,000 over four years, made up of CAD$250,000 in new shares and CAD$50,000 in cash.
Once fully exercised, the company would own 100% of the licences and 97% of net smelter returns, with vendors retaining a 3% royalty. Rome would operate the licences during the option period and plans surface sampling, geophysical surveys and core drilling.
A more detailed technical review of the new projects is due in due course.