Rome Resources Plc (AIM:RMR, FRA:33R) this week outlined a new strategic move to expand its exploration footprint into Canada, securing an option agreement over 109 square kilometres of early-stage mining claims in New Brunswick close to the historic Mount Pleasant deposit.
Speaking to Proactive, chief executive Paul Barrett said the move reflects the company’s continued focus on tin and associated critical minerals while maintaining its core exploration programme in the Democratic Republic of Congo.
The licences cover the Three Lakes and Schoullar Mountain projects, which sit within a geological system known for tin mineralisation as well as metals such as indium and tungsten. Barrett explained that the region’s geology was a key driver behind the decision to secure the option.
Barrett said the New Brunswick opportunity represents a high-grade tin play within the Appalachian geological system, where several tin-bearing granites have already been identified. Importantly, the nearby Mount Pleasant deposit remains a major reference point for the region and hosts significant indium and tungsten resources.
Proactive: Paul a very good morning, Rome Resources has built a story around tin exploration in the DRC. So why are you now expanding into Canada? And what opportunity did you see there that was too good to ignore?
Paul Barrett: Yes good morning Stephen. Well tin is the key word in all this and we are driven primarily by the geology and the commodities.
This tin play in New Brunswick is pretty high grade and it also comes with additional minerals that are really high on the critical list such as indium and tungsten. So we thought it was definitely worth having a look at.
Clearly, we're still drilling away in DRC and we're still getting tin intercepts, so that remains our primary focus to get that monetised and to create value for shareholders. But looking forward, because this is really early exploration and there are no drilling plans yet, it's something we will add to the pipeline of critical minerals projects for us.
Proactive: Paul, the licences sit close to the historic Mount Pleasant deposit and have already shown tin grades at surface. What makes the geology here particularly exciting for your team?
Paul Barrett: The interesting thing is it's part of the Appalachian system and there are a lot of tin granites around. There are some tin-lithium systems, but this is a tin-tungsten-indium play which makes it quite compelling. Mount Pleasant itself is currently the largest indium deposit in the US and one of the largest undeveloped tungsten deposits.
We have picked up acreage right next door along the southern end of a granitic volcanic system associated with an ancient caldera. The granites and mineralisation are linked to this system in several ways. We've picked up ground to the east along a big trend on the next granite which has seen some good tin and tungsten as well.
We think it’s a play that has legs. Mount Pleasant is well known and important, but it’s not going to be the only deposit in the play.
Proactive: The option gives you exposure to more than 100km² for a relatively modest upfront cost Paul. Is this essentially a low risk way to test a potentially high impact discovery?
Paul Barrett: That’s absolutely right. By keeping the cost low we can put most of the investment into the ground, which is the way we like to do it. We will assimilate the data and carry out fieldwork this year to understand the structure and geology, with a view to potentially drilling next year.
It’s a relatively slow burn and it won’t impact what we’re doing in the DRC. The prospector we optioned the land from will do most of the work initially, so it won’t distract us from our main focus. But it’s a really compelling play. New Brunswick also recently announced a new critical minerals strategy which is very pro-mining, so it’s a good place to be.