- Cullinan Metals Corp. (CMT) has signed an option agreement with Geomap Exploration Inc. to acquire the Lac des Iles west graphite property
- The property is located in Quebec’s Mont Laurier Region and consists of 43 mineral claims in one contiguous block covering approximately 22.7 sq. km.
- There are large flake graphite showings located on the property, typically present in shear zones within gneisses where the graphite content usually ranges from trace to 3.47 per cent graphitic carbon
- Cullinan Metals Corp. (CMT) is trading steady at C$0.40 per share at 12:45 pm ET
Cullinan Metals Corp. (CMT) has signed an option agreement with Geomap Exploration Inc. to acquire the Lac des Iles west graphite property.
The property is located in Quebec’s Mont Laurier Region and consists of 43 mineral claims in one contiguous block covering approximately 22.7 sq. km.
Situated near the LDI graphite mine and mill, where graphite production capacity is 25,000 tonnes annually, it is underlain by a similar geological environment.
There are large flake graphite showings located on the property, typically present in shear zones within gneisses where the graphite content usually ranges from trace to 3.47 per cent graphitic carbon (Cg).
Under the agreement, Cullinan may acquire a 100 per cent interest in the property by making cash payments of $150,000, issuing $350,000 worth of common stock of Cullinan Metals, and incurring a minimum of $425,000 of exploration expenditures over a period of three years. The company will also grant Geomap a 2 per cent net smelter returns royalty.
Cullinan Metals is engaged in exploring the company’s principal mineral property located in Quebec, which is in the exploration stage.
Cullinan Metals Corp. (CMT) is trading steady at C$0.40 per share at 12:45 pm ET.
