Market Herald logo

Subscribe

Be the first with the news that moves the market
  • US Critical Metals (USCM) has acquired 70 per cent of the Long Canyon Project in Idaho
  • Consideration includes $50,000 in cash, the issuance of 1,000,000 common shares, and an investment in the seller of $200,000
  • Recent soil samples on the property reach as high as 3,985 ppm uranium and 5,279 ppm vanadium, in addition to other prospective polymetallic occurrences
  • CEO Darren Collins joined Daniella Atkinson to discuss the acquisition
  • US Critical Metals is focused on mining projects to further secure the US supply of critical metals and rare earth elements
  • US Critical Metals (USCM) opened the day trading at $0.24 per share

US Critical Metals (USCM) has acquired 70 per cent of the Long Canyon Project in Idaho.

The company acquired 70 per cent of the issued and outstanding common shares of 1212242 B.C. Ltd., the private and sole owner of Long Canyon Resources, which holds the project.

The remaining 30 per cent interest remains with Idaho Silver, a private company established in British Columbia. Idaho Silver identifies stakes and samples of mineral exploration properties in Idaho, USA, focusing on collaborative exploration arrangements.

Geological mapping on the 535-acre Long Canyon Project indicates the presence of the Phosphoria Formation, a Permian sedimentary unit known to host elevated to economic levels of phosphate, uranium, vanadium and other metals in Idaho and Utah.

Recent sampling by Idaho Silver returned:

  • Uranium up to 521 ppm in rock chip and grab samples and 3,985 ppm in soil samples
  • Vanadium up to 0.7 per cent in rock chip and grab samples and 5,279 ppm in soil samples
  • Nickel up to 0.17 per cent in rock chip and grab samples and 5,957 ppm in soil samples
  • Molybdenum up to 0.48 per cent in rock chip and grab samples and 6,969 ppm in soil samples
  • Lead up to 9.4 per cent in rock chip and grab samples and 290,700 ppm in soil samples
  • Zinc up to 1.5 per cent in rock chip and grab samples and 15,400 ppm in soil samples

In consideration for 45 per cent of 1212242 B.C. Ltd., USCM paid $50,000 in cash and issued 1,000,000 common shares at a deemed price of $0.31 per share.

In consideration for 25 per cent of 1212242 B.C. Ltd, USCM subscribed for 25 common shares in the private company for $200,000.

Long Canyon Resources has also granted a perpetual 3.5 per cent net smelter returns royalty to Idaho Silver relating to all products from the property.

CEO Darren Collins joined Daniella Atkinson to discuss the acquisition.

US Critical Metals is focused on mining projects to further secure the US supply of critical metals and rare earth elements.

US Critical Metals (USCM) opened the day trading at $0.24 per share.


More From The Market Herald

" Osisko Mining (TSX:OSK) announces $75 million private placement

Osisko Mining (OSK) will undertake a C$75 million bought-deal private placement.
Dolly Varden Silver Corporation - President & CEO, Shawn Khunkhun.

" Dolly Varden Silver (TSXV:DV) reports highest-grade silver assay found so far on the Kitsault Valley Property

Dolly Varden Silver Corporation (DV) discovered the highest-grade silver assay found so far on the Kitsault Valley Property.

" Millennial Potash (TSXV:MLP) announces $2M private placement of units

Millennial Potash Corp. (MLP) has announced a private placement for gross proceeds of $2 million.

" Black Tusk Resources (CSE:TUSK) acquiring PegaLith Project

Black Tusk Resources (TUSK) has signed a $361,000 share purchase agreement to acquire 1396427 BC Ltd.