The Lac Le Moyne Carbonatite Project is located in northeastern Quebec near the community of Kuujjuaq, the Project consists of 86 map staked claims totalling approximately 4,025 ha (9,946 acres), situated several kilometers to the northwest of Commerce Resources Corp.’s Eldor Carbonatite Complex.
The Lac Le Moyne Project has little documented historical exploration and no known exploration specifically for carbonatite-related mineralization. Multiple carbonatite outcrops were previously identified by government geologists conducting regional mapping programs throughout the Labrador Trough.
The Lac Le Moyne carbonatite outcrops, which are inclusive to the Property, were originally mapped during the late 1970’s. Carbonatite is a relatively rare rock type; however, is also the primary host to rare earth element (“REE”) and niobium production globally. Just to the south of the Project is the Ashram Rare Earth and Fluorspar Deposit, held by Commerce Resources Corp. on its Eldor Property, with a mineral resource of 73.2 Mt at 1.89% rare earth oxide (“REO”) and 6.6% CaF2 indicated, and 131.1 Mt at 1.91% REO and 4.0% CaF2 inferred (Commerce, 2024). Additionally, recent exploration at Commerce’s Mallard Prospect, located proximal to the Ashram Deposit, returned a drill intercept of 122.5 m of 0.62% Nb2O5 (Commerce, 2024).
The Company cautions that past results or discoveries on adjacent properties (i.e. Eldor) may not necessarily be indicative to the presence of mineralization on the Company’s properties (i.e. Lac Le Moyne).