Altius (TSX: ALS) has sold its Nuiklavik rare-earth-element (REE) property in northern Labrador, Canada. Altius sold the property to Rare Element Resources Ltd., of whom has agreed to issue 200,000 common shares of the company in staged payments.
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Altius will retain a 2% gross overriding royalty on the property. Half of the royalty can be purchased by Rare Earth Element Resources Ltd for Cdn$2.5 million at any time.
The grab samples of the felsic rocks had yielded maximum assay values of 1.4% zirconium oxide, 1.27% yttrium oxide, 1.15% niobium oxide, and 1.1% total rare-earth oxides.
The prospect generation work done by Altius since 2006 had resulted in the staking and exploration of a district-scale cluster of uranium and REE occurrences which are hosted by felsic intrusive and volcanic rocks. The units contain an REE-enriched volcanic/intrusive complex underlying the property with a diameter of 15km.
About Altius
Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. The Corporation has a strong financial position with approximately $132 million in cash and liquid investments and no debt.
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