Wealth Minerals Ltd. secured an option to acquire 1,749 hectares of vanadium claims in New Brunswick known as the Meductic property.
The company said March 13 that it can acquire the property within four years by paying C$720,000 in cash and issuing 2.5 million shares.
Consideration also comprises a 2% net smelter royalty, which can be halved for C$1 million, with an advance annual C$30,000 royalty payment kicking in from the fifth anniversary of the deal.
Meductic comprises various mineral tenures including Wickham 1; Bright Eye Brook 1, 2 and 3; and Meductic 3, 4 and 5. The property covers known areas of highly anomalous vanadium in outcrop.
Wealth Minerals CEO Henk Van Alphen said the company is acquiring the project to increase its exposure to metals related to new battery technologies.
In February, the company said it would refocus efforts on its early-stage Atacama and Trinity lithium projects in Chile, after outlining plans in late 2018 to spin out certain copper assets in Chile.