Tarku Resources Ltd. signed a nonbinding letter of intent for an option to acquire the Lac Fabien vanadium project, which comprises 35 mining titles in Quebec.
As consideration, Tarku would issue mainly shares and incur exploration expenditures over four years. A definitive agreement must be signed with prospectors before Feb. 28.
The company said Jan. 15 that it is exploring options to secure funding for the project.
Tarku plans to conduct exploration work at Lac Fabien this summer, aiming to validate the thickness and continuity of the mineralized vanadium zones and grade distribution. Work will also look to determine the recovery quality of vanadium.