Vancouver — Navigator Exploration (NVR-V) has inked a deal for a 51% interest in Highwood Resources‘ (HWD-T) Lake Zone property, which is encompassed by Highwoods’ Thor Lake Tantalum property in the Northwest Territories.
The property is located about 100 km southeast of Yellowknife and 4 km north of the Great Slave Lake. Earlier exploration, conducted by Highwood, Placer Development and other operators, revealed tantalum and niobium mineralization in the area. An estimate by Placer Dome outlined an indicated resource in the lake Zone of 70 million tons, grading 0.03% Ta2O5and 0.4% Nb2O5.
A recent resurgence in the spot prices of both metals has increased exploration interest. The demand for tantalum continues to grow and recent long-term contracts have been negotiated in the US$130 per-lb. range.
According to its agreement with Highwood, Navigator stands to earn a 51% interest in the Lake Zone by making cash payments and incurring exploration expenditures totalling $1.5 million over four years.
Navigator intends to investigate newly developed mineral flotation processes, which may produce good recoveries and sale-grade tantalum concentrates. The metal is used primarily for electronic applications, special corrosion resistant alloys and medical prostheses.
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