NunaMinerals (CPH:NUNA) has formerly entered into an option agreement with Greenland Rare Earth Projects Ltd.. The aim of the agreement is to advance development at NunaMinerals’ Paatusoq Critical Metals Project in Greenland.

As quoted in the press release:

The Agreement pertains to a sub-area of NunaMinerals’ Hugin exploration licence encompassing the Paatusoq Syenite Complex. The Agreement is limited to Critical Metals and associated elements or industrial minerals which may occur within the same mineralised body. Under the terms of the Agreement “Critical Metals” are specified as the rare earth elements, niobium, tantalum, zirconium, uranium and thorium. NunaMinerals retain the mineral rights to stand alone precious and base metal (e.g. NunaMinerals’ nearby gold prospects), which are also contained within the Hugin licence area.

Under the terms of the Option Agreement, GREP Ltd can acquire, incrementally through three phases, a 65 % interest in the Property in exchange for funding US$ 2.0 million (c. 11 MDKK) in exploration expenditures.

NunaMinerals CEO, Ole Christiansen, said:

The Gardar Province of South West Greenland is known to contain some of the earth’s largest deposits of critical metals, such as the rare earths, yet its continuation on the South East coast of Greenland has remained enigmatic. NunaMinerals and GREP Ltd now have a unique opportunity to unlock the mineral potential of the last remaining virgin exploration target in this world class province. The agreement provides an ideal synergy between NunaMinerals in-depth knowledge and expertise in critical metal exploration in Greenland, and GREP Ltd’s financial capabilities and network within the global financial centre of London. We now look forward to working alongside GREP Ltd to develop this recent addition to our exploration portfolio, starting with a helicopter-borne geophysical survey over the complex during September to delineate targets for a multi-phase, aggressive field program in 2015.

Click here to read the NunaMinerals (CPH:NUNA) press release